Franklin Templeton, an investment firm with $1.6 trillion in assets under management, has integrated its Franklin Onchain U.S. Government Money Fund (FOBXX), also referred to as Benji, with the Avalanche blockchain. This fund, the first U.S.-registered mutual fund to use a public blockchain for transaction processing and share ownership recording, represents a step toward greater adoption of blockchain technology in traditional finance.

Investors can access the fund through the Benji Investments app, where one token represents one share of the $402 million fund. Integrating FOBXX with Avalanche reflects the growing trend of institutions leveraging blockchain for financial services. On Thursday, Avalanche said its infrastructure, known for its sub-second transaction finality and low fees, has attracted various financial institutions, including Franklin Templeton, which aims to innovate further in the space of onchain finance.

The development also highlights the expanding role of tokenized assets, with the U.S. money market fund sector now reaching $1.81 billion in tokenized holdings. The news about Avalanche comes on the heels of Franklin Templeton’s Aug. 8, 2024, announcement, where the company disclosed that FOBXX had been linked to the layer two (L2) network Arbitrum.

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