“Solana’s Wild Ride: Franklin Templeton Joins the Party!” 🚀👀
What to know:
- Franklin Templeton, a behemoth of the financial world, has added Solana to the list of blockchains supporting its OnChain U.S. Government Money Market Fund (FOBXX). This move is akin to a Russian aristocrat joining a high-stakes poker game – it’s a bold move, indeed!
- With a market capitalization of $594 million, FOBXX is now the third-largest tokenized money market fund. It’s a respectable showing, but not quite the grand prize.
- Solana, the underdog of the blockchain world, has been gaining traction lately. While Ethereum remains the reigning champion, Solana is quickly becoming the go-to network for new tokens and decentralized trading.
Franklin Templeton’s decision to expand FOBXX to Solana is a significant move, signaling the growing interest in the blockchain. The fund is already available on Ethereum, Coinbase’s Base, Aptos, and Avalanche, which were all added last year. The Stellar network functions as the primary blockchain.
Solana’s popularity is on the rise, with over 90% of new tokens appearing on decentralized exchanges (DEX). It’s a remarkable feat, especially considering it was once a mere 1% of the market.
“Even when innovation doesn’t start on Solana, it eventually finds its way there,” Cosmo Jiang and Eric Wallach wrote in a report. It’s as if Solana is the great magnet, drawing in all the exciting new developments in the crypto world!
FOBXX, which started in 2021, has grown to a $594 million market capitalization. While it lags behind Hashnote’s Short Duration Yield Coin (USYC) and BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), it’s still a respectable showing.
Tokenization is one of the fastest-growing sectors in crypto adoption, with institutions increasingly bringing traditional financial assets like bonds, commodities, and funds into the blockchain economy. It’s a multitrillion-dollar market opportunity, according to reports from BCG, McKinsey, and Brevan Howard.
Solana gathers steam
Smart-contract network Ethereum leads the ecosystem for tokenization efforts, with a 52% market share representing $3.8 billion worth of tokenized real-world assets. It’s followed by Ethereum layer-2 ZKsync Era, which shows just how dominant Ethereum is in this space.
Solana, on the other hand, ranks seventh with a mere $135 million. But don’t count it out just yet! Franklin Templeton’s expansion to Solana is the latest sign of increasing interest in the network for tokenization efforts.
Anthony Scaramucci, the founder and managing partner of hedge fund SkyBridge, has been singing Solana’s praises, saying that it will “win the race” in the tokenization world. It’s a bold claim, but one that might just prove prophetic.
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2025-02-12 19:59