Quick take:
- Stellar operates as the $410 million fund’s primary network.
- Franklin Templeton becomes the first asset manager with a product on Base.
- Earlier in October, the fund expanded to layer-1 blockchain Aptos, making it available to non-EVM environments.
Franklin Templeton has become the first asset manager on Coinbase’s Base after expanding its tokenised money market fund to the Ethereum layer-2. This expansion means that OnChain U.S. Government Money Market Fund (FOBXX) is now available on six blockchain networks, including Avalanche, Arbitrum, Polygon, Aptos and Stellar.
The announcement comes just weeks after the fund expanded to layer-1 blockchain Aptos, making it available to non-EVM environments. Stellar operates as the $410 million fund’s primary blockchain.
Commenting on the announcement, Anthony Bassili, head of tokenization at Coinbase said in a statement: “This is the first large asset manager to directly launch on Base, a clear signal to investors and issuers of what’s to come.”
Layer-2 blockchains on the Ethereum network make transactions relatively cheaper and boost execution speeds, something that suits massive projects like the giant asset manager’s tokenised fund, FOBXX.
“Financial institutions like Franklin Templeton are increasingly taking advantage of fast, low-cost on-chain technology to modernize the financial system,” added Bassili.
The expansion to Base also opens up the fund to the Optimism-based Superchain, which features multiple interconnected blockchains built on Optimism’s open-source standard codebase, the OP Stack. Coinbase has recently been joined by the likes of Kraken and UniSwap, which are also building their blockchains with OP Stack.
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