PANews reported on October 31 that according to CoinDesk, asset management giant Franklin Templeton has expanded its on-chain U.S. Treasury bond money market fund (FOBXX) to Coinbase's Layer 2 blockchain Base, becoming the first asset management company to establish a business on the platform. The fund has a market value of US$410 million and can be traded on five blockchains including Stellar, Aptos, Avalanche, Arbitrum and Polygon, with Stellar as the main network.
Base has grown rapidly since its launch in 2022, with a total locked value (TVL) of over $8 billion, second only to Arbitrum. FOBXX was launched in 2021 and is the first money market fund to record transactions and ownership on a public chain. It is currently the second largest tokenized fund by market value.
