Franklin Templeton Announces Availability of Peer-to-Peer Transfers for Franklin OnChain U.S. Government Money Fund
April 25 2024 - 9:00AM
Business Wire
The first U.S.-registered mutual fund to
process transactions and record share ownership on a public
blockchain introduces new features
Franklin Templeton today announces that shares of the Franklin
OnChain U.S. Government Money Fund (FOBXX) (the “Fund”) are
available for transfer from one shareholder to another shareholder
(“peer-to-peer”) on the public blockchain.
The Franklin OnChain U.S. Government Money Fund was launched in
2021 and is the first U.S.-registered fund to use a public
blockchain to process transactions and record share ownership. One
share of the Fund is represented by one BENJI token and the Fund’s
transfer agent maintains the official record of share ownership via
a proprietary blockchain-integrated system that utilizes blockchain
technology for transaction activity. As of March 31, 2024, the Fund
held over $360 million in assets under management.
“We are excited that BENJI token holders will have the ability
to transfer shares amongst each other,” said Roger Bayston, Head of
Digital Assets at Franklin Templeton. “Eventually, we hope for
assets built on blockchain rails, such as the Franklin OnChain U.S.
Government Money Fund, to work seamlessly with the rest of the
digital asset ecosystem.”
The Fund offers a competitive yield and is a regulated 1940 Act
fund that invests at least 99.5 percent of its total assets in
government securities, cash and repurchase agreements
collateralized fully by government securities or cash. The Fund’s
investment objective is to provide investors with as high a level
of current income as is consistent with the preservation of
shareholders’ capital and liquidity and aims to maintain a stable
$1.00 share price.
Individual investors can gain exposure to the Fund in digital
wallets through the Benji Investments app, available in mobile app
stores for Android and iOS devices. Institutional investors can
gain exposure through the Benji Investments app or the Benji
Institutional web portal.
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment
management organization with subsidiaries operating as Franklin
Templeton and serving clients in over 150 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes
through investment management expertise, wealth management and
technology solutions. Through its specialist investment managers,
the company offers specialization on a global scale, bringing
extensive capabilities in fixed income, equity, alternatives and
multi-asset solutions. With more than 1,500 investment
professionals, and offices in major financial markets around the
world, the California-based company has over 75 years of investment
experience and over $1.6 trillion in assets under management as of
March 31, 2024. For more information, please visit
franklintempleton.com and follow us on LinkedIn, Twitter and
Facebook.
You could lose money by investing in the fund. Although the
fund seeks to preserve the value of your investment at $1.00 per
share, it cannot guarantee it will do so. An investment in the fund
is not a bank account and is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government
agency. The fund’s sponsor is not required to reimburse the fund
for losses, and you should not expect that the sponsor will provide
financial support to the fund at any time, including during periods
of market stress. Although the fund invests in U.S. government
obligations, an investment in the fund is neither insured nor
guaranteed by the U.S. government.
All investments involve risk, including loss of
principal. There are risks associated with the issuance,
redemption, transfer, custody, and record keeping of shares
maintained and recorded primarily on a blockchain. For example,
shares that are issued using blockchain technology would be
subject to risks, including the following: blockchain is a
rapidly-evolving regulatory landscape, which might result in
security, privacy or other regulatory concerns that could require
changes to the way transactions in the shares are recorded. The
fund's yield may be affected by changes in interest rates
and changes in credit ratings. These and other risks are discussed
in the fund’s prospectus.
Investors should carefully consider a fund’s investment
goals, risks, charges and expenses before investing. To obtain a
summary prospectus and/or prospectus, which contains this and other
information, talk to your financial professional, call us at (800)
DIAL BEN/342-5236 or visit franklintempleton.com. Please carefully
read a prospectus before you invest or send money.
Copyright © 2024. Franklin Distributors, LLC. Member FINRA/SIPC.
All rights reserved.
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version on businesswire.com: https://www.businesswire.com/news/home/20240425695903/en/
Franklin Templeton Corporate Communications: Travis Fishstein,
(917) 822-1857, travis.fishstein@franklintempleton.com
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