Franklin Templeton Announces the Franklin OnChain U.S. Government Money Fund Surpasses $270 Million in Assets Under Management
April 24 2023 - 8:30AM
Business Wire
First U.S.-registered mutual fund to process
transactions and record share ownership on Stellar
blockchain
Franklin Templeton today announces the Franklin OnChain U.S.
Government Money Fund (FOBXX) (the “Fund”) has surpassed $270
million in assets under management (AUM) as of March 31, 2023. The
Fund’s transfer agent maintains the official record of share
ownership via a proprietary blockchain-integrated system that
currently utilizes the Stellar blockchain network for transaction
activity. The Fund is the first U.S.-registered fund to use a
public blockchain to process transactions and record share
ownership, and is available via the Benji Investments app.
“We believe that blockchain technologies have the potential to
reshape the investment management industry by providing greater
transparency and lower operational costs for traditional financial
products. Blockchains like Stellar’s are important to the
investment process of the future, and assets built on blockchain
rails, like the Franklin OnChain U.S. Government Money Fund, will
eventually be interoperable with the rest of the digital asset
ecosystem,” said Roger Bayston, Head of Digital Assets at Franklin
Templeton.
The Fund reflects a meaningful integration between blockchain
technology and traditional financial institutions, demonstrating
the potential for increased interoperability in the financial
system. This innovative investment vehicle motivated the Stellar
Development Foundation to further diversify its treasury by making
a multi-million dollar investment into the Fund.
“Stellar is built and optimized for asset tokenization, and the
Franklin OnChain U.S. Government Money Fund exemplifies the
blockchain’s usability,” said Denelle Dixon, CEO and Executive
Director of the Stellar Development Foundation. “Stellar is
evolving traditional financial products and processes, making
markets more accessible, and empowering more people.”
The Franklin OnChain U.S. Government Money Fund offers a
competitive yield. The Fund is a regulated 1940 Act fund that
invests at least 99.5% of its total assets in government
securities, cash and repurchase agreements collateralized fully by
government securities or cash. The Fund’s investment goal 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.
One share of the Franklin OnChain U.S. Government Money Fund is
represented by one BENJI token. Token holders can gain exposure to
the Fund in digital wallets through the Benji Investments app,
available in mobile app stores. Stellar Development Foundation
continues to recognize the functions and potential applications for
these tokens in the digital ecosystem.
Stellar Development Foundation is a non-profit organization
founded in 2014 to support the development and growth of the
open-source Stellar blockchain network. The Foundation helps
maintain Stellar’s code base, supports the technical business
communities around Stellar, and is a speaking partner to regulators
and institutions.
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 155 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 boutique specialization on a global scale,
bringing extensive capabilities in equity, fixed income,
multi-asset solutions and alternatives. With offices in more than
30 countries and approximately 1,300 investment professionals, the
California-based company has 75 years of investment experience and
approximately $1.4 trillion in assets under management as of March
31, 2023. For more information, please visit franklintempleton.com
and follow us on LinkedIn, Twitter and Facebook.
About Stellar Development Foundation
The Stellar Development Foundation (SDF) is a non-profit
organization that supports the development and growth of Stellar,
an open-source network that connects the world’s financial
infrastructure. Founded in 2014, the Foundation helps maintain
Stellar’s codebase, supports the technical and business communities
building on the network, and serves as a voice to regulators and
institutions. The Foundation seeks to create equitable access to
the global financial system, using the Stellar network to unlock
the world’s economic potential through blockchain technology. For
more information, visit stellar.org/foundation.
About Stellar
Stellar is a decentralized, fast, scalable, and uniquely
sustainable network for financial products and services. It is both
a cross-currency transaction system and a platform for digital
asset issuance, designed to connect the world’s financial
infrastructure. Financial institutions worldwide issue assets and
settle payments on the Stellar network, which has grown to over 7
million accounts. For more information, visit stellar.org.
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
insured or guaranteed by the Federal Deposit Insurance Corporation
or any other government agency. The Fund’s sponsor has no legal
obligation to provide financial support to the Fund, and you should
not expect that the sponsor will provide financial support to the
Fund at any time.
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 © 2023. Franklin Distributors, LLC. Member FINRA/SIPC.
All rights reserved.
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version on businesswire.com: https://www.businesswire.com/news/home/20230424005223/en/
Franklin Templeton Corporate Communications: Rebecca Radosevich,
(212) 632-3207, rebecca.radosevich@franklintempleton.com Katherine
Fox, (646) 818-9010, kfox@prosek.com
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