Franklin Templeton has expanded its tokenized money market fund, Franklin OnChain US Government Money Fund (FOBXX), to the Solana blockchain. This move strengthens its presence in the digital asset space and highlights the growing adoption of Solana among institutional investors.

Key points:

- FOBXX is now available on Solana, in addition to Ethereum, Coinbase's Base, Aptos, and Avalanche.
- The fund has $600 million in assets and is the third-largest tokenized money market fund.
- Solana has seen a surge in institutional investment, with $173 million invested in decentralized applications built on the network in Q3 2024.
- The token has recovered from bear market lows and recently hit a 52-week high of $265.10.
- Solana has become the dominant platform for launching new tokens, with over 90% of new tokens listed on decentralized exchanges.

Franklin Templeton's move is seen as a strategic push into blockchain-based investment products, and the firm faces growing competition from BlackRock's BUIDL fund.

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