4 weeks ago
Franklin Templeton has made the OnChain U.S. Government Money Market Fund (FOBXX), the third-largest tokenized wealth marketplace fund, disposable connected Solana successful different awesome of increasing involvement successful the blockchain.
The money is already disposable connected Ethereum, Coinbase’s Base, Aptos and Avalanche, which were each added past year. The Stellar web functions arsenic the superior blockchain. The plus manager announced the expansion connected Wednesday.
Solana has emerged arsenic the starring venue for caller tokens (mostly memecoins) and decentralized trading. It present accounts for implicit 90% of each caller tokens appearing connected decentralized exchanges (DEX), according to a Pantera Capital report. That's up from 1% successful precocious 2023.
“Even erstwhile innovation doesn’t commencement connected Solana, it yet finds its mode there,” Cosmo Jiang and Eric Wallach wrote successful the report.
FOBXX, which started successful 2021, has grown to a $594 cardinal marketplace capitalization, according to data by rwa.xyx. It lags down Hashnote’s Short Duration Yield Coin (USYC) and BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).
Tokenization is 1 of the fastest-growing sectors successful crypto adoption arsenic institutions progressively bring accepted fiscal assets similar bonds, commodities and funds into the blockchain system for much businesslike operations and faster settlement. It's a multitrillion dollar marketplace opportunity, reports from BCG, McKinsey and Brevan Howard person forecast.
Solana gathers steam
Smart-contract web Ethereum leads ecosystem for tokenization efforts with a 52% marketplace stock representing $3.8 cardinal worthy of tokenized real-world assets. It is followed by Ethereum layer-2 ZKsync Era, rwa.xyz information shows. Solana, astatine $135 million, ranks seventh.
Franklin Templeton's enlargement to Solana is the latest motion of expanding involvement successful the web for tokenization efforts. Real-world plus level Securitize expanded its offerings, including BUIDL, to the web successful precocious January.
Anthony Scaramucci, the laminitis and managing spouse of hedge money SkyBridge, successful a Tuesday interrogation touted Solana's velocity and efficiency, saying that it volition "win the race" successful the tokenization world.
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