Franklin Templeton’s FOBXX Fund Expands to Coinbase’s Base Blockchain, Boosting Institutional Blockchain Adoption
Franklin Templeton’s OnChain U.S. Government Money Market Fund (FOBXX) has broadened its blockchain presence by launching on Coinbase’s Base, marking a pivotal step in its blockchain-based strategy. Base now becomes the sixth blockchain platform supporting FOBXX, alongside Arbitrum, Polygon, Avalanche, Aptos, and Stellar, with Stellar serving as the primary public ledger.
Anthony Bassili, Coinbase’s Head of Tokenization, emphasized that this move positions Franklin Templeton as the first major asset manager to directly integrate with Base, signaling a shift in institutional interest toward blockchain-based investments. Launched in 2022, Base has become central to Coinbase’s strategy beyond traditional crypto trading, with a 55% increase in third-quarter transaction volumes.
With more than $8 billion in total value locked (TVL), Base is now one of the most prominent layer-2 blockchains, just behind Arbitrum in popularity. Layer-2 solutions like Base offer quicker, cost-effective transactions compared to the Ethereum mainnet, making them an ideal platform for tokenized financial assets like FOBXX.
FOBXX, launched in 2021, is a leader in blockchain integration in finance, using blockchain technology to record transactions and ownership. With a market cap of $410 million, FOBXX highlights the increasing adoption of blockchain in the traditional financial sector, signaling a future where more financial institutions may follow suit in blockchain-based asset management.
