Franklin Templeton, a major asset management firm, has launched its OnChain U.S. Government Money Market Fund on Coinbase’s layer-2 blockchain, Base. This marks the first time an established asset manager has made a fund available on the Base network, a layer-2 solution built to enhance transaction efficiency and reduce costs on the Ethereum blockchain. The tokenized fund, known as FOBXX, is now accessible on Coinbase’s Base blockchain, representing a milestone for Base and reinforcing its growing influence in decentralized finance.

Fobxx has a market capitalization of $410 million and is available on Base, adding to its presence on five other blockchains and contributing to Franklin Templeton's wider integration of blockchain technology.

Despite these advancements, Franklin Templeton faces challenges within its fixed-income division, particularly with Western Asset Management, amidst an SEC investigation. However, the CEO assures clients of the firm's commitment to meeting their needs and diversification of investment inflows.

FOBXX has a market capitalization of $410 million, making it the largest tokenized fund in the market. This move is part of a broader plan by Franklin Templeton to integrate blockchain technology into the traditional financial sector.

Despite challenges, Franklin Templeton has filed with the US SEC for a Bitcoin & Ethereum index ETF with BNY Mellon and Coinbase as custodians. The firm's ambition to innovate and adapt within the evolving financial landscape remains resolute.

Franklin Templeton’s CEO, Jenny Johnson, emphasizes the firm's dedication to meeting client needs, reassuring stakeholders of the firm's stability amidst challenges in the fixed-income division.