In a strategic move to diversify its reach, Franklin Templeton’s OnChain U.S. Government Money Market Fund (FOBXX) has now integrated with the Avalanche network. This expansion aims to bolster the fund’s accessibility and enhance its user base.

“Avalanche epitomizes a resilient and dynamic network, offering us the ability to deliver premium attributes and unparalleled characteristics to our clientele,” remarked Roger Bayston, the head of digital assets at Franklin Templeton, in an interview with CoinDesk.

The Stellar network has been the custodian of the fund’s official ownership ledger, while Polygon and Arbitrum have been utilized for select accounts. The recent inclusion of Avalanche underscores Franklin Templeton’s ongoing endeavor to broaden the fund’s blockchain integration.

“For us, the integration of Franklin Templeton’s Benji app and platform on Avalanche is monumental for two reasons,” stated Morgan Krupetsky, Head of Capital Markets and Institutions at Ava Labs. “Firstly, the money market fund’s contract, particularly as a potential payment system, forms a foundational component within the expanding ecosystem of tokenized assets. Secondly, this partnership empowers us to deliver tangible, real-world utilities and use cases that were previously either inaccessible or complicated for users, thus offering new capabilities and entry points.”

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FOBXX, launched in 2021, holds the distinction of being the first money market fund to leverage a public blockchain for transaction and ownership recording. As of now, the fund has amassed a market cap of $420 million, reflecting its substantial growth and adoption.