A company dealing with multi-billion-dollar asset management firm Franklin Templeton is looking to use the Stellar blockchain for the latest fund.

On Tuesday, Franklin Templeton Investments filed an introductory prospectus with the United States Securities and Exchange Commission for a money market fund. These shares are going to be recorded on the blockchain network by Stellar, although the plan still needs to be approved by SEC.

The fund is purportedly not going to invest in crypto projects or any cryptocurrencies. The prospectus notes that “the ownership of the Fund’s shares may be maintained and recorded solely on the Stellar network.”

As per the prospectus, the money market fund will seek a share of $1 per net asset value (NAV) with 99.5% of its investments being utilized for government cash, securities and repurchasing agreements powered by the government cash and securities. 

 The shares are available to purchase on the asset manager’s mobile application, and not on secondary market systems. The minimum amount of purchase to be made starts at $20.

The prospectus also notes that Franklin Templeton believes blockchain-based shares to enable transparency for shareholders, but warns them about the risks, such as loss of funds and hacking.

As of now, the company has said that the Stellar blockchain project is only a test and the fund will be liquidated as per Franklin Templeton.

Based in San Mateo, California, Franklin Templeton ranks among one of the top 35 mutual fund managers, holding $700 billion in assets under management.