Franklin Templeton Takes Its Tokenized Treasury Fund to Base, Becomes First Asset Manager on the Layer 2
Summary
Franklin Templeton's OnChain U.S. Government Money Market Fund (FOBXX) is now available on Coinbase's layer-2 blockchain, Base. Base is the sixth blockchain for FOBXX, joining Arbitrum, Polygon, Avalanche, Aptos, and Stellar. This marks the first large asset manager launch on Base, signaling growth potential for investors and issuers. Base, launched in 2022, has become a significant part of Coinbase's business, with a 55% increase in transactions in Q3 compared to Q2. It holds over $8 billion in total value locked, second only to Arbitrum among layer-2 blockchains. FOBXX, launched in 2021, is the second-largest tokenized fund with a $410 million market cap.
