Wall Street titan Franklin Templeton has put its Nasdaq-listed On-Chain U.S. Government Money Fund (FOBXX) on a new blockchain: Aptos.
The asset manager said Wednesday that the move was a "massive step in the right direction" to "innovate in the name of a truly decentralized and accessible financial future."
Aptos is the blockchain behind APT, the 30th-biggest digital coin by market cap. Its network was founded by part of the team behind Meta's failed Diem project. Developers can use the blockchain to build decentralized apps (dapps), launch tokens, and more.
"We chose the Aptos network given its unique characteristics, which meet our rigorous suitability standards for the Benji platform,” Franklin Templeton's head of digital assets, Roger Bayston, said.
Franklin Templeton has put the fund on a number of blockchains, including Avalanche, Arbitrum, Stellar, and Polygon. Avalanche was the most recent addition before Aptos, coming in late August.
The firm said that FOBXX is the first and only U.S.-registered fund to use a public blockchain as the system of record to process transactions and record share ownership.
Edited by Andrew Hayward
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