Onchain fund reaches a new milestone
Franklin Templeton’s Franklin OnChain U.S. Government Money Market Fund (FOBXX) has grown to $1.98 billion in assets under management on the Stellar network. Operating through the BENJI token, the fund has now been live for five years. With that footprint, it has become the second-largest real-world asset on the Stellar blockchain.
The milestone is notable because FOBXX represents a traditional U.S. government money market fund brought onto blockchain infrastructure through tokenization. Rather than being a purely crypto-native instrument, it reflects how established asset managers are using public blockchain networks to distribute and administer familiar financial products in a new format.
RWA adoption continues to expand
The growth of FOBXX on Stellar adds to the broader momentum behind real-world assets, or RWAs, in crypto markets. Tokenized money market funds have drawn increasing attention as they connect regulated financial exposure with onchain settlement, transferability, and accessibility. For blockchain networks, these products can help anchor activity around more stable and institutionally relevant use cases.
For Stellar specifically, the fund’s expansion signals continued traction in financial applications tied to payments, settlement, and asset tokenization. While the source material does not provide additional details on investor composition, inflows, or portfolio changes, the reported $1.98 billion AUM and five-year operating history suggest that onchain fund structures are moving beyond experimentation and becoming a more established part of digital financial infrastructure.