Franklin Templeton announces the launch of tokenized US bond fund FOBXX on Base to support the Base RWA ecosystem.

The asset management company Franklin Templeton recently announced on Twitter that its OnChain tokenized US bond fund FOBXX is now tradable on the Base chain, making it the first asset management company to establish a tokenized fund on Base.

Base Adds Support for FOBXX, Opens P2P Trading

FOBXX, launched in 2021, is the first mutual fund recognized by U.S. regulators that utilizes public chain transactions and records share ownership. Initially issued on the Stellar chain, FOBXX has expanded to operate on chains such as Polygon, Arbitrum, Avalanche, among others. This time, Coinbase's L2 chain Base has also added support for FOBXX, with Stellar continuing to serve as the primary public chain for FOBXX.

FOBXX currently has total assets of approximately $408 million, with an annualized return of around 4.7% as of October 2024, and can be accessed through Franklin Templeton's Benji Investments app.

Each share of FOBXX is represented by a BENJI token, and the transfer agent for FOBXX maintains formal records of share ownership through a proprietary blockchain integration system. Franklin had previously announced the ability to use FOBXX for P2P transactions on public chains.

Tokenized U.S. bond market continues to grow, Franklin's FOBXX enables on-chain P2P trading

Base's Attraction and Market Growth, TVL Surpasses $2 Billion

Since its launch in 2022, Base has quickly become one of Coinbase's main businesses, successfully expanding from traditional exchange operations to blockchain infrastructure. As of 11/1, according to data, Base's Total Value Locked (TVL) has surpassed $8 billion, up from around $430 million at the beginning of the year, marking a 370% annual increase and ranking 2nd on the L2 chain leaderboard, demonstrating Base's strong market appeal. The 1st spot is held by Arbitrum.

Anthony Bassili, head of Coinbase's tokenization division, stated, "Franklin is the first large asset management company to launch tokenized funds on Base, indicating that the market is poised for a wave of larger-scale investments."

Within six weeks, BlackRock's BUIDL market cap surpasses Franklin's FOBXX, becoming the world's largest tokenized fund