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A $1.4T Financial Giant Expands Its Money Market Fund on Polygon

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Franklin Templeton has announced during Consensus 2023 that its OnChain U.S. Government Money Market Fund is now supported on Ethereum via layer-2 blockchain Polygon. LedesmaLyllah reports.

the fund is available on its network. Stellar has a $2.5 billion market capitalization and Polygon's is over $9.5 billion.

“Extending the reach of the Franklin OnChain U.S. Government Money Fund to Polygon enables the fund to be further compatible with the rest of the digital ecosystem, specifically through an Ethereum-based blockchain,” said Roger Bayston, head of digital assets at Franklin Templeton, in the press release.

Franklin Templeton, which has been a proponent of blockchain technology in the past, continues to see operational efficiencies through use of a blockchain-integrated system, according to the statement. The firm announced in September that it willThe fund, which aims to provide steady income for its holders, invests at least 99.5% of its assets in government securities, cash and repurchase agreements.

 

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