Aptos (APT), the Layer 1 blockchain inspired by the discontinued Diem (formerly Libra) blockchain developed by Meta, has become the latest network where investors can trade shares of Franklin Templeton’s OnChain U.S. Government Money Market Fund (FOBXX).
The fund, which is the second-largest tokenized fund on the market with a $435 million market cap, is already available on Ethereum via Arbitrum, Stellar and Polygon as well as Avalanche.
Franklin’s latest addition is due to Aptos’ unique characteristics which also meet the asset manager’s rigorous suitability standards for its Benji platform, the firm’s blockchain-integrated recordkeeping system, said Roger Bayston, head of digital assets at Franklin Templeton. One Benji token represents one share of the fund.
Aptos is a fairly young Layer 1 blockchain launched in 2022. It employs the Move programming language, which it claims allows for faster and more protected transactions.
Aptos Labs, the developers behind the blockchain, have long made it their mission to bridge the gap between decentralized finance (DeFi) and large, traditional institutions, as have other Layer 1 blockchains.
In April, the firm started partnering with Microsoft and Brevan Howard, as well as South Korean telecommunications operator SK Telecom to help institutions make it easier to experiment in decentralized finance.
“Franklin Templeton’s willingness to innovate in the name of a truly decentralized and accessible financial future is inspiring,” said Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation.
“To reach that future, we need to connect not just the TradFi and DeFi worlds, but EVM and non-EVM networks as well. Integrating the Benji Investments platform with the Aptos Network is a massive step in the right direction and we look forward to welcoming them to the Aptos ecosystem,” he said.