Demex Daily #215: Franklin Templeton Debuts Money Market Fund on Arbitrum

What’s Interesting Today:

Franklin Templeton has launched its blockchain-based money market fund, FOBXX, on the Ethereum layer-2 scaling solution, Arbitrum. This move aims to expand retail investor access to the fund, which primarily invests in U.S. government securities. The launch aligns with increasing investor interest in tokenized real-world asset (RWA) funds, as evidenced by the sector's rapid growth. Previously available on the Stellar and Polygon networks, FOBXX's integration into Arbitrum is part of a broader strategy to leverage blockchain technology to enhance fund accessibility and performance. The fund currently manages approximately $420 million in assets.

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Speed Wallet has launched USDT-L, a wrapped version of the USDT stablecoin, on Bitcoin's Layer 2 Lightning Network, aiming to draw stablecoin traffic and capital from networks like Tron, Ethereum, and Solana. This development utilizes Taproot Assets from Lightning Labs, enhancing transaction capabilities on Bitcoin. Despite the Lightning Network's slow adoption and operational issues, the introduction of USDT-L could boost its utility by facilitating seamless global transactions of stablecoins. This move might address the network's challenges, offering a significant boost if USDT-L captures a notable share of USDT's substantial daily transaction volume on other chains.