Key Notes

Key Notes:

The Solana network is the third largest in US treasury tokenization after Ethereum and Stellar.Solana price will heavily benefit from the integration of the Benji application in the long haul.

Franklin Templeton, a California-based investment management organization with over $1.6 trillion in assets under management, has announced the launch of the Benji application, a retail mobile application that enables investors to browse tokenized securities and cryptocurrencies, on the Solana SOL $173.2 24h volatility: 3.1% Market cap: $84.62 B Vol. 24h: $2.56 B network. As a result, Franklin Templeton’s tokenized money market fund FOBXX is now available on the Solana network.

In addition, FOBXX is available on top-tier tokenization blockchains led by Stellar XLM $0.33 24h volatility: 3.0% Market cap: $10.25 B Vol. 24h: $152.70 M , Coinbase-backed Base, Avalanche AVAX $25.92 24h volatility: 6.9% Market cap: $10.73 B Vol. 24h: $412.73 M , Aptos APT $6.07 24h volatility: 0.7% Market cap: $3.57 B Vol. 24h: $174.52 M , and Sui SUI $3.41 24h volatility: 4.8% Market cap: $10.55 B Vol. 24h: $742.05 M . The diversification into Solana will help the investment management firm to reduce a single point of failure, thus enhancing the security of its institutional-grade products.

Founded in April 2021, FOBXX has grown to over $511 million in total assets through investing in US government securities to help preserve capital and liquidity. Worth noting that FOBXX seeks to maintain a stable value of $1 per share.

The Solana network has grown into a vibrant tokenization platform amid the mainstream adoption of digital assets and web3 protocols. The layer one (L1) chain focused on scalable smart contracts has seen its total value locked (TVL) rise to about $8.9 billion and a stablecoins market cap of $12.67 billion.

With over 4.5 million daily active addresses, higher than Ethereum (ETH), the Solana network has attracted more institutional investors seeking to scale their products to a wider audience. The launch of the Benji app on the Solana network will play a crucial role in increasing its on-chain activity, which ultimately reciprocates a bullish outlook for altcoin.

The large-cap altcoin, with a fully diluted valuation of about $115 billion and a 24-hour average trading volume of around $3.8 billion, has been following Bitcoin in a bullish outlook in the last two years. Furthermore, there are multiple fund managers – led by Grayscale Investments, Bitwise, 21Shares, Canary Capital, and VanEck – who have already filed with the US SEC to list and trade spot Solana ETFs.

With the new Donald Trump administration, the approval of spot Solana ETFs in the United States could happen in the coming 24 months.

The mainstream adoption of blockchain technology by institutional investors seeking to tokenize real-world assets (RWA) is expected to grow exponentially in the coming years. According to market data from RWA.xyz, the tokenized treasuries, bonds, and cash equivalents have grown to over $3.6 billion led by Hashnote, Ondo Finance, and BlackRock-backed Securitize with $1.1 billion, $648 million, and $642 million respectively.

The Ethereum network takes the lion’s share with over $2.5 billion, followed by Stellar and Solana networks respectively.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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