Odaily Planet Daily News: Franklin Templeton has announced that it will make its two institutional money market funds compatible with blockchain finance, aiming to position itself in the growing market for tokenized assets and regulated stablecoins. This update applies to the Western Asset Institutional Treasury Obligations Fund (LUIXX) and the Western Asset Institutional Treasury Reserves Fund (DIGXX), both managed by its subsidiary, Western Asset Management. Franklin Templeton's head of digital assets, Roger Bayston, stated that traditional funds are already beginning to move on-chain, so the focus is on making them more accessible to a broader audience. It is reported that the LUIXX fund has been modified to comply with the GENIUS Act, which sets reserve standards for regulated stablecoins. The fund currently holds only short-term U.S. Treasury securities with maturities of less than 93 days, which can be used as stablecoin reserve instruments. The DIGXX fund has introduced a digital institutional share class specifically designed for distribution on blockchain platforms, allowing approved intermediaries to record and transfer ownership of fund shares on-chain. (CoinDesk)
Franklin Templeton Converts Money Market Funds into Stablecoin Reserve Tools
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Summary
Franklin Templeton has updated two institutional money market funds to be blockchain-compatible, in line with recent Federal Reserve news on digital assets. The affected funds, LUIXX and DIGXX, are managed by Western Asset Management. LUIXX now holds only short-term U.S. Treasury securities with maturities of less than 93 days. DIGXX offers a digital institutional share class for blockchain distribution, supporting institutional adoption of tokenized assets and regulated stablecoins.
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