According to CoinMeta, Franklin Templeton has obtained approval from U.S. regulators to include its tokenized money market funds, valued at approximately $726 million, in traditional mutual funds and ETF. Implementation is expected to begin no later than the fourth quarter. In a letter dated August 12, the Investment Management Department of the U.S. Securities and Exchange Commission stated that it would not recommend taking enforcement action if Franklin's registered funds hold shares in government money market funds on the Franklin Chain. The code for this money market fund is FOBXX, which is a public blockchain that records transactions of qualified shares; each Benji token represents one share of the fund. The fund's portfolio is primarily composed of U.S. government securities, cash, and repurchase agreements backed by government securities or cash.