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Franklin Templeton to Track Fund’s Shares on Stellar Blockchain

Sep 05, 2019
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byOmar Abbas

Multi billion-dollar investment management firm Franklin Templeton has filed a prospectus with the SEC this week for a mutual fund which, if approved by the U.S. regulator, will have its shares recorded and managed on the Stellar blockchain.

The Franklin Blockchain Enabled U.S. Government Money Fund is a money market fund designed to offer preservation of capital and “maintain a stable $1.00 share price.” About 99.5% of the Fund’s portfolio will be invested in cash, U.S. government bonds, and repurchase agreements of Government securities based on prevailing short-term interest rates. If the SEC approves the application, we could see title of ownership of the Fund’s shares permanently recorded and maintained on the Stellar blockchain. According to the preliminary prospectus, “The Fund’s investment manager believes that blockchain-based shares will provide increased transparency to Fund shareholders and may, in the future, permit reduced settlement times and provide other benefits to Fund shareholders.”

The Fund’s shares would be available for a minimum purchase amount of $20 on Franklin Templeton’s mobile app (available on iOS and Android). The firm has cautioned that, if launched, the Fund will strictly be a test pilot at the beginning.

Based in San Mateo, California, Franklin Templeton manages more than $700 billion and is ranked among the top 40 investment fund managers by total assets under management.

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