Franklin Templeton, an investment management giant with about $1.4 trillion in assets under management, has expanded its OnChain U.S. Government Money Fund to the Polygon blockchain.

Launched in 2021, the fund was first available on the Stellar blockchain. Polygon is the second blockchain the fund is supporting, a Franklin Templeton spokesperson told The Block, adding that more networks could be supported in the future.

"Extending the reach of the Franklin OnChain U.S. Government Money Fund to Polygon enables the Fund to be further compatible with the rest of the digital ecosystem, specifically through an Ethereum-based blockchain," Roger Bayston, head of digital assets at Franklin Templeton, said in a statement. "This furthers our distribution reach through a Layer 2 (L2) blockchain that has a proven track record."

(by Yogita Khatri)