SEC just gave Franklin Templeton the green light to let registered funds use their onchain money market fund $FOBXX for cash management
This includes securities lending collateral btw
No-action letter basically means "yeah we're cool with this, proceed"
So now trad funds can literally park cash in tokenized money markets and use it as collateral for lending
This is how the rails get built. Not with some defi degen protocol that gets exploited in 3 months. With boring institutional money market funds that custody billions and now happen to live onchain.
$FOBXX already has like $700M+ AUM. Now imagine that becoming the default cash management tool for RIAs and fund managers.
The convergence is real and it's not coming from crypto trying to be finance
It's finance realizing blockchain is just better plumbing
This includes securities lending collateral btw
No-action letter basically means "yeah we're cool with this, proceed"
So now trad funds can literally park cash in tokenized money markets and use it as collateral for lending
This is how the rails get built. Not with some defi degen protocol that gets exploited in 3 months. With boring institutional money market funds that custody billions and now happen to live onchain.
$FOBXX already has like $700M+ AUM. Now imagine that becoming the default cash management tool for RIAs and fund managers.
The convergence is real and it's not coming from crypto trying to be finance
It's finance realizing blockchain is just better plumbing