The asset management arm of the Caisse des Dépôts et Consignations (CDC) – France's state investment institution, managing around €244bn in assets – has subscribed to the Franklin OnChain US Government Liquidity Fund, Agefi reported on 18 Jun.
France's State Investor Backs Franklin Templeton Tokenized Fund: Agefi
19 June 2026 - 16:08 CEST
By Stu Clelland
The fund is a fully tokenized, constant net asset value money market fund investing at least 99.5% of its assets in US government money market instruments. It is registered in Luxembourg under the Undertakings for Collective Investment in Transferable Securities (UCITS) framework – the EU's standard regulatory structure for retail and institutional investment funds – and settles exclusively on the Stellar blockchain, a network designed for fast, low-cost settlement of financial assets.
CDC is the first French institutional investor in the fund, which received approval from Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier (CSSF), in October 2024 and launched in February 2025. The subscription is framed as an operational test of the institution's systems and processes for digital assets. Assets under management stood at $54.8mn as of 31 May.
Since 15 Jun, the fund has introduced several upgrades targeting institutional investors: settlement moved to T0 – meaning trades settle on the same day they are executed – and the subscription cut-off was extended to 23:00 Central European Time.
Franklin Templeton manages $2.5bn across its four tokenized money market funds, spanning the US, Luxembourg, Singapore and the British Virgin Islands.
