- Franklin Templeton’s $1.6T asset expansion into Avalanche’s blockchain signals institutional confidence, boosting AVAX’s bullish momentum.
- The launch of AUSD on Avalanche strengthens the network’s ecosystem, increasing its attractiveness and potential for an AVAX price surge.
Avalanche (AVAX) was one of the Top 7 Hottest Crypto Picks for 2024, as CNF previously highlighted. On Thursday, AVAX gained 4%, and recent developments, including the launch of Franklin Templeton’s and Agora’s fully-collateralized US digital dollar (AUSD) on the Avalanche network, suggest a possible price rally in the coming days.
Franklin Templeton, managing $1.6 trillion in assets, has expanded its blockchain presence by introducing the Franklin Templeton OnChain U.S. Government Money Fund (FOBXX) on the Avalanche network. Confirmed by a recent Avalanche tweet, this marks the first US-registered mutual fund using a public blockchain, highlighting Avalanche’s growing role in institutional finance.
Global investment firm with $1.6T AUM expands its L1 blockchain footprint to Avalanche.
The Franklin Templeton OnChain U.S. Government Money Fund (FOBXX) is the first and only U.S.-registered mutual fund to leverage a public blockchain as the system of record to process… pic.twitter.com/p9l8Whg88Y
— Avalanche 🔺 (@avax) August 22, 2024
Additionally, Agora’s AUSD launch on Avalanche further enhances the network’s appeal, leveraging its EVM compatibility, low fees, and fast transaction finality to attract more users and liquidity.
Introducing AUSD to Avalanche
We’re thrilled to announce that you can now transact, trade, and pay @withAUSD on @avax.
AUSD is live on @TraderJoe_xyz with significant liquidity and will be coming to more apps like @BenqiFinance, @Trensi_fi, @PharaohExchange, and more. https://t.co/w86qh4OiS0
— Agora (@withAUSD) August 20, 2024
Avalanche’s total value locked (TVL) has increased by 7% since August 5, reflecting growing interest and activity within the ecosystem. Additionally, a Binance long-to-short ratio of 1.66 suggests a bullish market sentiment, further supporting the potential for an AVAX price rally. At the time of writing, AVAX is trading at $26.36, having surged by 13.20% in the past day and 29.59% in the past week.
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