Franklin Templeton brings $780M BENJI tokenized fund to VeChain network

Asset management behemoth Franklin Templeton has partnered with VeChain, to deploy its BENJI platform on the layer-1 blockchain. According to a July 24 announcement , the integration will allow businesses on VeChain to access Franklin Templeton’s tokenized money market fund, offering an additional stablecoin-like payment and cash management tool. BitGo will serve as the custody partner for this expansion, while Keyrock will provide derivatives trading services. What is Franklin Templeton’s BENJI? The BENJI platform enables tokenized access to Franklin Templeton’s OnChain US Government Money Fund (FOBXX), which is currently valued at around $780 million. Each BENJI token represents a share in the fund, which seeks to maintain a stable $1 value by investing in government securities, cash, and repurchase agreements. Launched in 2021, the Franklin OnChain US Government Money Fund was among the first SEC-registered funds to use public blockchain infrastructure for recordkeeping. Through BENJI, the firm offers institutional and enterprise clients a blockchain-based solution for accessing short-term US government securities, while maintaining regulatory compliance and offering stable value. VeChain, a blockchain platform focused on real-world applications, will now host the BENJI platform as part of Franklin Templeton’s multi-chain strategy. VeChain’s dual-token system and low-cost infrastructure are seen as suitable for money market operations. The move also gives VeChain-based enterprises a new tokenized liquidity option. The collaboration strengthens Franklin Templeton’s distribution strategy and also gives VeChain a foothold in the tokenized asset space. With BitGo and Keyrock joining the initiative, the integration brings together custody, trading, and tokenized assets under one enterprise-focused framework. BENJI available across multiple blockchains Before integrating with VeChain, Franklin Templeton had launched the BENJI platform on several other blockchains. The fund first gained traction through the Stellar network, which remains its largest base with over $430 million in assets. BENJI has since expanded to Ethereum, Arbitrum, Polygon, Base, Avalanche, and Aptos, making it one of the most widely deployed tokenized funds across chains. Across these networks, the BENJI platform has become one of the most widely held tokenized government money funds. According to data from RWA.xyz, FOBXX currently has the highest number of individual holders among its peers, with 690 wallet addresses participating. Franklin Templeton’s growing presence in the tokenization market Franklin Templeton has been increasingly active in the tokenization space . The asset management company has positioned itself at the forefront of the real-world asset (RWA) sector by integrating regulated financial products into blockchain ecosystems. It is also one of three asset managers selected by ArbitrumDAO to manage US Treasury exposure through tokenized offerings, alongside Spiko and WisdomTree. The BENJI fund was allocated 35% of ArbitrumDAO’s 35 million ARB treasury diversification program under STEP 2, a strategic initiative to allocate idle capital into yield-generating assets. In terms of global expansion, the company got the regulatory nod to launch its first tokenized fund for retail investors in Singapore earlier this year. The post Franklin Templeton brings $780M BENJI tokenized fund to VeChain network appeared first on Invezz

Source: Invezz