Franklin Templeton has announced the integration of its BENJI platform with VeChain blockchain, providing users with the ability to purchase tokenized U.S. Treasury bills.
BENJI Platform Integration with VeChain
Franklin Templeton is expanding its footprint in the tokenized finance sector by integrating its BENJI platform with VeChain. This integration will allow users worldwide to purchase and hold tokenized U.S. Treasury bills on the blockchain. The integration will be supported by BitGo and Keyrock, providing regulated custody and liquidity services.
Details of the FOBXX Fund
The BENJI platform provides tokenized access to the Franklin OnChain U.S. Government Money Fund (FOBXX), a regulated U.S. money market fund predominantly backed by government securities, cash, and repurchase agreements, fully recorded and transferable on-chain. Each BENJI token represents a share in the fund, which aims to maintain a stable $1 value.
Competition with Other Products
The FOBXX fund currently holds $780 million in assets and is already available on several other blockchain networks. It competes with other tokenized money market products, notably BlackRock’s BUIDL fund and Ondo Short-Term U.S. Government Treasuries Fund (OUSG), which recently expanded to XRP Ledger.
The integration of the BENJI platform with VeChain represents a significant step in the development of tokenized finance, providing users access to stable assets on the blockchain. The positioning of the FOBXX fund among other money market products highlights the increasing competition in this space.
