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Cryptocurrency News Articles
Franklin Templeton Revolutionizes Tokenized US Government Securities with Peer-to-Peer Transfers
Apr 25, 2024 at 11:02 pm
Franklin Templeton empowers peer-to-peer transfers of tokenized shares in its blockchain-based U.S. Government Money Fund, represented by the BENJI token on Polygon and Stellar blockchains. The move cements Franklin Templeton's dominance in the tokenized U.S. Treasuries market with a 32% share, valued at $384 million.
Franklin Templeton Revolutionizes Tokenized U.S. Government Securities with Peer-to-Peer Transfers
Asset management behemoth Franklin Templeton has spearheaded a groundbreaking initiative in the world of digital finance by enabling peer-to-peer transfers of tokenized shares in its on-chain U.S. Government Money Fund. This move underscores Franklin Templeton's unwavering commitment to innovation and solidifies its position as a trailblazer in the burgeoning tokenized U.S. Treasuries niche.
With the launch of the BENJI token, which represents each share on the Polygon and Stellar blockchains, Franklin Templeton has cemented its dominance in the tokenized U.S. Treasuries market. According to data compiled by fellow asset management firm 21.co, the parent company of prominent bitcoin exchange-traded fund provider 21Shares, Franklin Templeton commands a 32% market share, equivalent to a staggering $384 million in assets.
"We are thrilled to empower BENJI token holders with the ability to seamlessly transfer shares among themselves," asserted Roger Bayston, Franklin Templeton's Head of Digital Assets. "Our ultimate aspiration is for blockchain-based assets, such as the Franklin OnChain U.S. Government Money Fund, to seamlessly integrate with the broader digital asset ecosystem."
Franklin Templeton blazed a trail in 2021 as the first U.S.-registered fund to harness the potential of public blockchains for transaction processing and share ownership recording. This visionary move laid the foundation for the current landscape of tokenized government securities, which boasts a total market capitalization of approximately $1.2 billion.
Competition on the Horizon from BlackRock's BUIDL
Despite Franklin Templeton's pioneering efforts, BlackRock, the world's largest asset manager, has emerged as a formidable competitor in the tokenized government securities market with its recently launched BUIDL fund. BUIDL, tokenized in partnership with Securitize on Ethereum, has rapidly captured a 25% market share within a month of its inception, amassing $304 million in assets under management. This growth has eroded Franklin Templeton's once-unassailable lead.
Franklin Templeton's Competitive Edge
Undeterred by the rising competition, Franklin Templeton's U.S. Government Money Fund remains well-positioned to deliver competitive returns to investors. Its investment strategy revolves around government securities and related instruments, and it aims to maintain a stable $1 share price. Investors can conveniently access the fund through the Benji Investments Android and iOS app.
Additional Diversification with Bitcoin Exposure
In addition to its tokenized U.S. Government Money Fund, Franklin Templeton also operates one of the recently launched U.S. spot bitcoin ETFs, EZBC. This ETF has garnered significant interest, attracting nearly $334 million in assets under management, as reported by The Block's data dashboard.
Conclusion
Franklin Templeton's bold move to enable peer-to-peer transfers of tokenized shares in its U.S. Government Money Fund is a testament to its unwavering commitment to innovation and its belief in the transformative potential of blockchain technology. With a market share of 32% and a total of $1.2 billion in tokenized government securities under management, Franklin Templeton remains the undisputed leader in this burgeoning field. While BlackRock's BUIDL fund has emerged as a formidable competitor, Franklin Templeton's competitive returns, diverse investment offerings, and commitment to blockchain-based solutions position it well to maintain its dominance in the years to come.
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