Franklin Templeton Upgrades Tokenized Money Fund with Peer-to-Peer Trading

Franklin Templeton, a leading asset management firm, introduces a significant update to its Franklin OnChain U.S. Government Money Fund. The BENJI token, representing the fund's shares, now allows peer-to-peer transfers, bypassing intermediaries and streamlining transactions. This move aligns with digital economy standards, where tokenized assets are increasingly common. The update aims to enhance the token's utility, fostering innovation and adapting traditional financial services to the demands of the digital age.

Franklin Templeton Upgrades Tokenized Money Fund with Peer-to-Peer Transferability

Franklin Templeton, a globally renowned asset management firm, has announced a significant enhancement to its Franklin OnChain U.S. Government Money Fund. The company has implemented a peer-to-peer transfer feature for the BENJI token, representing shares in a $380 million tokenized money market fund.

The BENJI token operates on the Stellar and Polygon blockchains and now empowers token holders to directly transfer fund shares, eliminating the need for intermediary services. This advancement streamlines transactions and aligns Franklin Templeton's offerings with the evolving digital economy, where tokenized assets are increasingly prevalent.

"We are thrilled to introduce peer-to-peer transferability for the yield-bearing BENJI security token," declared Roger Bayston, Head of Digital Assets at Franklin Templeton. "This new feature grants users the ability to send BENJI tokens directly to other BENJI holders' digital wallets."

This enhancement aligns with Franklin Templeton's strategic vision to seamlessly integrate blockchain-based assets into traditional financial systems. The peer-to-peer transfer capability opens up new avenues for utilizing BENJI tokens, including trading on secondary markets and leveraging them as collateral on decentralized finance (DeFi) platforms.

The tokenized U.S. Treasuries market has witnessed remarkable growth, with its value surging tenfold since early 2023 to reach an impressive $1.2 billion. Franklin Templeton's BENJI token, launched in 2021, holds the distinction of being the largest and longest-established in this sector. However, the introduction of similar functionalities by competitors, such as Ondo Finance and BlackRock's BUIDL fund, presents competitive challenges.

With this upgrade, Franklin Templeton reaffirms its commitment to driving innovation in the financial industry and positions the BENJI token to compete effectively in an evolving market. This move enhances the token's utility, potentially attracting investors seeking secure, blockchain-based assets.

This development represents another significant step in the adaptation of traditional financial services to the demands of the digital age, empowering both existing and prospective investors with enhanced flexibility and expanded possibilities for their investment activities.

Additional Context:

• Franklin Templeton recently faced a delay in the decision regarding its Franklin Templeton Ether ETF, which was postponed to June 11 by the U.S. Securities and Exchange Commission (SEC).
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