The asset administration agency’s $380 million OnChain U.S. Authorities Cash Fund instructions almost a 3rd of the tokenized Treasuries sector.
Franklin Templeton, the asset administration behemoth with over $1.4 trillion in AUM, has launched peer-to-peer transfers for its OnChain U.S. Authorities Cash Fund (BENJI), enabling traders within the fund to switch their shares to one another.
“Finally, we hope for belongings constructed on blockchain rails to work seamlessly with the remainder of the digital asset ecosystem,” stated Roger Bayston, Head of Digital Property at Franklin Templeton, in a press launch.
Launched in 2021, BENJI was the primary U.S. mutual fund to make use of a public blockchain – Stellar – to report transactions and monitor possession. Every BENJI token represents a share within the liquid fund, which trades on the Nasdaq alternate below the FOBXX ticker and invests in short-term authorities securities that presently supply a 5% yield, roughly.
“Permitting fund shares to be transferred peer-to-peer places Franklin Templeton on the slicing fringe of the monetary sector the place tokenized real-world belongings are an trade staple and extra open, clear, and accessible,” Stellar Growth Basis Chief Enterprise Officer Jason Chlipala instructed The Defiant through electronic mail.
With a market capitalization of $380 million, BENJI leads the tokenized Treasuries sector, however the ongoing real-world asset (RWA) growth has seen it lose some market share to newer rivals like Blackrock’s BUIDL, which has amassed over $300 million of belongings since launching on Ethereum simply over a month in the past. BUIDL can’t be transferred amongst holders.
Buyers can entry the fund via Franklin Templeton’s Benji digital belongings platform, which requires customers to finish Know Your Buyer (KYC) and Anti-Cash Laundering (AML) formalities.
With U.S. benchmark rates of interest at two-decade highs, RWAs have been a prevailing narrative in DeFi for the previous 12 months. The tokenized Treasuries sector has grown to almost $1.2 billion as of April 25 – up 67% since Jan. 1, based on rwa.xyz.
