Vechain partners with $1.5T asset manager Franklin Templeton to integrate Benji platform for tokenized enterprise payments

Vechain partners with $1.5T asset manager Franklin Templeton to integrate Benji platform for tokenized enterprise payments

Franklin Templeton, a $1.5 trillion asset manager, has partnered with VeChain to integrate the BENJI platform for enterprise payments. This move extends the reach of Franklin Templeton’s platform and provides businesses operating on VeChain another stablecoin option [1].

The BENJI platform, available on at least seven blockchains including Stellar, Ethereum, and VeChain, allows tokenized access to Franklin Templeton OnChain U.S. Government Money Fund (FOBXX), worth about $780 million [1]. One BENJI token is equivalent to one share in the fund, which is pegged to $1.

As part of the partnership, infrastructure provider Bitgo and crypto investment firm Keyrock will also join VeChain. Bitgo will act as a custody partner, while Keyrock will bring derivatives trading capabilities. The collaboration aims to strengthen Franklin Templeton’s distribution strategy and provide enterprises and institutional investors with a differentiated way to integrate tokenized money market funds into their payment and cash management options [1].

VeChain’s dual-token structure enables predictable and low-cost operations, which are beneficial for money-market funds like FOBXX [1]. While the total-value-locked on VeChain is relatively low at $1.7 million, the seven-day volume on decentralized exchanges (DEXs) was $36,221 [1].

This partnership is significant for VeChain, as it expands its ecosystem and provides more stablecoin options for businesses. It also adds to the growing list of partnerships for Franklin Templeton, which includes other blockchain platforms like Stellar, Ethereum, and Avalanche [1].

References:
[1] https://cointelegraph.com/news/franklin-templeton-benji-vechain-enterprise-payments