Franklin Templeton brings BENJI tokenized money market funds to VeChain for enterprise payments expansion

Franklin Templeton, a $1.5 trillion asset manager, is collaborating with VeChain, a blockchain platform focused on real-world applications, to integrate its BENJI platform for enterprise payments [1]. The partnership aims to expand the reach of Franklin Templeton’s tokenized money market fund offerings while providing VeChain users with an additional stablecoin option. The BENJI platform offers tokenized access to the Franklin Templeton OnChain U.S. Government Money Fund (FOBXX), a $780 million fund pegged to the U.S. dollar that invests in cash, government securities, and collateralized repurchase agreements [1]. Each BENJI token represents one share in the fund.

VeChain’s dual-token structure is highlighted as a key enabler for cost-effective operations, aligning with the needs of money-market funds like FOBXX [1]. The collaboration also involves infrastructure provider BitGo joining VeChain as a custody partner, while crypto investment firm Keyrock will introduce derivatives trading capabilities [1]. Franklin Templeton emphasizes that the partnership strengthens its distribution strategy and offers enterprises and institutional investors a “differentiated” way to integrate tokenized money market funds into payment and cash management workflows [1].

The BENJI platform is already available on seven blockchains, including Stellar, Ethereum, and Arbitrum, with Stellar hosting the largest market cap of $432 million as of the latest data [1]. However, VeChain’s total-value-locked (TVL) stands at $1.7 million, significantly lower than other blockchains supporting BENJI. The seven-day decentralized exchange (DEX) volume on VeChain was $36,221, underscoring its current limitations in liquidity and user activity [1]. Competitors to FOBXX include BlackRock’s BUIDL fund ($2.4 billion market cap) and Ondo’s Short-Term U.S. Government Bond Fund ($709 million market cap), though FOBXX has attracted 690 holders—more than either competitor, which have under 100 holders each [1].

The partnership underscores growing institutional interest in blockchain-based financial solutions, particularly for stablecoins and tokenized assets. By leveraging VeChain’s enterprise-focused infrastructure, Franklin Templeton aims to bridge traditional finance and blockchain ecosystems. However, the low TVL and DEX volume on VeChain suggest the platform may still require broader adoption to compete with more established blockchains like Stellar. The integration also reflects a strategic move to diversify BENJI’s presence across multiple chains, enhancing its utility for cross-border payments and institutional use cases [1].

Source: [1] [title] Franklin Templeton to bring BENJI platform to VeChain for enterprise payments [url] https://coinmarketcap.com/community/articles/68823d86c7cdcb62e7f6ce61/