Franklin Templeton partners with VeChain to expand BENJI stablecoin for enterprise payments

Franklin Templeton, a global asset manager overseeing $1.5 trillion in assets, has announced a partnership with VeChain, a blockchain platform focused on real-world applications, to expand the reach of its BENJI tokenized stablecoin platform for enterprise payments. The collaboration aims to integrate Franklin Templeton’s BENJI platform with VeChain’s infrastructure, offering businesses another stablecoin option while enhancing the asset manager’s distribution strategy. The BENJI platform provides tokenized access to the Franklin Templeton OnChain U.S. Government Money Fund (FOBXX), a $780 million fund pegged to the U.S. dollar, enabling businesses to tokenize cash reserves and government securities for payment solutions [1].

VeChain’s dual-token structure, designed to ensure low-cost and predictable operations, aligns with the needs of money-market funds like FOBXX. The partnership also involves infrastructure provider BitGo joining as a custody partner and crypto investment firm Keyrock contributing derivatives trading capabilities, further strengthening the ecosystem for institutional users [1].

The BENJI platform is already operational on seven blockchains, including Stellar, Ethereum, and Arbitrum, with the majority of its market capitalization ($432 million) concentrated on Stellar. However, VeChain currently holds a relatively modest total-value-locked (TVL) of $1.7 million and a seven-day decentralized exchange (DEX) volume of $36,221, highlighting the nascent stage of its adoption compared to other networks [1]. Despite this, Franklin Templeton emphasizes the strategic value of VeChain’s enterprise-focused blockchain in expanding access to tokenized money market funds.

Competitive dynamics in the tokenized fund space are notable. Franklin Templeton’s FOBXX faces rivals such as BlackRock’s BUIDL ($2.4 billion market cap) and Ondo’s Short-Term U.S. Government Bond Fund ($709 million market cap). While FOBXX has attracted 690 holders—significantly more than the under 100 each for BUIDL and Ondo’s fund—the broader market remains fragmented, with tokenized funds still capturing a small fraction of the traditional money market asset base [1].

The integration underscores Franklin Templeton’s broader push into blockchain-based financial products, leveraging its existing money market fund expertise to cater to institutional and corporate clients. By partnering with VeChain, the firm aims to address gaps in liquidity and accessibility for tokenized assets, particularly in cross-border payments and cash management. This move also aligns with growing interest from enterprises in leveraging blockchain for operational efficiency and real-time asset utilization.

The collaboration reflects a trend of traditional financial institutions exploring blockchain infrastructure to modernize payment systems. VeChain’s focus on enterprise use cases, such as supply chain management and asset tokenization, positions it as a strategic partner for Franklin Templeton’s expansion into decentralized finance (DeFi) and tokenized asset markets. However, challenges such as low TVL on VeChain and limited DEX activity suggest the platform must overcome adoption hurdles to compete with more established blockchains in the sector.

Source: [1] [title1Franklin Templeton to bring BENJI platform to VeChain for enterprise payments] [url1https://coinmarketcap.com/community/articles/68823d86c7cdcb62e7f6ce61/]