Global asset manager Franklin Templeton is bringing its BENJI platform to VeChain, marking a major step in the evolution of tokenized finance for businesses. The initiative will enable enterprises on VeChain to access tokenized U.S. government money market funds for on-chain payments and cash management.
What Is BENJI and Why It Matters
The BENJI platform provides tokenized access to the Franklin Templeton OnChain U.S. Government Money Fund (FOBXX), which currently manages about $780 million in assets. Each BENJI token represents one share in the fund, pegged to $1, and is backed by government securities, cash, and collateralized repurchase agreements.
This integration introduces a stable, regulated payment option to VeChain’s enterprise ecosystem, enhancing its appeal for institutional-grade financial operations.
Strategic Partnerships Support the Move
As part of the VeChain launch:
- BitGo joins as the custody provider.
- Keyrock, a digital asset firm, brings in derivatives trading capabilities.
According to Franklin Templeton, this collaboration strengthens their distribution strategy and gives VeChain users a new method to settle enterprise transactions using tokenized money market funds.
VeChain’s low-cost, dual-token model makes it particularly attractive for high-volume enterprise use cases where cost predictability is key.
BENJI Already Live on Seven Blockchains
BENJI is already integrated across seven major blockchains, including:
- Stellar (holds $432 million of BENJI’s market cap)
- Ethereum
- Arbitrum
- Base
- Avalanche
- Polygon
- Aptos
Despite VeChain’s current low TVL of $1.7 million and modest 7-day DEX volume of $36,221, this move could accelerate its adoption among enterprises seeking regulated DeFi solutions.
How BENJI Stacks Up Against Competitors
BENJI is up against other tokenized U.S. bond funds, including:
- BlackRock’s BUIDL – $2.4 billion AUM
- Ondo’s OUSG – $709 million AUM
However, FOBXX has the most holders (690+), while both BUIDL and OUSG have fewer than 100 each. This indicates broader retail or institutional distribution, not just large players.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.