Franklin Templeton Introduces Innovative Feature on Benji Investments Platform
Franklin Templeton, a renowned global investment management firm, has unveiled a groundbreaking feature on its Benji Investments platform. This new feature allows users to convert USDC stablecoins directly into U.S. dollars, enabling them to purchase shares in the Franklin OnChain UGC Money Fund (FOBXX) represented by “BENJI tokens.”
Through a partnership with Zero Hash, a crypto and stablecoin infrastructure platform, investors can seamlessly convert USDC to USD. The converted funds are then transferred to investors’ Franklin Templeton accounts to acquire BENJI tokens, streamlining the investment process.
Initially available to specific institutional wallets, Franklin Templeton plans to extend this capability to individual investors through the Benji Investments mobile app in the near future. Roger Bayston, Head of Digital Assets at Franklin Templeton, highlighted the ease of investment enabled by this integration, stating, “By offering an on-ramp to buy BENJI tokens with USDC, we provide a streamlined method for investors to access our tokenized money market fund.”
The Franklin OnChain U.S. Government Money Fund, launched in 2021, is the first U.S.-registered fund to utilize a public blockchain as its transaction and share ownership record system. Investing primarily in government securities and cash, the fund aims to maintain a stable share price of $1.00 while maximizing income and preserving shareholder capital and liquidity.
In April 2024, Franklin Templeton expanded the functionality of BENJI tokens by enabling peer-to-peer share transfers among institutional investors on the blockchain. With over $1.6 trillion in assets under management as of April 30, 2024, the California-based firm continues to innovate in the digital asset space.
This latest development underscores Franklin Templeton’s commitment to providing innovative investment solutions and enhancing accessibility for investors in the rapidly evolving digital asset landscape. Stay tuned for further updates on the Benji Investments platform and the Franklin OnChain UGC Money Fund.
