- Peer-to-peer transfers are now possible for Franklin Templeton’s on-chain U.S. Government Money Fund.
- The fund is the leader in the tokenized U.S. Treasury securities niche, represented as the BENJI token on Polygon and Stellar.
Franklin Templeton, an asset management company, has made it possible for tokenized shares in its on-chain U.S. Government Money Fund to be transferred amongst peers.
Franklin Templeton is the market leader in the tokenized U.S. Treasury securities space, with each share represented by the BENJI token on the Polygon and Stellar blockchains. Based on data provided by asset management business 21.co, parent company of bitcoin exchange-traded fund provider 21Shares, its 32% market share translates to $384 million in assets.
The opportunity for BENJI token holders to transfer shares among themselves excites us, according to a statement from Roger Bayston, Head of Digital Assets at Franklin Templeton. Our ultimate goal is for blockchain-based assets, like the Franklin OnChain U.S. Government Money Fund, to function with complete harmony with the other digital asset ecosystem members.
Launched in 2021, Franklin Templeton was the first fund established with the US government to handle transactions and record share ownership using a public blockchain. Currently, there are about $1.2 billion worth of tokenized government securities under administration.
Competition from BUIDL at BlackRock
But BlackRock’s new BUIDL fund, tokenized on Ethereum in partnership with Securitize, has put Franklin Templeton’s U.S. Government Money Fund under intense competition lately. Within a month of its debut, BUIDL managed $304 million in assets, cutting into Franklin Templeton’s lead and taking a quarter of the market.
Franklin Templeton’s fund aims to maintain a steady $1 share price while providing a competitive return through its primary investments in government securities and associated instruments. The Benji Investments iOS and Android app allows investors to access the money, according to the company.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
