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Highlights
- Franklin Templeton partners with Zero Hash to integrate USDC for tokenized fund transactions.
- The partnership enhances 24/7/365 USDC funding for seamless, real-time investment settlements.
- Franklin OnChain U.S. Government Money Fund exceeds $360 million in assets.
Franklin Templeton, a global leader in asset management, has announced its collaboration with Zero Hash, the forefront infrastructure platform for crypto and stablecoins. This partnership marks the integration of USDC funding rails into Franklin Templeton’s operations, facilitating purchases and redemptions for the Franklin OnChain U.S. Government Money Fund (FOBXX). Represented by BENJI tokens, each fund share aligns one-to-one with these digital tokens, enhancing transaction efficiency.
Franklin Templeton Enhances Tokenized Fund Accessibility
Institutional investors using the Benji Investments platform are set to benefit immensely from this integration. They can now leverage the 24/7/365 USDC funding capabilities to manage their investments in the tokenized fund with the near real-time settlement. Zero Hash’s robust API infrastructure simplifies the transaction process and ensures compliance and security for users transitioning between fiat and tokenized assets.
Roger Bayston, Head of Digital Assets at Franklin Templeton, expressed enthusiasm about the initiative, stating,
“Tokenization has the potential to revolutionize the finance industry for the new era of investing. We’re delighted to democratize access to our fund further, leveraging Zero Hash’s payment rails to provide a user-friendly on and off ramp for tokenized assets.”
Bayston’s comments underscore the firm’s commitment to innovating and enhancing accessibility in the financial landscape.
OnChain Fund Leads in Tokenized Treasuries Market
The Franklin OnChain U.S. Government Money Fund, established in 2021, is the first U.S.-registered fund that utilizes a public blockchain for transaction processing and recording share ownership. With assets exceeding $360 million as of March 31, 2024, the fund represents a significant portion of the $1.1 billion tokenized treasuries market. This innovative approach underscores Franklin Templeton’s pioneering spirit and highlights its leadership in integrating blockchain technology into traditional financial operations.
Edward Woodford, Founder and CEO of Zero Hash, commented on the partnership, “We are pleased to have been chosen as the trusted stablecoin payments infrastructure for Franklin Templeton’s Benji Token, an industry-leading tokenized money market fund. Franklin Templeton’s decision to partner with Zero Hash is a testament to our leading position as the defacto crypto and stablecoin infrastructure for platforms to seamlessly on and off-ramp customers into tokenized assets.”
Additionally, Franklin Templeton is pushing boundaries in other areas of digital finance. The firm has been seeking approval from the Securities Exchange Commission (SEC) for its spot Ethereum ETF. It has recently announced competitive sponsor fee charges for the ETF, emphasizing its commitment to affordability and transparency in investment solutions.
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