Franklin Templeton recently announced the enablement of peer-to-peer transfers for its $380 million money market fund through its BENJI token on Stellar and Polygon blockchains. This advancement allows investors in the Franklin OnChain U.S. Government Money Fund (FOBXX) to transfer the BENJI token directly between each other without the need for any intermediaries.

The BENJI token, which is supported on the Stellar (XLM) and Polygon (MATIC) blockchains, represents shares in the fund that includes government securities, cash, and repurchase agreements, offering a stable yield to token holders. Jason Chlipala, the chief business officer of Stellar Development Foundation, highlighted that this move positions Franklin Templeton at the forefront of the financial sector by promoting transparency, accessibility, and openness.

This development is significant as it enhances the utility of the BENJI token. It has the potential to facilitate trading on secondary markets and serve as collateral for loans in decentralized finance (DeFi) platforms. Roger Bayston, the head of digital assets at Franklin Templeton, stressed the importance of seamlessly integrating blockchain-based assets into the broader digital asset ecosystem. Tokenized U.S. Treasuries are becoming increasingly popular, with the market for such assets reaching $1.2 billion, according to rwa.xyz data.

BENJI, which was launched in 2021, boasts the largest market capitalization among similar offerings. Newcomers like Ondo Finance and BlackRock’s BUIDL fund, along with Securitize, are gaining traction by enabling peer-to-peer token transfers. This trend signifies a growing movement towards bringing traditional financial assets onto blockchain platforms.

For retail investors interested in tokenized US Treasury bills, Woo X recently launched a new offering in this space.

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