Franklin Templeton enables peer-to-peer transfers for its $380 million tokenized treasury fund

Franklin Templeton has enabled peer-to-peer (P2P) transfers for its $380 million money market fund via its BENJI token on the Stellar and Polygon blockchains.

Investors in the U.S. Government Currency Fund (FOBXX) on the Franklin Chain can now transfer the fund’s BENJI tokens directly to each other without an intermediary.

The token, available on the Stellar (XLM) and Polygon (MATIC) blockchains, represents shares of funds holding government securities, cash and repurchase agreements, providing stable income to token holders.

According to Jason Chlipala, chief commercial officer of the Stellar Development Foundation, enabling peer-to-peer transfer capabilities puts Franklin Templeton at the forefront of the financial industry, promoting openness, transparency and accessibility.

This development is important because it enhances the utility of the token. It may help facilitate transactions in secondary markets or serve as collateral for loans on decentralized finance (DeFi) platforms.

Roger Bayston, head of digital assets at Franklin Templeton, emphasized the importance of seamlessly integrating blockchain-based assets into the broader digital asset ecosystem. Tokenized U.S. Treasuries represent a growing trend to bring traditional financial assets into the blockchain orbit, with the market for such assets already reaching $1.2 billion, according to rwa.xyz.

The BENJI token, launched in 2021, has the highest market capitalization among similar products. New entrants such as Ondo Finance and BlackRock’s BUIDL fund, as well as Securitize, which allows peer-to-peer token transfers between users, are quickly taking market share and are slowly catching up to Franklin Templeton leading position.

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