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Franklin Templeton Facilitates Blockchain Fund Peer-to-Peer Transactions

Shares of the OnChain U.S. Government Money Fund are now directly swappable by participants.

Franklin Templeton has announced that holders of its BENJI tokens can now transfer shares of the Franklin OnChain U.S. Government Money Fund (FOBXX) directly among themselves using a public blockchain. Launched in 2021, FOBXX is the first U.S.-registered fund that leverages blockchain technology for processing transactions and managing share ownership records. This $360 million fund invests predominantly in U.S. government securities, cash, and fully collateralize repurchase agreements.

Each BENJI token represents a single share of the fund, and these tokens can now be exchanged peer-to-peer without intermediaries on the Stellar and Polygon blockchains. Roger Bayston, Franklin Templeton’s Head of Digital Assets, expressed enthusiasm about the update, emphasizing the potential for blockchain-based assets to integrate more seamlessly into the broader digital asset ecosystem. He also highlighted the firm’s intention to foster efficiencies in traditional financial transactions through this blockchain application.

The fund is structured as a regulated 1940 Act fund, aiming to offer high current income consistent with capital preservation and liquidity, and maintaining a stable $1.00 share price. Tokenized share transfers are expected to attract both individual and institutional investors, who can access the fund through the Benji Investments mobile app or the Benji Institutional web portal.

This move by Franklin Templeton comes at a time when interest in digital assets is growing among traditional financial institutions. Notably, BlackRock launched its first tokenized asset fund, BUIDL, on the Ethereum blockchain last month, further indicating a growing trend of integrating blockchain technology with traditional asset management services.

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