Franklin Templeton Plans to Allocate $2.6B in BENJI to ETFs and Mutual Funds
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Franklin Templeton plans to embed its tokenized money market fund BENJI into ETFs and mutual funds as a holding or collateral across roughly $2.6B, enabled by an SEC no-action letter. This is a notable step in mainstreaming tokenized cash for collateral and liquidity management, reinforcing institutional adoption of onchain settlement rails. Near term, it supports risk-on sentiment toward tokenization and related crypto infrastructure.
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Franklin Templeton is preparing to use its tokenized money market fund, Franklin Onchain U.S. Government Money Fund (BENJI), as a portfolio holding or collateral within its exchange-traded funds and mutual funds, spanning about $2.6 billion in assets. The rollout could begin as early as the fourth quarter.
The U.S. Securities and Exchange Commission has issued a no-action letter allowing the structure, enabling Franklin Templeton funds to deploy BENJI for cash management and collateral, subject to approval by each fund's board of directors.
Franklin Templeton oversees more than 130 ETFs with roughly $82 billion in ETF assets, along with about $790 billion in mutual fund assets. The firm has already distributed its tokenized fund through digital wallets and says it intends to introduce additional tokenized products to expand cash and collateral management across its fund lineup.
The tokenized-asset market has now grown beyond $38 billion.
