Franklin Templeton, a $1.5 trillion asset manager, has integrated its BENJI tokenized fund platform with the VeChain blockchain, enabling enterprise-grade payment solutions using its $780 million OnChain U.S. Government Money Fund (FOBXX). This collaboration marks a major institutional adoption milestone, allowing businesses on VeChain to utilize tokenized money-market funds for efficient transactions.
The BENJI platform tokenizes Franklin's FOBXX fund – the world's second-largest tokenized treasury fund – where each token represents one share aiming to maintain a $1 value. VeChain's dual-token structure facilitates low-cost transactions and rapid settlement, crucial for Franklin's new "Intraday Yield" feature that enables real-time yield generation for holders.
Crypto infrastructure partners BitGo will provide custody services, while Keyrock adds derivatives capabilities. Sunny Lu, VeChain CEO, emphasized: "Bringing them together on VeChain offers institutional investors an unrivaled value proposition." Despite competition from BlackRock's $2.4B BUIDL fund, FOBXX leads in holder count.
The integration positions VeChain among eight supported blockchains in Franklin's multi-chain strategy, alongside Ethereum and Polygon. This follows VeChain's recent access to Revolut's 60 million users, potentially accelerating adoption. VET price recently tested $0.030 before correcting 20% to key support at $0.024.