Represented by the BENJI token on Polygon and Stellar, Franklin Templeton's fund leads the tokenized U.S. Treasuries niche.
Asset management firm Franklin Templeton has enabled the peer-to-peer transfers of tokenized shares in its on-chain U.S. Government Money Fund.
“We are excited that BENJI token holders will have the ability to transfer shares amongst each other,” Franklin Templeton Head of Digital Assets Roger Bayston said in a statement. “Eventually, we hope for assets built on blockchain rails, such as the Franklin OnChain U.S. Government Money Fund, to work seamlessly with the rest of the digital asset ecosystem.”
However, Franklin Templeton's U.S. Government Money Fund has recently come under stiff competition from BlackRock’s new BUIDL fund, tokenized in collaboration with Securitize on Ethereum. BUIDL has grown to capture 25% of the market just a month after its launch, managing $304 million in assets, eating into Franklin Templeton’s lead.
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