VeChain Ventures Collaborates with Franklin Templeton on Enterprise Blockchain Payments

Franklin Templeton, a global asset manager with $1.5 trillion in assets under management, is partnering with VeChain, a layer-1 blockchain focused on real-world applications, to integrate its BENJI platform.

Franklin Templeton statement: “The collaboration will strengthen Franklin Templeton’s distribution strategy, while giving enterprises and institutional investors engaging with VeChain a differentiated way to integrate tokenized money market funds into their payment and cash management options.”

Partnership Highlights

Infrastructure provider Bitgo will serve as a custody partner for the VeChain integration, while Keyrock, a crypto investment firm, will introduce derivatives trading capabilities.

The BENJI platform offers tokenized access to Franklin Templeton’s Franklin Templeton OnChain U.S. Government Money Fund (FOBXX), which invests in cash, government securities, and collateralized repurchase agreements, aiming for a $1 stability.

Alternative Payment Option

This initiative expands Franklin Templeton’s platform for enterprise tokenized payments, providing businesses utilizing the VeChain blockchain with an additional stablecoin option.

BENJI Fund Details

The FOBXX fund, associated with the tokenized BENJI, has a market capitalization of approximately $780 million. Each BENJI token represents one share in the fund.

BENJI Platform: Cross-Blockchain Presence

According to data from RWA.xyz, the BENJI platform operates across seven blockchains including Stellar (where it holds a significant market cap of around $432 million), Ethereum, Arbitrum, Base, Avalanche, Polygon, and Aptos.

While VeChain supports the platform with a relatively low Total Value Locked (TVL) of $1.7 million and a low seven-day DEX volume, Franklin Templeton’s offering demonstrates growing institutional adoption of tokenized funds.

Competitive Landscape

Competitors in the tokenized fund space include BlackRock’s BUIDL fund (market cap ~$2.4 billion) and Ondo’s Short-Term US Government Bond Fund ($709 million). Among these funds, FOBXX leads in holder numbers, attracting 690 participants.