Franklin Templeton enabled peer-to-peer transfers for its $380 million tokenization treasury fund

Franklin Templeton enabled peer-to-peer (P2P) transfers for its $380 million coin market fund through its BENJI Token on the Stellar and Polygon Blockchains.

Investors in the Franklin on-chain U.S. Government coin fund (FOBXX) can now directly transfer the fund’s BENJI Token to each other without an intermediary.

The Token is available on Stellar (XLM) and Polygon (MATIC) Blockchain and represents shares of the fund that hold government securities, cash, and repo protocol, providing Token holders with a steady income.

According to Jason Chlipala, Chief Commercial Officer at the Stellar Development Foundation, enabling peer-to-peer transfers puts Franklin Templeton at the forefront of the financial industry, promoting openness, transparency, and accessibility.

This development is important because it enhances the utility of the Token. It may help facilitate Secondary Market transactions, or serve as a Collateral for loans on DeFi (Decentralized Finance) platforms.

Roger Bayston, Head of Digital Assets at Franklin Templeton, emphasized the importance of seamlessly integrating Blockchain-based assets into the broader digital asset ecosystem. tokenization U.S. Treasuries represent a growing rise trend to bring TradFi assets into the Blockchain orbit, and according to rwa.xyz data, the market for such assets has reached $1.2 billion.

BENJI Token, launched since 2021, has the highest market capitalization of its kind. New entrants such as Ondo Finance and BlackRock’s BUIDL fund, as well as Securitize, which allows peer-to-peer Token transfers between users, are rapidly gaining market share and are gradually catching up to Franklin Templeton’s lead.