Franklin Templeton's Tokenised Money Market Fund 'Benji' Hits $750M AUM
Franklin Templeton has successfully launched and grown its tokenised money market fund, 'Benji', with approximately $750 million in assets under management (AUM). The fund, which is regulated by the U.S. Securities and Exchange Commission (SEC), has attracted a diverse range of investors, including corporate treasurers, crypto exchanges, and retail investors.
The Benji fund, launched in April 2021, is a production-grade product, not a proof of concept. It offers daily interest payments, full on-chain shareholder registers, and greater collateral flexibility. The fund's success can be attributed to its adoption of blockchain infrastructure, which enables real-time ownership, programmability of assets, and lower operational friction, transforming the cost structure of asset management.
Robert Crossley, head of thematic research at Franklin Templeton, has spent a decade focusing on high-level strategic research and engaging with major asset managers, pension funds, and wealth managers managing $50-$60 trillion in assets. Crossley believes that tokenisation is often misunderstood and is more about adopting blockchain infrastructure than just digitising assets. He sees public chains as the future due to their transparency, security, and community-driven innovation.
The Benji fund's growth and success demonstrate the potential of blockchain-based finance. With approximately $750 million in AUM, it has attracted a wide range of investors and offers real-world benefits such as efficiency, security, and utility. As blockchain technology continues to evolve, Franklin Templeton and other financial institutions are poised to leverage its transformative potential.
