Franklin Templeton Expands Benji Tokenization Platform to Ethereum
Key Highlights:
- Franklin Templeton’s Benji tokenization platform is now live on Ethereum, expanding its reach and capabilities.
- Tokenized treasury assets have surpassed a market cap of $2.37 billion, with Franklin Templeton’s fund ranking third-largest.
- FOBXX, the company’s tokenized fund, is available on Coinbase’s Base blockchain, offering investors streamlined access to traditional assets.
Franklin Templeton has taken a significant step in its blockchain innovation strategy by launching its Benji tokenization platform on the Ethereum network. This marks the platform’s fifth launch this year, following deployments on Aptos, Avalanche, Arbitrum, and Base. Previously, Benji was only available on Stellar and Polygon.
Expanding Blockchain Solutions with Ethereum
In an announcement on X (formerly Twitter), Franklin Templeton highlighted the importance of Ethereum’s Virtual Machine and smart contract capabilities in enhancing its tokenized funds. The move to Ethereum is a major milestone for the company’s vision to deliver innovative blockchain-based solutions for its clients.
Tokenized treasury assets have seen significant growth, with a total market capitalization exceeding $2.37 billion, according to RWA data. Franklin Templeton’s on-chain market fund, valued at $409 million, ranks third-largest behind BlackRock’s BUIDL and Ondo’s USDY.
Multi-Chain Tokenization and Market Developments
Franklin Templeton’s expansion mirrors broader trends in the tokenization space, with rapid adoption across multiple chains. BlackRock’s BUIDL fund recently expanded to Aptos, Optimism, Polygon, Arbitrum, and Avalanche, signaling heightened competition and innovation in the sector.
Carlos Domingo, CEO of Securitize, described this multi-chain approach as a pivotal moment for tokenized assets, emphasizing its transformative potential for blockchain infrastructure.
FOBXX: A Milestone for Coinbase’s Base Blockchain
Franklin Templeton’s tokenized fund, FOBXX, is also live on Coinbase’s Base blockchain, allowing investors to purchase shares and store them securely in digital wallets via the Benji Investments application. This integration makes managing traditional assets more accessible while benefiting from blockchain’s enhanced security and efficiency.
Base, launched in 2022, has quickly become a prominent Ethereum layer-2 solution. Hosting FOBXX marks a milestone for the network, underscoring its ability to attract established institutions. Base’s low transaction costs and high-speed capabilities have made it an appealing choice for expanding blockchain-based asset management.
Franklin Templeton’s latest launch on Ethereum showcases its commitment to advancing tokenization and fostering accessibility in traditional asset management through blockchain technology.
