Franklin Templeton Funds $380M for P2P Transfers on Polygon and Stellar
Franklin OnChain FOBXX investors can now transfer the fund's BENJI token directly to each other without an intermediary. Franklin Templeton competes with BlackRock's Ethereum-based BUIDL fund in the tokenized assets space. Franklin Templeton has a 32% market share.
In a move that represents significant growth in the field of digital asset management, Franklin Templeton has announced US government funding on the Polygon and Stellar blockchains.
By adopting blockchain technology, Franklin Templeton is using the BENJI token to enable peer-to-peer transfers in the Franklin OnChain United States Treasury Fund (FOBXX).
A BENJI security token is a share of the Franklin Onchain US Treasury Fund registered on the public blockchain and is currently available on Polygon and Stellar.
Franklin Templeton competes with BlackRock
Franklin Templeton's initiative comes amid a competitive landscape, with BlackRock's new BUIDL fund emerging as a formidable competitor in the token space.
Partnering with Securitize on Ethereum, BlackRock's BUIDL fund has quickly gathered market share, though it dwarfs Franklin Templeton's offering in terms of assets under management (AUM).
The rivalry between the two investment giants is set to intensify. Currently, Franklin Templeton holds a strong position in the US Treasuries niche, with a large market share of 32%.
Expanding utility in the digital asset ecosystem
Franklin Templeton's US Government Fund token represents a strategic move towards increasing connectivity in the digital asset ecosystem.
BENJI tokens aim to expand the fund's services by enabling peer-to-peer transfers, allowing investors more flexibility in managing their assets. The move demonstrates Franklin Templeton's commitment to creating and adapting to new market trends using blockchain technology.
