Franklin Templeton's Tokenized Treasury Fund Lands on HashKey

In brief

• HashKey Exchange has begun distributing Franklin Templeton's tokenized money market fund, grBENJI, through its Earn channel.
• The fund holds U.S. government money market instruments and dollar cash, with returns tracking short-term Treasury yields.
• The product is restricted to professional investors, with no offering to the public in Hong Kong.

Franklin Templeton has begun distributing its tokenized money market fund through HashKey Exchange, giving the Hong Kong platform's clients access to a blockchain-wrapped pool of U.S. government debt.

The Franklin OnChain U.S. Government Liquidity Fund, traded as grBENJI, invests primarily in U.S. government money market instruments and dollar cash assets, and is now available on HashKey's Earn channel. Franklin Templeton manages $1.8 trillion in assets and has run a tokenized version of the fund since 2021, when it became the first U.S.-registered mutual fund to use a public blockchain to record share ownership.

The product is available to professional investors only and is "not available for offering to the public in Hong Kong."

What the fund actually pays

Returns on this kind of product track the short end of the Treasury curve. RWA.xyz currently lists the BENJI token yielding around 3.6% over seven and 30 days at a net asset value of $1.00, with just over 1,100 holders, though published figures for the fund's size vary considerably depending on whether a single token or the whole suite is counted.