Stellar Foundation’s CEO Denelle Dixon sat with Franklin Templeton’s Head Of Innovation Sandy Kaul to discuss the blockchain’s progress in democratizing financial access. “Today, we are really operating Peer 2 Peer, democratizing the transaction rails of society”.
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Empowering people to have better lives, the next step is to bring the same P2P approach to institutional rails, Sandy Kaul notes. Franklin Templeton has been a pioneer in tokenized funds since 2021. The $1.7 trillion global asset manager’s flagship product is BENJI, a collection of Franklin OnChain U.S. Government Money Fund (FOBXX) based shares.
Why Franklin Templeton Feels Safe On Stellar Network
Franklin’s efforts center on using blockchain for record-keeping, real-time transfers & operations of regulated investment products. While it’s primarily money market funds (MMFs), the $1.7 trillion behemoth has expressed enthusiasm about expanding their range in the coming years.
This also gives Franklin Templeton full control over who can send & receive BENJI tokens. The setup is currently permissioned, providing extremely low management fees of roughly 0.15%.
Franklin Templeton’s proprietary blockchain-integrated stack also has extra features like KYC-compliant wallet-to-wallet payments & redemptions via preferred compliant stablecoins.
95% Of Franklin Templeton’s BENJI Holders Chose XLM
The progress of adoption is evident in the figures. According to on-chain statistics, Stellar’s (XLM) RWA-related market capitalization has significantly increased since last year, scoring $1 billion, $2 billion & $3 billion milestones back-to-back since the year began. The product line endured zero clawbacks due to real-time audit features built into the system.
Dashboard metrics now confirm a $3.02 billion Real World Asset (RWA) market cap, reflecting accelerating institutional tokenization on Stellar’s ultra-efficient DLT blockchain. While BENJI’s shares are scattered across multiple blockchain platforms, 95% BENJI’s holders sit on Stellar’s XLM Network, including the entire retail long tail of small-balance wallets.
As Franklin OnChain U.S. Government Money Fund’s (BENJI) worth is nearing $2 billion, the product garnered 170% yield YoY, positioning itself as the fourth largest MMF issuer in the United States, only trailing behind BlackRock, Hashnote & Ondo in this swiftly-growing category.
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