Update
Franklin Templeton Pitches BENJI as On-Chain Rate in Pendle Discussion
Franklin Templeton's BENJI token is being discussed as a way for its Treasury money fund to serve as an on-chain rate and collateral. The token is equivalent to one share in Franklin Templeton's money market funds, aiming to maintain a stable net asset value of $1.00. The US version of BENJI launched on the Stellar network in April 2021 and has since grown to hold between $667 million and $687 million in on-chain assets. Franklin Templeton has expanded the platform to support 11 blockchains, including the Singapore-domiciled variant called sgBENJI, which holds about $231 million in assets. The firm has also received a no-action letter from the SEC allowing its registered funds and ETFs to use BENJI shares for cash management and securities-lending collateral.