TL;DR
- Franklin Templeton will add its FOBXX fund to VeChain to expand the reach of BENJI, its regulated token already available on Stellar.
- The integration will use SafeBridge, SafeTech Labs’ bridge that ensures traceability across public blockchains.
- VET was chosen for its corporate partnerships, low fees, and focus on tokenized traditional assets.
Franklin Templeton will integrate its tokenized fund, the Franklin OnChain U.S. Government Money Fund (FOBXX), into the VeChain network to expand its presence within the crypto ecosystem.
The fund, operating on the Stellar blockchain since 2021, is already tokenized as BENJI and will become accessible on VeChain through SafeBridge, a protocol developed by SafeTech Labs to securely transfer assets between blockchains.
Why VeChain?
VeChain was selected due to its corporate-oriented approach and partnerships with traditional companies, along with its low energy consumption and reduced fees. This integration will make the fund available to both institutional and retail users within a network aiming to position itself as a more accessible option for integrating traditional financial assets.
The FOBXX fund manages over $3.6 billion in assets. It consists of U.S. Treasury bonds, repos, and other short-term debt instruments, and it is registered with the SEC as a regulated investment.
An Addition, Not a Migration
Its tokenized version represents one of the few regulated funds operating on public blockchains. Through BENJI, users can invest directly in the fund without the involvement of traditional intermediaries, provided they meet KYC requirements.
The integration with VeChain does not alter the fund’s structure or management, which remains under Franklin Templeton’s control. It also does not constitute a full migration but rather expands BENJI’s accessibility to an additional network. The company aims to broaden the ways to interact with the fund and reach users on more cost-effective blockchains.
SafeTech Labs will manage the bridge connecting Stellar and VeChain, ensuring the tokens maintain equivalence and traceability
