Franklin Templeton now accepts USDC to USD conversion for FOBXX on the Benji platform.
Franklin Templeton (NYSE: BEN) has introduced a pioneering feature on its Benji Investments platform that allows users to directly convert USDC stablecoins to U.S. dollars. This service facilitates the purchase of shares of Franklin OnChain UGC Money Fund (FOBXX), represented by “BENJI tokens”.
By leveraging the services of Zero Hash, a cryptocurrency and stablecoin infrastructure platform, investors can now easily convert USDC to USD. This conversion is seamlessly integrated into the investment process where converted funds are transferred to the investor’s Franklin Templeton account to acquire BENJI tokens.
This feature will initially be available for select institutional wallets, with plans to expand this feature to individual investors through the Benji Investments mobile app in the near future.
Roger Bayston, Head of Digital Assets at Franklin Templeton, highlighted the seamless investment process enabled by this integration. “By providing an onramp to purchase BENJI tokens with USDC, we provide a streamlined way for investors to access a tokenized money market fund that combines the price stability and yield accrual potential of a stablecoin.” Bayston explained.
Launched in 2021, the Franklin OnChain U.S. Government Fund stands out as the first U.S. registered fund to use a public blockchain as a system for recording transactions and share ownership.
Investing primarily in government securities and cash, the Fund aims to maintain a stable stock price of $1.00 in compliance with the strict provisions of the 1940 Act, while maximizing returns and ensuring the preservation of shareholder capital and liquidity.
In April 2024, Franklin Templeton further enhanced the functionality of the BENJI token by enabling peer-to-peer share transfers between institutional investors on the blockchain.
The California-based global investment management firm had over $1.6 trillion in assets under management as of April 30, 2024.
Read: Global investment firm Franklin Templeton sets up new cryptocurrency investment unit
