Franklin Templeton has utilized the Polygon and Stellar blockchains to tokenize a $380 million treasuries fund, enabling direct peer-to-peer transfers without intermediaries.

The newly launched Franklin OnChain United States Government Money Fund (FOBXX) offers shares as BENJI tokens, tradable on the public Polygon and Stellar blockchains. This move aims to streamline transactions, broaden access, and empower investors to manage assets more dynamically through direct exchanges.

By integrating blockchain technology into financial operations, Franklin Templeton aims to boost liquidity and efficiency in asset management, aligning with the trend among financial institutions to merge traditional structures with modern technology. This advancement in digital asset management offers increased transparency, security, and efficiency.

Franklin Templeton's initiative puts it in direct competition with BlackRock's BUIDL fund on Ethereum, which focuses on tokenizing US Treasuries to provide investors with secure and efficient investment options through blockchain technology.

Despite BlackRock's rapid rise in attention, Franklin Templeton maintains a leading 32% market share in the tokenized US Treasuries sector.