Franklin Templeton is expanding its tokenized fund business in Asia through a new partnership with HashKey Exchange.
On August 25, 2026, HashKey added the Franklin OnChain U.S. Government Liquidity Fund (grBENJI) to its Earn Channel for eligible professional investors in Hong Kong.
The launch gives investors access to a blockchain-based version of Franklin Templeton’s U.S. government money-market fund, as demand for tokenized Treasury products continues to grow.
What Is grBENJI?
grBENJI is linked to Franklin Templeton’s Franklin OnChain U.S. Government Money Fund (FOBXX), also known through the BENJI token ecosystem.
Franklin Templeton launched the fund on April 6, 2021. It was among the first U.S.-registered mutual funds to use a public blockchain for transaction processing and ownership records.
The underlying investment strategy remains traditional.
The fund invests primarily in U.S. government securities, cash and repurchase agreements backed by government securities or cash. It aims to provide income while maintaining liquidity and a stable $1 share price.
That makes BENJI different from a stablecoin such as USDT or USDC. BENJI represents an interest in a regulated money-market fund, while stablecoins are primarily designed to maintain a digital currency peg.
How Large Is Franklin’s Tokenized Fund?
Franklin Templeton’s official fund data shows $753.24 million in total net assets as of June 30, 2026.
The fund’s recent yield has remained above 3%. As of August 2026, Franklin reported a 7-day current yield of 3.56%.
The figure can change as short-term interest rates and portfolio conditions change, so investors should treat the yield as a point-in-time figure rather than a fixed return.
The fund is part of a much larger asset-management business. Franklin Templeton reported $1.80 trillion in preliminary total assets under management as of July 31, 2026.
Who Can Buy grBENJI on HashKey?
The HashKey launch is currently focused on eligible professional investors in Hong Kong.
Through HashKey’s Earn Channel, eligible investors can access the tokenized fund through a regulated digital-asset platform.
This is important because Franklin Templeton already has the fund and blockchain infrastructure. HashKey adds the distribution channel in Asia.
In other words, the partnership connects a traditional global asset manager’s tokenized investment product with a regulated digital-asset marketplace.
Why Is This Launch Important?
The timing is significant.
Tokenized Treasury and money-market products have become one of the fastest-growing areas of the real-world asset market. Investors can gain exposure to traditional short-term government assets while using blockchain-based infrastructure for ownership and transactions.
Franklin Templeton has also continued to engage with U.S. regulators over its blockchain-based fund infrastructure.
On August 12, 2026, SEC staff issued a no-action letter addressing certain custody arrangements involving Franklin Templeton’s OnChain Funds. While the letter does not represent blanket SEC approval for tokenized funds, it shows that regulators are increasingly examining how traditional funds can operate with blockchain-based infrastructure.
Tokenized Treasury Market Reaches $15.64B
The HashKey launch comes as the tokenized U.S. Treasury market continues to expand.
According to the RWA.xyz data in the supplied research, the combined market for tokenized U.S. Treasury bills, notes, bonds and Treasury-focused money-market funds reached approximately $15.64 billion as of August 24, 2026.
The market included:
87 products66,031 holders$15.64 billion in market value
The market was around $6.51 billion in July 2025, meaning it has grown approximately 140% in one year.
This rapid expansion has attracted competition from major financial institutions and digital-asset firms.
BENJI vs. BUIDL, USYC and Ondo
Franklin Templeton is competing with several major tokenized Treasury products.
BlackRock’s BUIDL, Circle’s USYC, and Ondo Finance’s OUSG and USDY are among the better-known products in the market.
BlackRock’s BUIDL has an AUM of roughly $2.6 billion based on the supplied data, while Circle’s USYC is around $3 billion.
Franklin’s advantage is its early start. BENJI launched in 2021, giving the firm several years of experience with blockchain-based fund infrastructure before tokenized Treasuries became a major institutional trend.
What Does the HashKey Partnership Mean?
The Franklin Templeton-HashKey launch is less about creating another crypto token and more about expanding access to tokenized traditional assets.
Franklin brings the regulated investment product and established tokenization infrastructure. HashKey brings a regulated digital-asset distribution platform in Hong Kong.
For investors, the proposition is simple:
U.S. government money-market exposure + dollar-denominated yield + blockchain infrastructure.
As the tokenized Treasury market moves beyond the experimental stage, partnerships like this could help determine whether tokenized funds become a mainstream part of institutional finance.
For Franklin Templeton, the HashKey launch marks another step in taking BENJI from an early blockchain-based fund experiment to a broader institutional financial product in Asia.
Why Franklin Templeton’s BENJI Expansion Could Matter More Than You Think was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.