Franklin Templeton and MoonPay announced a strategic partnership connecting Franklin Templeton's Benji Technology Platform with MoonPay Trade's institutional trading infrastructure. The integration allows eligible institutional users to move between stablecoins and tokenized money market fund exposure through a fully onchain execution process. The partnership addresses growing institutional demand for blockchain-native treasury management and liquidity solutions. The integration represents a step in the convergence between stablecoins, tokenized treasury products and institutional liquidity infrastructure, a trend reshaping how traditional financial assets operate on blockchain networks.
Franklin Templeton and MoonPay Announce Strategic Partnership Integration
The partnership connects Franklin Templeton's Benji Technology Platform with MoonPay Trade's institutional trading infrastructure. Eligible institutional users can move between stablecoins and tokenized money market fund exposure through a fully onchain execution process. The integration uses MoonPay Trade's quote, routing and execution infrastructure to facilitate movement between stablecoin liquidity and tokenized fund exposure.
Tokenized Treasury Market Reaches $5 Billion Estimated Size
Tokenized treasury and money market products have become one of the fastest-growing areas within the broader real-world asset market. The sector has expanded rapidly during the past two years as institutions search for blockchain-native versions of traditional low-risk yield products. The tokenized treasury market is estimated at over $5 billion. Unlike stablecoins, which generally function as transactional liquidity instruments, tokenized money market funds allow investors to hold yield-bearing treasury exposure directly on blockchain infrastructure.
Franklin Templeton Expands Blockchain Initiatives Since 2018
Franklin Templeton has steadily expanded its blockchain and tokenization initiatives since 2018. The company's Benji platform has become one of the most prominent examples of a traditional asset manager building tokenized fund infrastructure for both retail and institutional investors. Franklin Templeton launched the first U.S. blockchain mutual fund and the first fully tokenized UCITS fund in Luxembourg in 2024. The company launched a retail tokenized fund in Singapore in 2025 and used BENJI in a planned M&A transaction in 2026. The company has positioned BENJI as programmable financial infrastructure capable of integrating into broader digital asset workflows.
Stablecoin and Treasury Product Convergence Narrows Distinction
The distinction between stablecoin liquidity and tokenized treasury exposure is beginning to narrow. Historically, institutions used stablecoins primarily for settlement and liquidity movement while relying on traditional treasury instruments for yield management. Tokenized money market funds increasingly combine elements of both systems. Institutions can hold treasury-backed exposure directly onchain while retaining interoperability with broader digital asset infrastructure. Stablecoins are usually non-yielding transactional liquidity instruments used for payment infrastructure and short-term settlement. Tokenized money market funds are yield-bearing treasury exposure instruments used for cash management infrastructure and collateral and liquidity workflows.
MoonPay Expands Infrastructure Beyond Crypto Payments
MoonPay initially became known as a crypto on-ramp provider focused on helping users purchase digital assets through traditional payment methods. The company is moving toward institutional financial infrastructure. The addition of BENJI to MoonPay Trade represents one of the company's first expansions beyond crypto, fiat and stablecoins into tokenized financial products. MoonPay's early phase focused on crypto purchases and fiat on-ramps, its expansion phase focused on stablecoin infrastructure, and its current direction focuses on institutional onchain finance.
Institutional Demand for Onchain Treasury Infrastructure Expands
Institutional demand for tokenized treasury products has expanded significantly as firms look for ways to manage liquidity and collateral more efficiently across blockchain-based markets. Tokenized funds provide benefits for liquidity management through programmable transfers, treasury yield through onchain interest exposure, collateral efficiency through transferable digital assets, portfolio rebalancing through continuous settlement, and cross-border operations through blockchain-based infrastructure. Franklin Templeton specifically referenced liquidity management, portfolio rebalancing and collateral-adjacent use cases as part of the MoonPay integration.
Multiple Firms Launch Competing Tokenized Treasury Products
Several major firms have launched competing products during the past year as institutional demand for blockchain-based treasury exposure expanded. Major tokenized treasury players include Franklin Templeton with BENJI, BlackRock with BUIDL, Ondo Finance with OUSG, Superstate with tokenized treasury funds, and Securitize with tokenization infrastructure. The emergence of multiple institutional tokenized treasury products suggests the sector is evolving into one of the most competitive segments within digital asset infrastructure. Traditional asset managers, crypto-native firms and fintech infrastructure providers are increasingly converging around the same market opportunity.
FAQ
What did Franklin Templeton and MoonPay announce in their partnership?
Franklin Templeton and MoonPay announced a strategic partnership connecting Franklin Templeton's Benji Technology Platform with MoonPay Trade's institutional trading infrastructure. The integration allows eligible institutional users to move between stablecoins and tokenized money market fund exposure through a fully onchain execution process.
How large is the tokenized treasury market?
The tokenized treasury market is estimated at over $5 billion. The sector has expanded rapidly during the past two years as institutions search for blockchain-native versions of traditional low-risk yield products, making it one of the fastest-growing areas within the broader real-world asset market.
Who are the major competitors in tokenized treasury products?
Major tokenized treasury players include Franklin Templeton with BENJI, BlackRock with BUIDL, Ondo Finance with OUSG, Superstate with tokenized treasury funds, and Securitize with tokenization infrastructure. These firms launched competing products during the past year as institutional demand for blockchain-based treasury exposure expanded.
