Franklin Templeton Enables USDC Conversions on Benji Investments Platform
June 06 2024 - 8:00AM
Business Wire
Investors may now use USDC to fund their
accounts to purchase shares in the first and only U.S.-registered
mutual fund to process transactions and record ownership on a
public blockchain
Franklin Templeton today announces that users on the Benji
Investments platform can convert USDC stablecoin to U.S. dollars
(“USD”) to fund their investment in shares of the Franklin OnChain
U.S. Government Money Fund (FOBXX) (the “Fund”). One share of the
Fund is represented by one “BENJI token.”
USDC to USD conversion services are provided by Zero Hash, a
crypto and stablecoin infrastructure platform that supports over 60
digital assets across a multitude of blockchains. Zero Hash
conversion services allow investors to convert USDC to USD, which
in turn is transferred to their Franklin Templeton account and used
to seamlessly purchase BENJI tokens. Investors in the Fund may also
use Zero Hash services to convert USD proceeds from the sale of
BENJI tokens to USDC.
The feature will be immediately available to certain
institutional wallets on the Benji Investments platform and
shareholders of the Fund may initiate conversions at any time. USDC
conversion services for individual investors using the Benji
Investments mobile app may be enabled in the future.
“By offering an on-ramp to buy BENJI tokens with USDC we provide
a seamless method for investors to access our tokenized money
market fund, which is a registered fund that provides the price
stability characteristics of a stablecoin while also accruing
yield,” said Roger Bayston, Head of Digital Assets at Franklin
Templeton. “This is an exciting step in our continued journey to
make the digital assets ecosystem more accessible to both
traditional and blockchain-native investors. We are also building
the framework for BENJI tokens to be interoperable with additional
tokens in the not-too-distant future.”
The Franklin OnChain U.S. Government Money Fund was launched in
2021 and is the first and only U.S.-registered fund to use a public
blockchain as the system of record to process transactions and
record share ownership. The Fund offers a competitive yield and is
a regulated 1940 Act fund that invests at least 99.5 percent of its
total assets in government securities, cash and repurchase
agreements collateralized fully by government securities or cash.
The Fund’s investment objective is to provide investors with as
high a level of current income as is consistent with the
preservation of shareholders’ capital and liquidity and aims to
maintain a stable $1.00 share price. In April 2024, Franklin
Templeton announced that institutional BENJI token holders now have
the ability to transfer shares from one shareholder to another
shareholder (“peer-to-peer”) on the public blockchain.
Individual investors can gain exposure to the Fund in digital
wallets through the Benji Investments app, available in mobile app
stores for Android and Apple devices. Institutional investors can
gain exposure through the Benji Institutional web portal.
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment
management organization with subsidiaries operating as Franklin
Templeton and serving clients in over 150 countries. Franklin
Templeton’s mission is to help clients achieve better outcomes
through investment management expertise, wealth management and
technology solutions. Through its specialist investment managers,
the company offers specialization on a global scale, bringing
extensive capabilities in fixed income, equity, alternatives and
multi-asset solutions. With more than 1,500 investment
professionals, and offices in major financial markets around the
world, the California-based company has over 75 years of investment
experience and over $1.6 trillion in assets under management as of
April 30, 2024. For more information, please visit
franklintempleton.com and follow us on LinkedIn, Twitter and
Facebook.
You could lose money by investing in the fund. Although the
fund seeks to preserve the value of your investment at $1.00 per
share, it cannot guarantee it will do so. An investment in the fund
is not a bank account and is not insured or guaranteed by the
Federal Deposit Insurance Corporation or any other government
agency. The fund’s sponsor is not required to reimburse the fund
for losses, and you should not expect that the sponsor will provide
financial support to the fund at any time, including during periods
of market stress. Although the fund invests in U.S. government
obligations, an investment in the fund is neither insured nor
guaranteed by the U.S. government.
All investments involve risk, including loss of
principal. There are risks associated with the issuance,
redemption, transfer, custody, and record keeping of shares
maintained and recorded primarily on a blockchain. For example,
shares that are issued using blockchain technology would be
subject to risks, including the following: blockchain is a
rapidly-evolving regulatory landscape, which might result in
security, privacy or other regulatory concerns that could require
changes to the way transactions in the shares are recorded. The
fund's yield may be affected by changes in interest rates
and changes in credit ratings. These and other risks are discussed
in the fund’s prospectus.
Investors should carefully consider a fund’s investment
goals, risks, charges and expenses before investing. To obtain a
summary prospectus and/or prospectus, which contains this and other
information, talk to your financial professional, call us at (800)
DIAL BEN/342-5236 or visit franklintempleton.com. Please carefully
read a prospectus before you invest or send money.
Zero Hash Disclosures
Zero Hash services and product offerings may not be available
in all jurisdictions. Zero Hash accounts are not subject to FDIC or
SIPC protections, or any such equivalent protections that may exist
outside of the U.S. Zero Hash’s technical support and enablement of
any asset is not an endorsement of such asset and is not a
recommendation to buy, sell, or hold any crypto asset. The value of
any cryptocurrency, including digital assets pegged to fiat
currency, commodities, or any other asset, may go to zero. Zero
Hash is not registered with the SEC or FINRA. Zero Hash does not
provide any securities services and is not a custodian of
securities, including security tokens, on behalf of
customers.
On and off ramping of USDC services for the Benji Investments
platform are not currently available to New York persons.
Copyright © 2024. Franklin Distributors, LLC. Member FINRA/SIPC.
All rights reserved.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240606540453/en/
Franklin Templeton Corporate Communications: Travis Fishstein,
(917) 822-1857, travis.fishstein@franklintempleton.com
Franklin Resources (NYSE:BEN)
Historical Stock Chart
From May 2024 to Jun 2024
Franklin Resources (NYSE:BEN)
Historical Stock Chart
From Jun 2023 to Jun 2024