$1.8 Trillion Giant Hooks XLM, XRP Into On-Chain Market

Franklin Templeton, the multi-national $1.79 trillion financial industry giant, has been using DLT based blockchain technology for their BENJI fund. Kicking off that campaign with Stellar’s XLM Network back in 2021, The original U.S. OnChain US Government Money Fund (FOBXX / BENJI) remains heavily concentrated there.

The intricacies of how Distributed Ledger Technology (DLT) works has caught the attention of Sandy Kaul, the firm’s Head of Innovation. In a recent interview, Ms. Kaul was explaining how the asset manager now calculates interest on their own tokenized money market fund (MMF) with precision as the fund expanded to other DLTs.

“If you hold it for three hours and six seconds, you get three hours and six seconds worth of interest,” Kaul remarked. She then concluded: “Nobody can do that today.” Indeed, that helps investors manage their liquidity in a more efficient way than the regular daily-count can offer. Now, they have expanded the Benji platform across multiple chains.

“There is not a single cent in her portfolio that will be idle”, - she continued. The BENJI found carried on with smaller-scale implementations, including XRP’s chain. The Singapore-domiciled version (sgBENJI / Franklin OnChain U.S. Dollar Short-Term Money Market Fund) has a solid presence on XRP’s chain, freshly boosted by ~$150M in new shares.

From Stellar Lumen’s (XLM) perspective, other big-time corporate investors have expressed trust. That includes Spiko issuing dollar-denominated tokenized stock and government bonds, while Realiz, Red Swan & WisdomTree have also joined the roster. That has pushed the XLM market cap in terms of Real-World Assets (RWA) towards $4 billion.

Currently, Stellar’s (XLM) RWA usage is hitting unprecedented peaks, but the toll on Stellar Lumen’s native token due to the bearish market conditions seems to overshadow the bearish tone imposed from the rising niche. With Franklin Templeton managing beyond $650 million in assets on Stellar now, it’s clear that XLM Network remains the top destination.

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