Franklin Templeton's tokenized U.S. government fund goes live on HashKey Exchange in Hong Kong, restricted to professional investors. The partnership opens a regulated distribution point for an existing on-chain product as the tokenized Treasury market reaches $15.6 billion.
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Franklin Templeton has opened its on-chain government liquidity fund to professional investors in Hong Kong through a partnership with HashKey Exchange.
HashKey launched the Franklin OnChain U.S. Government Liquidity Fund, branded grBENJI, through its Earn channel on August 24. The product is restricted to professional investors in Hong Kong. It is not available to the general public.
The fund holds short-term U.S. government money market instruments, repurchase agreements, and U.S. dollar cash. Each share corresponds to one BENJI token. Blockchain infrastructure records ownership and transfers, while Franklin Templeton Investor Services maintains the official shareholder register and controls the private keys.
Franklin Templeton first registered the fund, formally named FOBXX, with the SEC in April 2021. Its BENJI platform now runs on Stellar, Ethereum, Solana, Polygon, Avalanche, Arbitrum, Aptos, Base, and BNB Chain.
HashKey Exchange holds Hong Kong Securities and Futures Commission licenses for securities dealing and automated trading. It also operates a licensed virtual asset trading platform and blocks access in Mainland China, the United States, and other excluded markets.
HashKey CEO Haiyang Ru said the partnership responds to demand from professional investors seeking regulated yield products that use real-world assets. Franklin Templeton executive Chetan Karkhanis said both firms plan to explore more tokenized products across HashKey markets, including Singapore, Tokyo, Dubai, and Bermuda.
The broader tokenized real-world asset market has grown substantially. RWA.xyz data showed total RWA value at about $38.2 billion on August 23, compared with $20.6 billion a year earlier. Tokenized U.S. Treasury debt accounted for roughly $15.6 billion.
Franklin Templeton's BENJI competes with products including BlackRock's BUIDL, Circle's USYC, and Ondo's OUSG and USDY. The HashKey launch adds a regulated Hong Kong distribution point for an existing fund rather than creating a new investment product.
The launch follows an August 12 SEC staff no-action letter covering certain custody requirements for specific Franklin funds using the on-chain money fund for cash management. The U.S. staff position remains separate from the Hong Kong distribution arrangement. It does not change the fund's portfolio, investor limits, or underlying U.S. government asset exposure under this partnership.
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