VeChain Partners with Franklin Templeton to Tokenize Enterprise Payments

VeChain, a layer-1 blockchain for real-world enterprise solutions, has formed a strategic partnership with Franklin Templeton, a $1.6 trillion asset manager.

What Is the BENJI Platform?

Franklin Templeton’s BENJI platform offers tokenized shares of the Franklin OnChain U.S. Government Money Fund (FOBXX), a regulated investment vehicle holding approximately $780 million in assets. Each BENJI token represents one share of the fund and aims to maintain a stable $1 peg.

The move also aligns with VeChain’s core mission of bridging blockchain and enterprise adoption. Its dual-token model separates transaction fees (VTHO) from the primary utility token (VET).

This enables predictable, low-cost operations—an ideal fit for money market strategies requiring stability and efficiency.

While VeChain is the latest blockchain to integrate BENJI, it joins a list of seven others already hosting the platform—among them Ethereum, Stellar, Arbitrum, Polygon, Avalanche, Base, and Aptos. Of these, Stellar currently holds the largest share of BENJI’s total market cap at around $432 million.

Meanwhile, VeChain’s total value locked (TVL) remains relatively small at $1.7 million, with a seven-day decentralized exchange (DEX) volume of just over $36,000.

However, the platform’s technical strengths and new financial integrations may help drive future enterprise growth and liquidity.

BitGo and Keyrock Bolster Infrastructure Support

Notably, the partnership is supported by two leading companies in the infrastructure sector. BitGo, a leading digital asset custodian, has joined VeChain as its custody provider for BENJI token holders, ensuring institutional-grade security.

Meanwhile, Keyrock, a crypto market maker and investment firm, will offer derivatives trading capabilities on the platform. This will further expand the financial services available to VeChain users.

This combination of regulated fund access, secure custody, and trading support creates a comprehensive financial framework tailored for enterprise blockchain adoption.

Market Rivals and Growing Demand for Tokenized Treasuries

Notably, Franklin Templeton’s FOBXX competes with other tokenized Treasury products such as BlackRock’s BUIDL fund ($2.4 billion market cap) and Ondo’s Short-Term U.S. Government Bond Fund ($709 million).

While BUIDL leads in total capitalization, FOBXX has the broadest adoption, with over 690 token holders, substantially more than its competitors, which each count fewer than 100.

Overall, the VeChain–Franklin Templeton integration marks a pivotal moment in the evolution of enterprise blockchain use. It brings together trusted financial products, real-world compliance, and Web3 infrastructure to offer a next-generation solution for corporate finance.