Franklin Templeton’s Tokenized Money Market Fund Goes Multi-Chain: Now Live on BounceBit

Wall Street meets DeFi—again. Franklin Templeton just plugged its blockchain-based money market fund into BounceBit, doubling down on tokenized real-world assets (RWAs). Because nothing screams 'innovation' like repackaging old-school finance in a crypto wrapper.

Why this matters

Tokenization isn't just hot—it's scalding. With institutions racing to slap blockchain rails on traditional assets, Franklin's move signals which chains they're betting on for institutional adoption. Spoiler: Ethereum isn't the only game in town anymore.

The cynical take

Another day, another 'groundbreaking' fusion of TradFi and crypto. Let's see if the yields outperform the gas fees this time.

What does this mean?

BounceBit says the money market fund will act as both collateral and settlement on its platform, with the MOVE aimed at making investing in the RWA ecosystem more capital-efficient than passive holdings.

In this case, traders can benefit from both the exposure to the underlying RWA yield of approximately 4.5% from Franklin Templeton’s fund and the yield opportunities that come with the asset’s use on exchange venues.

“This launch sets the tone for what BB Prime will become: An execution venue for tokenized RWA — backed by institutional-grade collateral and governed by programmable logic,” BounceBit noted.

RWA market expansion

Franklin Templeton launched its tokenized U.S. government fund in 2021, with BENJI representing shares of the $692 million OnChain U.S. Government Money Fund. 

The fund, which Franklin Templeton announced on Aug. 4 that it is now supported by crypto-friendly Anchorage Digital Bank, is live onchain across Ethereum, Solana, stellar and Avalanche. Franklin has also expanded its BENJI token to VeChain.

Other major players in the tokenized assets market include BlackRock, Fidelity Investments, Janus Henderson and Guggenheim Treasury. U.S. Treasury debt, tokenized stocks, private credit and corporate bonds are some of the RWA assets getting increased adoption onchain.

BounceBit plans to be a major part of the RWA market with tokenized stock products targeted for the United States, Europe, Hong Kong and Japan.

Robinhood unveiled its new tokenized stocks platform on Arbitrum in July, with investors across the 30 European Union and European Economic Area able to access more than 200 tokenized U.S stocks and exchange-traded fund. eToro has also announced a similar initiative.