Franklin Templeton and Hong Kong-regulated crypto exchange HashKey have teamed up to distribute a tokenized US money market fund to digital asset investors in Asia. The product, Franklin OnChain US Government Liquidity Fund, is represented by the blockchain-based token BENJI.
The partnership gives professional investors access to a fund focused mainly on US government money market instruments and US dollar cash assets through a tokenized structure. The move comes as demand for regulated, yield-generating real-world assets continues to grow.
HashKey said the partnership will allow eligible digital asset investors in Asia to access the tokenized fund through its platform. Franklin Templeton manages about $1.8 trillion in assets globally and operates across more than 35 countries.
The fund uses blockchain infrastructure to represent traditional money market investments digitally. In simple terms, the token acts as a blockchain-based representation of a claim on the underlying assets.
The development reflects the growing interest in bringing traditional financial products onto blockchain networks. Instead of simply trading cryptocurrencies, institutional investors are increasingly looking at tokenized versions of government bonds, money market funds and other real-world assets.
According to data from rwa.xyz cited in the report, tokenized US Treasury and money market funds have grown by around 1,500% over the past two years, reaching about $15 billion.
For HashKey, the partnership is another step into the expanding tokenization market. The Hong Kong-based exchange holds Type 1 and Type 7 licences from the Securities and Futures Commission, allowing it to conduct securities-related activities and operate an automated trading service.
The company has already been involved in several real-world asset initiatives. The latest partnership suggests that tokenized money market products could become an important part of the regulated digital asset market in Asia.
The wider regional environment is also changing. Hong Kong has been developing its own digital asset infrastructure, including regulated stablecoins and cross-border payment initiatives. The city’s largest exchange recently announced plans to begin cross-border stablecoin transactions with the UAE and the wider Middle East using one of Hong Kong’s regulated digital dollars.
Franklin Templeton and HashKey said they intend to expand their collaboration beyond money market funds and explore additional tokenized products.
The partnership is another sign that blockchain-based financial products are moving closer to mainstream institutional markets. Rather than replacing traditional finance, these products are increasingly being designed to put familiar assets such as government securities and money market instruments onto digital rails.
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