BENJI moving from a parked tokenized Treasury position into Cap deposit collateral is the kind of plumbing RWAs need: Franklin gets distribution, Cap gets a cleaner funding asset than reflexive crypto collateral. BUIDL’s rise showed tokenized funds accrue network effects once venues treat them as usable balance-sheet inventory. Cap’s spread is the fragile part: BENJI holders start with 1940 Act money fund exposure, then layer on Cap’s underwriting, whitelist rules, and redemption timing.

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