Franklin Templeton has partnered with MoonPay to allow institutional investors to swap stablecoins for yield-bearing positions in its BENJI tokenized fund around the clock. The integration is designed to remove friction for institutions seeking to put stablecoin liquidity to work in regulated, yield-generating instruments without waiting for traditional settlement windows.
For the crypto repo desk, BENJI tokens represent tokenized exposure to short-duration Treasuries, a collateral class Armada already contemplates. If BENJI tokens are accessible and liquid via MoonPay rails, they could be relevant as high-quality crypto-native collateral. Legal and risk teams should evaluate whether these tokens meet custody, valuation, and liquidity standards under Armada's no-rehypothecation policy and Fireblocks custody framework.