Franklin Templeton, managing $1.74 trillion in assets, has integrated its BENJI tokenized US government money market fund with MoonPay's new institutional trading rails, allowing institutions to swap directly between stablecoins and BENJI shares onchain. This marks one of the first instances of a US-registered tokenized MMF listed on a third-party onchain venue, materially expanding BENJI's accessibility beyond Franklin's proprietary app.
For Armada's crypto-repo desk, BENJI represents exactly the type of tokenized T-Bill collateral the desk is designed to accept. The MoonPay integration improves liquidity and price discovery for BENJI positions, which could support tighter haircuts. Armada should confirm whether Fireblocks custody infrastructure supports BENJI custody and settlement, and whether BENJI qualifies under existing collateral schedules alongside other tokenized government fund products.