Franklin Templeton has officially closed its acquisition of 250 Digital and launched Franklin Crypto, a standalone division focused on institutional crypto allocation. The unit inherits the BENJI tokenized money-market fund platform and a pipeline of bitcoin-linked ETF products. With $1.78 trillion in AUM behind it, Franklin Crypto enters the space with significant distribution and balance sheet capacity.
For Armada's crypto-repo desk, BENJI tokenized MMF shares are particularly relevant as a form of tokenized T-bill collateral, given their underlying exposure to short-duration government securities. Armada should assess whether BENJI units meet the desk's collateral eligibility standards, including smart contract audits, redemption liquidity, and custodial compatibility with Fireblocks. Franklin Crypto is also a strong candidate for early counterparty outreach given its institutional mandate and on-chain settlement infrastructure.