Money-market fund allocations don’t need to be moved onto the exchange; you can still open trading limits.

Franklin Templeton × Bybit, announced on Sep 28: eligible clients can use tokenized money market fund allocation tokens issued on the Benji platform, with over-the-counter custody via ByCustody, pledged as collateral in the Bybit mirror, and borrow $USDT / $USDC trading limits—underlying assets continue to earn yield without moving the money-market fund into the exchange.

First record the key punctures:

1️⃣ Allocation runs through Benji (Franklin’s proprietary on-chain record/transfer infrastructure)

2️⃣ Custodied by ByCustody, with value mirrored into the Bybit trading environment

3️⃣ CoinDesk definition: the related allocation net asset value is about $686 million; Benji’s seven-day annualized yield is about 3.7% (floating, not guaranteed)

4️⃣ Franklin previously did similar OTC collateral on Binance and OKX; this time, it’s connecting the chain to Bybit.

5️⃣ PR also mentioned tokenized wealth products on Bybit × Mantle; details will be sent separately—tonight we’ll only look at the collateral angle.

Collaboration ≠ instant access for all users. Invited/eligible customers, limits, and risk controls are subject to the respective product pages. Collateral ≠ free money; stablecoin credit lines also carry liquidation and counterparty risks.

On the OTC collateral point—this is a bit more concrete than “another RWA narrative”: capital efficiency + custody/isolated segregation is what institutions truly nod along to.

Not investment advice. DYOR.

#RWA #Bybit #FranklinTempleton #稳定币 #Web3