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Following核心亮点
富兰克林邓普顿（Franklin Templeton）已将其Benji平台与Bybit整合，使机构投资者能够以基金份额作为场外抵押品进行加密货币交易。通过ByCustody服务，客户在保持基金份额所有权的同时，可以获得USDC或USDT的信贷额度。截至8月31日，富兰克林链上美国国债货币市场基金的净资产为6.8664亿美元。此次合作还包括利用Mantle区块链开发钱包集成代币化解决方案的计划。截至8月31日，富兰克林邓普顿管理的总资产规模达到1.83万亿美元。
富兰克林邓普顿与Bybit达成战略合作，扩展代币化投资渠道
富兰克林邓普顿已将其基于区块链的基金产品拓展至Bybit平台，为机构投资者利用代币化资产作为交易抵押品创造了新机遇。此次合作于9月28日公布，旨在将富兰克林邓普顿的Benji技术平台与Bybit的机构托管解决方案ByCustudy连接起来。
场外抵押品机制详解
该安排允许机构客户存入通过Benji发行的货币市场基金份额。这些资产由托管方独立保管，与交易所基础设施分离，同时支持交易活动的信贷需求。参与客户将获得以USDC或USDT计价的信贷额度。这一机制使得客户能够在Bybit平台上活跃交易，而无需清算其底层的基金份额头寸。
该框架确保客户继续从其持有的基金份额中获得收益，同时获得基于稳定币的信贷以参与市场活动。ByCustody将质押资产与交易所运营分开托管。镜像估值系统持续监控资产价值，并相应调整可用的交易容量。此前，Bybit已将其他代币化的真实世界资产纳入其抵押品框架。今年早些时候，一家量化交易公司曾通过Bybit和ByCustody服务使用瑞银（UBS）的代币化货币市场产品。
Bybit全球RWA（真实世界资产）与传统金融负责人Yoyee Wang表示，机构市场参与者需要操作灵活性，以及与传统金融相当的风险管理能力。Wang指出，此方案使客户能够利用受美国证券交易委员会（SEC）监管的金融产品，同时保持资本部署策略。
富兰克林链上美国国债货币市场基金
富兰克林链上美国国债货币市场基金是该抵押品计划的基础。该基金主要投资于美国国债、流动性现金头寸和回购协议。截至8月31日，该基金净资产达到6.8664亿美元。截至9月16日，该基金的七日年化收益率为3.57%。
扩展区块链整合战略
The partnership with Bybit is the latest development in a series of token collateral initiatives by Franklin Templeton. In February this year, the asset management company established a similar arrangement with Binance, adopting the same isolated custody method. In June, Franklin Templeton connected Benji to MoonPay Trade, facilitating the conversion of institutional clients between stablecoin positions and tokenized fund shares. The company also established a partnership with Kraken parent company Payward, an agreement that covers collateral application and treasury management through Benji infrastructure.
In August this year, the Investment Management Division of the U.S. Securities and Exchange Commission granted a "no-action relief." This regulatory convenience allows Franklin Templeton's traditional mutual funds and ETFs to hold positions in blockchain native funds. Currently, Franklin Templeton and Bybit are developing wallet-native products that leverage the Mantle blockchain network, but the release timing and eligibility criteria have not yet been announced.
Industry Background and Market Trends
As of August 31, Franklin Templeton's total assets under management reached US$1.83 trillion, an increase from US$1.79 trillion at the end of July. Total cash management assets at the end of the month were US$85 billion. According to RWA.xyz tracking data, assets under management on Benji's platform are close to US$669 million.
市场对代币化货币市场产品的兴趣持续增长。国际清算银行评估称，截至2025年9月，该板块规模已超过90亿美元。贝莱德（BlackRock）的USD Institutional Digital Liquidity Fund以22亿美元的资产领跑代币化货币市场类别。包括Crypto.com和Deribit在内的多家交易所接受其作为抵押品，而币安也为机构客户提供该产品场外抵押品功能。
