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FollowingBybit teamed up with Franklin Templeton: Institutional clients can now use tokenized money market fund shares as collateral
Bybit announced that its institutional clients can now trade tokenized money market fund shares issued by Franklin Templeton as collateral without having to transfer shares to an exchange. The announcement, made on September 28, marks the beginning of a broader cooperation between the two parties, which will also benefit wallet-based retail investors.
Franklin Templeton has approximately US$1.7 trillion in assets under management, while Bybit has more than 80 million users. The collateral plan launched this time is the specific implementation part of the cooperation, and details for retail products will be announced later.
Innovative mechanism for pledges rather than deposits
These fund shares are issued through Benji, Franklin's own blockchain-based recording and transfer agency platform. Customers pledge through the ByCustody escrow platform and receive USDT or USDC credit lines on Bybit in return. The fund shares themselves remain in the escrow account, and Bybit mirrors their value in its trading environment. As a result, customers can continue to earn the fund's income while using their positions to establish positions.
Bybit将此方案定位为一种交易流动性工具，允许客户以受监管且产生利息的资产作为抵押，同时降低对手方风险，因为资产无需移交至交易所。该计划被视为机构工具日益丰富的一部分。Bybit全球RWA（真实世界资产）与传统金融负责人Yoyee Wang表示，机构客户越来越期望加密交易平台能提供与传统市场相同的灵活性和风险标准。富兰克林邓普顿数字资产与创新主管Sandy Kaul则称Bybit是一个值得信赖的平台，机构可以在这里让受监管、带息资产发挥作用。Kaul补充道，零售端的产品应扩大钱包用户对主动管理型产品的访问权限。
链下结算并非Bybit首创
Bybit并非首次实施链下结算。自2025年以来，它已连接了包括Zodia Custody和Sygnum在内的多家托管机构，使机构能够在不将资产存入交易所的情况下进行交易。例如，在与Sygnum的合作中，交易盈亏每八小时自动结算一次。富兰丹邓普顿此次带来的创新在于，抵押品在闲置期间也能产生利息。此外，该协议签署之际，Bybit刚刚将股票挂钩永续合约引入跟单交易功能，这进一步显示了其向传统资产敞口拓展的决心。
币安也曾采取类似举措
Franklin Templeton launched a similar matching plan with Binance as early as February 11 this year, with Ceffu providing custodian support. Its structure is almost idiomatic to this Bybit cooperation: fund shares issued by Benji are retained in regulated escrow accounts, and their value is mirrored on the exchange. Both companies pointed out that the move is aimed at meeting institutional customers 'demand for stable, interest-bearing collateral for round-the-clock settlement. Since then, Franklin Templeton has continued to expand its list of partners: Payward (Kraken's parent company) announced a partnership in May, including integrating Benji and jointly designing tokenized revenue products;MoonPay joined in June; and HashKey Exchange launched Franklin Chain Fund on its Earn channel on August 24. Bybit is the latest member on the list.
Retail Plans and Undisclosed Terms
合作的第二条路径面向钱包用户。Bybit与富兰克林邓普顿表示，一款代币化财富产品将在Bybit交易所及Mantle网络上运行，为用户提供富兰克林投资策略的访问权限。公告未具体说明策略类型，仅指出其为富兰克林旗下产品。Mantle对Bybit而言并不陌生：去年11月，Bybit在Mantle网络上增加了代币化美国股票的存取款功能；今年3月，Bybit宣布其于12月推出的On-Chain Earn Mantle Vault资产管理规模已达2亿美元，较年初的1亿美元显著增长。对于新产品，公告未透露名称、费用、最低门槛或启动日期，Bybit与Mantle表示将另行分享详细信息。双方还计划开展关于目标导向投资和多元化的内容与教育项目。
机构侧合作仍存在信息空白
Details of institutional cooperation still need to be clarified. The announcement did not specify which funds under Franklin were eligible, nor did it disclose specific terms of credit extension, such as loan-to-value ratio (LTV), discount rates and fees. In addition, the announcement did not explain what to do when shares held in escrow accounts experience a margin shortage. Settlement frequency and customer qualification requirements were also not mentioned. Bybit claims that the structure reduces counterparty risk, but Roger Bayston of Franklin Templeton has said in response to the Binance version that pledged assets will not be re-mortgaged or transferred to the exchange, and whether the same terms apply to Bybit is not clearly stated. Because the project is still new, there is no record of its performance in rapidly volatile markets.
