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Wall Street's tokenization strategy is becoming easier to spot.
First came stablecoins. Then tokenized treasuries. Now some of the world's largest asset managers are building the infrastructure to move capital between them seamlessly.
Franklin Templeton and MoonPay have announced a new partnership designed to connect stablecoins with tokenized money market funds, giving institutions a fully onchain path between digital dollars and yield-generating investment products.
The integration connects Franklin Templeton's BENJI platform with MoonPay's institutional trading infrastructure, allowing eligible institutions to move between supported stablecoins and tokenized money market fund exposure through a seamless onchain experience.
The move reflects a broader trend unfolding across financial markets as tokenized assets evolve from experimental blockchain initiatives into practical tools for treasury management, liquidity optimization, and institutional cash management.
Bringing Traditional Cash Management Onchain
At the center of the integration is BENJI, Franklin Templeton's tokenized money market fund platform.
The Benji Technology Platform enables investors to gain exposure to money market funds through blockchain-based infrastructure, bringing traditionally conservative investment products into digital asset markets. By integrating with MoonPay Trade, institutional users can move between supported stablecoins and tokenized fund exposure using the same infrastructure already powering onchain trading and settlement.
The result is a more seamless experience for institutions managing treasury operations, liquidity, portfolio allocations, and collateral strategies across blockchain networks.
"Tokenized money market funds only become more useful when they can move with the speed and programmability of the broader digital asset ecosystem," said Sandy Kaul, Head of Innovation and Digital Assets at Franklin Templeton.
According to Kaul, expanding access through partners like MoonPay is a critical step toward making tokenized financial products practical within real-world institutional workflows.
Tokenization Moves Beyond Crypto-Native Assets
The announcement also represents an important milestone for MoonPay.
Known primarily as one of the largest providers of crypto on-ramps and payment infrastructure, MoonPay is expanding further into tokenized finance and real-world asset infrastructure. Adding BENJI to MoonPay Trade marks one of the company's first major moves beyond traditional crypto trading, stablecoins, and fiat payment services.
For MoonPay, the opportunity extends beyond simply facilitating transactions.
"As digital assets evolve, institutions need infrastructure that connects traditional financial products with the onchain economy," said Caroline D. Pham, CEO of MoonPay Institutional.
The partnership is designed to help institutions access tokenized investment products while maintaining the compliance, settlement, and operational standards required by large financial organizations.
Franklin Templeton's Growing Tokenization Push
Franklin Templeton has become one of the most active traditional asset managers exploring blockchain-based financial products.
The firm's blockchain initiatives date back to 2018, and it was responsible for launching the first U.S.-registered mutual fund to use blockchain technology for transaction processing. More recently, Franklin Templeton launched a fully tokenized UCITS fund in Luxembourg and introduced a retail-focused tokenized fund in Singapore.
In April, the company also revealed plans to use BENJI tokens as consideration in its proposed acquisition of 250 Digital, signaling that tokenized assets are beginning to move beyond investment products and into broader corporate finance activities.
With $1.74 trillion in assets under management, Franklin Templeton's continued investment in tokenization underscores how seriously large financial institutions are beginning to view blockchain infrastructure.
The Bigger Picture
For years, blockchain adoption in traditional finance focused largely on experimentation. That phase appears to be ending.
Today, institutions are increasingly looking for practical ways to use stablecoins, tokenized funds, and digital assets within existing financial operations. Treasury management, liquidity optimization, collateral movement, and settlement are becoming some of the most active areas of adoption.
Partnerships like Franklin Templeton and MoonPay's suggest that the future of tokenized finance may not be about replacing traditional markets, but connecting them directly to the infrastructure already powering digital asset economies.