Swiss digital asset infrastructure firm SCRYPT has integrated BENJI, the tokenized share class of Franklin Templeton’s Franklin OnChain US Government Money Fund (FOBXX), into its internal treasury operations, aiming to address what it describes as a structural mismatch between traditional money market funds and the continuous operating demands of a crypto business. The integration is already live, Sylvan Martin, SCRYPT’s co-founder and chief growth officer, confirmed to Sandmark.
The integration is live and operational, Sylvan Martin, co-founder and chief growth officer of SCRYPT, confirmed to Sandmark.
“Conventional money market funds settle T+1, meaning trades settle the following business day, and go dark over weekends. Capital sits idle whenever traditional finance is asleep, which is roughly two-thirds of the time for a business like ours,” Martin said. “Treasury now operates at the same tempo as the markets we serve.”
Treasury moves on chain
With BENJI, SCRYPT said subscriptions and redemptions settle onchain with instant execution and yield accrues in real time, removing the batch settlement cycle and weekend downtime of traditional funds. Martin described it as “a fundamentally different way to manage treasury,” rather than a marginal improvement on existing tools.
SCRYPT processed more than $9bn in trading volume last year, the majority involving stablecoins, Martin said.
The integration positions SCRYPT among the first Swiss-licensed digital asset firms to use a tokenized money market fund issued by a global asset manager for internal treasury management. It also marks a practical test of whether tokenized cash management tools can operate at an institutional scale within a regulated framework, rather than simply being announced as a capability.
Growing tokenized treasury market
The tokenized money market fund market has grown rapidly as crypto-native and traditional firms alike seek yield-bearing alternatives to idle cash. Franklin Templeton, which managed approximately $1.78tn in assets as of 31 May, has expanded BENJI’s distribution aggressively in recent months, partnering with Kraken to offer the token as trading collateral and with MoonPay to give institutional investors onchain access to the fund.
FOBXX was the first US-registered mutual fund to use a public blockchain to process transactions and record share ownership, and now operates across multiple blockchain networks.