Franklin Templeton is expanding its push into tokenized assets in Asia through a partnership with Hong Kong crypto exchange HashKey, offering its flagship tokenized money market fund, Franklin OnChain U.S. Government Liquidity Fund (grBENJI), to digital asset investors in Asia.
The fund primarily invests in US government money market instruments and US dollar cash assets through blockchain-enabled infrastructure.
Access Limited to Professional Investors
The offering is available exclusively to professional investors and is not open to Hong Kong’s general retail public.
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Chetan Karkhanis, Franklin Templeton’s SVP of digital assets client engagement, said the firm intends to expand the partnership beyond money market products into other tokenized offerings, leveraging HashKey’s presence across Hong Kong, Singapore, Tokyo, Dubai, and Bermuda.
The launch marks Franklin Templeton’s second tokenized fund offering in Hong Kong. The asset manager introduced its first tokenized fund there in November 2025 under the Hong Kong Monetary Authority’s Fintech 2030 initiative.
Tokenized Treasuries Gain Ground
The launch comes as investors and financial institutions explore blockchain-based versions of traditional assets, with US government debt emerging as one of the largest segments of the tokenized-asset market.
The total value of real-world assets tracked by RWA.xyz reached $38.18 billion as of August 2026, up 85% from $20.6 billion a year earlier. Tokenized US Treasury debt made up $15.6 billion of the total, more than doubling from $6.4 billion a year earlier, an increase of 144%.
Why This Matters
For Franklin Templeton, the HashKey partnership extends a tokenization strategy that has moved from early experiments toward products distributed through regulated digital-asset infrastructure.
The professional-investor restriction also highlights the regulatory limits that continue to shape the rollout of tokenized financial products in Asian markets.
Further expansion will depend not only on investor demand but also on how regulators and financial institutions treat blockchain-based representations of traditional securities.
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