HashKey Exchange, a Hong Kong-licensed digital asset platform, has partnered with global asset manager Franklin Templeton, which oversees more than $1.5 trillion in client assets, to distribute its tokenized U.S. government liquidity fund, adding a major traditional finance name to its crypto investment offering and bringing another real-world asset product to the region's digital asset market.

HashKey Adds Tokenized U.S. Government Fund

The collaboration centers on the Franklin OnChain U.S. Government Liquidity Fund (grBENJI), which was made available on August 24 through HashKey Exchange's Earn Channel. Rather than providing investors with direct exposure to cryptocurrencies, the product connects blockchain infrastructure with traditional money market assets. Its basic approach involves mainly domestic U.S. government money market instruments and U.S. dollar cash assets.

The underlying assets of Franklin Templeton's Franklin OnChain U.S. Government Money Fund consist of at least 99.5% U.S. government securities, cash, and fully collateralized repurchase agreements. The fund's net assets stood at approximately $720.93 million as of July 31, 2026. Notable with the launch is that it serves crypto investors who do not seek volatile digital assets to generate yield on-chain.

Blockchain Turns Traditional Fund Shares Into Digital Assets

Franklin Templeton has spent years working to establish investment blockchain infrastructure. The Franklin OnChain U.S. Government Money Fund, launched in 2021, is the first U.S.-registered mutual fund to process and record transactions on an open, public blockchain. That head start predates the wave of traditional asset managers that have since moved onto blockchain rails, including BlackRock, which launched its own tokenized money market fund, BUIDL, in March 2024. Tokenized Treasury products have since grown into a several-billion-dollar segment of on-chain finance, making them one of the most established corners of the real-world asset market.

BENJI tokens represent the fund, and the number of tokens a person or entity holds corresponds to the number of fund shares they own. The shareholder register is maintained by Franklin Templeton's transfer agent, while blockchain technology is used for transactional operations and to record ownership. For crypto markets, the arrangement provides another way to access traditional financial products without giving up blockchain settlement and asset setup.

Professional Investors Get Access in Asia

HashKey and Franklin Templeton said the partnership aims to offer eligible (digital) asset investors, especially institutional and professional investors, regulated exposure to real-world assets. The product is not offered to the public in Hong Kong and may only be purchased by qualified investors under the relevant framework.

The distribution comes as Hong Kong formalizes its digital asset rulebook: the city's Securities and Futures Commission began licensing virtual asset trading platforms under a new regime in June 2023, and regulators have since issued guidance covering tokenized funds and products. HashKey was among the first platforms licensed under that regime.

The deal strengthens HashKey's Earn ecosystem by adding a tokenized asset product from a global asset manager, while providing Franklin Templeton with another regulated avenue for digital asset transactions in Asia.

The two firms are also considering other money market fund products that could be tokenized. Franklin Templeton said the relationship has the potential to grow beyond the equity asset class in the future, and that HashKey's platforms are still being built out across multiple jurisdictions.

The announcement follows a broader trend of tokenized financial assets assuming more of a presence in cryptocurrencies, as traditional funds migrate to blockchain rails to meet the demand of digitally native investors while serving traditional investment uses.