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Franklin Templeton is operating an off-exchange collateral program that lets investors use shares of its tokenized money market fund as collateral for crypto trading on Bybit, CoinDesk reported.
Investors can borrow USDT or USDC against the shares while continuing to earn yield on the underlying assets. The Franklin Templeton tokenized fund used as collateral has about $686 million in net assets. The underlying assets are held off-exchange at regulated custody platform ByCustody, while their value is recognized within Bybit’s trading environment to provide trading liquidity. The shares are issued through Franklin Templeton’s blockchain-based recordkeeping and transfer infrastructure, the Benji Technology Platform. Franklin Templeton already offers similar off-exchange collateral services on Binance and OKX.