Franklin Templeton has been in the digital asset game since 2018. That is a long time in crypto years. The firm led Cap’s seed round earlier in 2025.
Now Cap, a credit platform backed by financial guarantees, has cleared the compliance review required to become a BENJI wallet holder. That approval, announced today, means Cap can support Franklin Templeton’s tokenized money market fund as a deposit asset.
BENJI is not some new experiment. It launched in 2021 and is the longest-running tokenized money market fund in its category. As of June 24, the broader BENJI suite sat on $2.5 billion in onchain assets under management.
That kind of scale does not happen by accident. It takes years of institutional trust.
Because BENJI is a permissioned asset, every single integration requires direct sign-off from Franklin Templeton Digital Assets. This is not a rubber-stamp process. Cap had to pass the firm’s full compliance review to get here.
The approval clears the way for BENJI holders to tap into Cap’s infrastructure. That is the first step. More integration work lies ahead.
Strategically, this deepens the institutional bridge between traditional finance and decentralized finance. The two firms intend to keep working together.
Cap’s founder and CEO, Benjamin, put it this way: “Clearing Franklin Templeton’s compliance review and supporting BENJI as a deposit asset reflects exactly the kind of institutional rigor Cap was built for.” He added that the team is proud to deepen work with a partner that has been investing in this infrastructure since the earliest days. Cap is a private credit platform built on blockchain technology. The company says it addresses core problems in legacy private credit systems.
Legacy private credit is slow, opaque, and expensive. Cap aims to change that.
Getting a major incumbent like Franklin Templeton to approve its system is a high bar. That bar is now cleared. It signals institutional confidence.
Franklin Templeton Digital Assets has been building digital asset infrastructure for seven years. They backed Cap’s seed round. They have now approved Cap as a BENJI wallet holder.
The relationship is not transactional. It is collaborative.
Both sides intend to continue working together. What that looks like in practice remains to be seen, but the foundation is laid. The broader picture matters here.
Tokenized money market funds are catching on. BENJI has been at it since 2021, long before the current wave of tokenization hype. $2.5 billion in onchain assets under management is real money.
Permissioned assets require direct approval for each integration. That creates friction, but it also creates trust. Cap now has that trust from Franklin Templeton.
For Cap, the calculus is straightforward. Securing an approval from a major incumbent like Franklin Templeton is a signal to the market. It says Cap’s system meets institutional standards.
It says Cap can be trusted with real assets. That matters in an industry where trust is often in short supply.
Benjamin’s quote captures the moment. The institutional rigor Cap was built for is now on display. The work with Franklin Templeton is deepening.
The two firms have been in conversation since the seed round. This approval is the result of that ongoing relationship.
It is not the end of the process. It is the beginning of a new phase.
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