NEW YORK, June 25 — Cap, a credit platform backed by financial guarantees, has been onboarded as a BENJI client, a move that clears the way for the platform to service Franklin Templeton’s tokenized money market fund as a supported deposit asset. The approval, announced today, is the first step toward enabling BENJI holders to access Cap’s infrastructure. This is not a trivial compliance hurdle.
BENJI is the longest-running tokenized money market fund in its category, having launched in 2021. As of June 24, the broader BENJI suite sits on top of $2.5 billion in onchain assets under management.
Because BENJI is a permissioned asset, every integration must be approved directly by Franklin Templeton Digital Assets. To reach this milestone, Cap cleared the firm’s full compliance review to become a BENJI wallet holder. Strategically, what this signals is a deepening of the institutional bridge between traditional finance and decentralized finance.
Franklin Templeton Digital Assets has been building digital asset infrastructure since 2018 and led Cap’s seed round in 2025. The two firms intend to continue collaborating.
The calculus for Cap is straightforward: securing the approval of a major incumbent like Franklin Templeton is a high bar for digital asset platforms and a signal of institutional confidence in Cap’s system. “Clearing Franklin Templeton’s compliance review and supporting BENJI as a deposit asset reflects exactly the kind of institutional rigor Cap was built for,” said Benjamin, Founder and CEO of Cap.
“We’re proud to deepen our work with a partner that has been investing in this infrastructure since the earliest days.” Cap is a private credit platform that uses blockchain technology to address core problems facing legacy private credit systems. The platform’s novel automated credit marketplace ensures every loan is backed by onchain principal protection. Each loan has a dedicated underwriter who puts their own capital behind it — a structure designed to align incentives and reduce the kind of systemic risk that has plagued traditional private credit markets.
The broader stakes here extend beyond a single integration. Franklin Templeton Digital Assets has been a quiet but persistent player in the tokenization space since 2018, and its decision to greenlight Cap as a BENJI wallet holder suggests a strategic bet on the credit platform’s infrastructure.
For Cap, being able to service BENJI as a deposit asset opens the door to a pool of onchain liquidity that sits atop $2.5 billion in assets under management. What to watch next: how quickly BENJI holders begin using Cap’s credit marketplace and whether this integration triggers similar approvals from other tokenized fund issuers. For now, Cap has cleared a compliance bar that few digital asset platforms have crossed, and the two firms are signaling they intend to keep building.
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