Franklin Templeton Fund Shares Become Bybit Trading Collateral
Franklin Templeton and Bybit launched an off-exchange collateral program for eligible clients using tokenized money-market fund shares issued through Franklin Templeton’s Benji platform. The arrangement lets those shares back USDT or USDC trading credit while the assets stay in custody rather than moving onto the exchange. Franklin Templeton has also used similar collateral programs with other crypto exchanges before this Bybit rollout.[26123][18093]
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Eligible Bybit institutions are the direct audience for this change, because they can now post Benji-issued fund shares for USDT or USDC trading credit without moving the assets onto the exchange. That means the same holdings can stay in off-exchange custody while still being used in trading arrangements.
In practice, the setup changes where the collateral sits, not whether it can be used for trading credit. The shares remain in custody and Bybit mirrors their value for trading purposes, while the fund shares themselves are still tokenized Franklin Templeton shares.
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