Franklin Templeton and Bybit launched an off-exchange collateral program enabling institutional clients to pledge shares of the Franklin OnChain U.S. Government Money Fund through Franklin Templeton's Benji Technology Platform. ByCustody holds the pledged fund shares separately from Bybit's exchange infrastructure, while a mirrored valuation process determines USDC or USDT trading credit available to clients. The structure allows institutions to trade on Bybit without liquidating their money market fund positions, retaining ownership and returns on the underlying shares. The Franklin OnChain U.S. Government Money Fund, which invests primarily in U.S. Treasury securities, cash and repurchase agreements, had $686.64 million in net assets as of Aug. 31 and a seven-day yield of 3.57% as of Sept. 16. The partnership extends Franklin Templeton's tokenized-collateral strategy following a similar Binance arrangement in February and a Benji integration with MoonPay Trade in June. Franklin Templeton and Bybit are also developing a wallet-native tokenized solution using the Mantle blockchain, although timing and eligibility requirements have not been disclosed. Franklin Templeton reported $1.83 trillion in assets under management as of Aug. 31, up from $1.79 trillion at the end of July. Benji platform assets approached $669 million, according to RWA.xyz.