SCRYPT, the Swiss-licensed institutional digital asset infrastructure provider, has integrated BENJI, the tokenised share class of Franklin Templeton‘s Franklin OnChain U.S. Government Money Fund (FOBXX), into its own treasury operations. The deployment went live on 25 June 2026 and gives SCRYPT continuous, on-chain access to a yield-bearing instrument issued by one of the world’s largest asset managers, which holds approximately $1.68trillion in assets under management.
The company says the move makes it one of the first Swiss-regulated digital asset infrastructure providers to manage internal liquidity through a tokenised money market fund issued by a global asset manager. It did not name other Swiss-licensed firms that may have done the same.
Why the structural mismatch matters
The practical motivation is well understood in institutional crypto circles. Crypto markets settle and trade around the clock, while traditional money market funds typically operate on T+1 settlement, constrained by banking-hour infrastructure. That creates a gap for digital asset firms: idle treasury cash parked in a conventional fund cannot be accessed outside business hours, while holding it in undeployed crypto exposes the firm to basis risk. A tokenised money market fund on blockchain rails bridges that gap, providing both yield and intraday liquidity without requiring the treasury manager to wait for the next settlement window.
Sylvan Martin, co-founder and chief growth officer at SCRYPT, framed the integration as a practical demonstration of the firm’s positioning: “Integrating BENJI into SCRYPT’s treasury gives us 24/7 intraday liquidity in a tokenised money market fund issued by one of the world’s most established asset managers.”
Broader market context
The real-world asset tokenisation market has gathered considerable institutional momentum over the past 18 months, with several large asset managers, custodians and infrastructure providers moving from pilots to live deployments. Franklin Templeton has been an early and persistent mover in this space: FOBXX was one of the first US-registered fund products to record share ownership on a public blockchain, and BENJI is its distribution mechanism for on-chain investors and counterparties.
What distinguishes this particular integration is its inward-facing character. SCRYPT is using the product for its own treasury before offering a comparable model to clients. That sequencing matters from a risk-management perspective: it allows the firm to test operational resilience, liquidity assumptions and regulatory treatment on its own balance sheet rather than a client’s. It also signals a degree of conviction in the product that a purely commercial integration does not.
Switzerland’s regulatory environment provides relevant context. SCRYPT operates under Swiss licensing, which gives it a framework suited to holding and managing digital assets at an institutional level. The Swiss Financial Market Supervisory Authority has published guidance on the treatment of tokenised securities and distributed ledger-based financial instruments, and Swiss law provides a distinct legal basis for the digital ledger technology securities category. That foundation makes Switzerland one of the more operationally coherent jurisdictions for this kind of treasury arrangement.
The next phase to watch is whether SCRYPT extends the model to client treasury mandates. If it does, the regulatory and operational template it has built internally becomes a commercial product, and the Franklin Templeton relationship becomes a distribution partnership as much as an infrastructure one.
