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Franklin Templeton Benji money market fund shares used as Bybit collateral

The shares remain in custody and continue earning yield while clients borrow against USDT or USDC credit lines.

Reported · Written up by our desk · Market Structure

The Defiant reports that eligible clients can pledge Franklin Templeton Benji-issued money market fund shares as collateral on Bybit.

In return, the collateral can be used for USDT or USDC credit lines, while the fund shares stay in custody.

The structure is designed to let pledged shares continue paying yield, and The Defiant notes Franklin used a similar approach with Binance in February.

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