DBS, Franklin Templeton and Ripple have joined forces to offer accredited investors lending and trading services using tokenised money market funds and stablecoins.
The trio have signed a memorandum of understanding and in the initial phase, DBS Digital Exchange will list sgBENJI, Franklin’s tokenised money market fund, and Ripple’s RLUSD stablecoin, according to an 18 Sept announcement.
Wealthy DBS clients will be able to trade RLUSD for sgBENJI so they can pick up yield on their money, rather than just sitting in stablecoins. The sgBENJI token mirrors the Franklin Onchain US Dollar Short-Term Money Market fund, launched earlier this year.
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