MV Capital - Payward and Franklin Templeton Forge Landmark Partnership to Tokenize Wall Street Assets

In a major convergence of TradFi and crypto, Payward (Kraken’s parent) teams up with Franklin Templeton to bring tokenized funds and on-chain products to institutions

Key HighlightsFranklin Templeton’s BENJI tokenized money market funds integrated into Kraken
Payward’s xStocks platform to launch new on-chain actively managed products
Push for national trust company charter and $20B valuation ahead of IPO
Combined focus on tokenized RWAs and institutional crypto services

Strategic Collaboration Bridges Traditional Finance and Blockchain

Payward, the parent company of leading cryptocurrency exchange Kraken, has entered a strategic partnership with global investment giant Franklin Templeton to accelerate the tokenization of traditional assets and expand institutional access to on-chain financial products.

The collaboration centers on integrating Franklin Templeton’s BENJI tokenized U.S. Government Money Market Fund directly into Kraken’s platform, enabling institutional clients to use these regulated, yield-bearing assets for collateral, cash management, and trading activities.

Core Initiatives

BENJI Integration: Institutional users will gain seamless access to tokenized money market funds as collateral and yield-generating cash equivalents within the Kraken ecosystem.
xStocks Expansion: Leveraging Payward’s xStocks infrastructure — which has already facilitated over $30 billion in transaction volume — the partners plan to develop new tokenized, actively managed investment products.
Institutional Services: Enhanced custody solutions, tokenized equities, and deeper liquidity access through Kraken’s OTC and prime brokerage offerings.

Arjun Sethi, Co-CEO of Payward and Kraken, stated: “We are building a model of finance where the distinction between traditional assets and digital infrastructure no longer exists. This partnership unlocks entirely new product categories.”

Sandy Kaul, Head of Digital Assets and Innovation at Franklin Templeton, echoed the sentiment: “This collaboration reflects the growing demand for utility-driven tokenized products that serve both digital-native and traditional institutional clients.”

Franklin Templeton’s Digital Asset Push

Franklin Templeton continues to aggressively expand its crypto footprint with spot ETFs, tokenized funds across multiple blockchains, and the planned acquisition of crypto investment firm 250 Digital. BENJI remains one of the most established tokenized money market funds, competing directly with offerings such as BlackRock’s BUIDL.

Payward’s Broader Ambitions

Beyond the partnership, Payward is diversifying rapidly:

Strategic acquisitions including Reap Technologies and Bitnomial
Fundraising round targeting a $20 billion valuation
Application for a national trust company charter with the OCC

Industry Impact: This alliance exemplifies the accelerating fusion of Wall Street infrastructure with blockchain rails. By combining Franklin Templeton’s asset management expertise with Payward’s crypto-native technology and distribution, the partnership is positioned to drive meaningful institutional adoption of tokenized real-world assets (RWAs).

As regulatory clarity improves, such collaborations are expected to enhance capital efficiency, introduce programmable yield products, and solidify blockchain as a core layer of global finance.