Ant International uses HSBC tokenized deposits to sweep idle cash into tokenized BENJI MMF
RWA Signal Insight
U.S. TreasuriesAnt International has successfully executed a pilot transaction using HSBC’s tokenized deposits to sweep corporate treasury funds into Franklin Templeton’s tokenized money market fund, known as the Benji platform. This process was orchestrated via WhaleRTP, Ant’s proprietary blockchain-based treasury management system that connects to over 20 global banks. By utilizing tokenized deposits as an instant rail, Ant can deploy idle cash balances into yield-bearing assets outside of traditional banking hours, overcoming the limitations of conventional MMF settlement cut-offs. This capability is particularly critical for a global entity like Ant that manages liquidity across 17 currencies and multiple time zones. The pilot demonstrates the potential for interoperability between permissioned bank ledgers and public blockchain-based fund tokens. This marks the second instance of Ant utilizing tokenized MMFs for treasury management, following a June pilot involving an Amundi fund on Ethereum. The integration highlights a growing trend where institutional treasurers leverage blockchain infrastructure to optimize capital efficiency and minimize idle cash.
Key points
- Ant International used HSBC tokenized deposits to invest in Franklin Templeton's Benji MMF.
- WhaleRTP serves as the orchestration hub connecting permissioned bank ledgers to public blockchains.
- Tokenized rails enable 24/7 liquidity management, bypassing traditional MMF settlement cut-off times.
- This pilot represents the second tokenized treasury experiment by Ant in four months.
Background
Franklin Templeton’s Benji platform is a blockchain-integrated investment system that allows investors to purchase tokenized shares of the Franklin OnChain U.S. Government Money Fund. HSBC’s tokenized deposits represent a digital form of commercial bank money, designed to facilitate instant, programmable settlement within institutional ecosystems.