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Franklin Templeton has partnered with Hong Kong's HashKey Exchange to distribute its Franklin OnChain U.S. Government Liquidity Fund through HashKey's Earn channel, giving professional investors in Asia on-chain access to U.S. government money market instruments and dollar cash assets. The product is restricted to professional investors and is not available to the Hong Kong general public.
Why it matters
The deal is a meaningful step in the institutionalization of real-world asset tokenization. Franklin Templeton's SVP of digital assets client engagement, Chetan Karkhanis, said the firm intends to move "beyond tokenized money market funds into other tokenized products over time, leveraging HashKey's multi-jurisdictional platform spanning Hong Kong, Singapore, Tokyo, Dubai and Bermuda." That five-jurisdiction footprint gives Franklin Templeton a ready-made distribution rail across the most active regulated crypto markets in Asia and the Gulf.
The move builds on Franklin Templeton's November 2025 debut of Hong Kong's first tokenized money market fund, launched under the Hong Kong Monetary Authority's Fintech 2030 plan, cementing the firm as the leading TradFi name in Asia's tokenized fund space.
Market impact
The broader RWA tokenization market has nearly doubled in twelve months, reaching $38.2 billion as of August 23, up from $20.6 billion a year earlier, according to RWA.xyz. U.S. treasury debt alone accounts for $15.6 billion of that total. Franklin Templeton's expansion into Asia's professional investor base adds institutional distribution weight to a market that is growing structurally, not just cyclically. Investors tracking the RWA sector should watch for the firm's next product announcement across HashKey's multi-jurisdiction platform.
Frequently asked questions
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Who can invest in the Franklin OnChain U.S. Government Liquidity Fund via HashKey?
The fund is restricted to professional investors only and is not available to the general public in Hong Kong.
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What assets does the Franklin OnChain U.S. Government Liquidity Fund invest in?
The fund primarily invests in U.S. government money market instruments and U.S. dollar cash assets, delivered on-chain through HashKey's Earn channel.
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Which jurisdictions does HashKey's platform cover for this partnership?
HashKey operates a multi-jurisdictional platform spanning Hong Kong, Singapore, Tokyo, Dubai, and Bermuda, giving Franklin Templeton distribution reach across five regulated markets.
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How large is the global RWA tokenization market, and how fast is it growing?
Total RWA value reached $38.2 billion as of August 23, nearly doubling from $20.6 billion a year earlier, with U.S. treasury debt accounting for $15.6 billion of that total, according to RWA.xyz.
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Does Franklin Templeton plan to offer other tokenized products beyond money market funds on HashKey?
Yes. Franklin Templeton's SVP Chetan Karkhanis stated the firm intends to expand into other tokenized products over time, leveraging HashKey's multi-jurisdictional platform.
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