Franklin Templeton has introduced a new blockchain-enabled feature designed to calculate and distribute yield on tokenized securities down to the second. The tool, called “Intraday Yield,” has been launched on the firm’s Benji Technology Platform and is intended to improve how income is allocated when yield-bearing tokenized assets change hands during the trading day.
The announcement marks another step in the asset manager’s broader push into tokenized finance. Rather than relying on the traditional convention of determining ownership at the end of the day, the new framework lets yield accrue based on the exact amount of time an investor holds an asset. In practical terms, that means an investor who sells a tokenized security partway through the day can still receive compensation for the precise holding period before the transfer.
Precision Yield Allocation on Blockchain Rails
According to Franklin Templeton, the patent-pending Intraday Yield feature is integrated directly into the blockchain-based Benji Platform. The system is built for yield-bearing tokenized assets and allows earnings to be allocated proportionally according to the exact duration of ownership, even when transfers occur intraday.
This addresses one of the long-standing frictions in traditional financial market infrastructure: yield distribution is often tied to end-of-day ownership records and paid out on a less frequent basis, such as monthly. By contrast, Franklin Templeton says its system enables a more granular and potentially more equitable model for compensation, especially in markets where tokenized securities may move more fluidly between holders.
The company also said the feature supports daily yield distributions, including on weekends and holidays. That is notable because many conventional income-bearing instruments operate on schedules shaped by legacy settlement conventions and business-day calendars. Blockchain-based infrastructure, by design, can function continuously, and Franklin Templeton is positioning this feature as an example of how always-on systems can reshape asset servicing.
Benji Platform as the Core Infrastructure Layer
Roger Bayston, head of digital assets at Franklin Templeton, said the new capability reflects the firm’s belief that blockchain can provide tangible operational benefits rather than simply serving as a new wrapper for old products. He argued that features made possible by blockchain composability, including Intraday Yield, could eventually become an industry standard.
Bayston also emphasized that the benefits are not limited to large institutions or high-value transfers. In his view, the technology can improve outcomes for transactions of any size by making the distribution of economic rights more precise and by enhancing the utility of blockchain-based operating environments.
Franklin Templeton has been investing in proprietary blockchain technology since 2017. Its Benji Technology Platform serves as the company’s in-house blockchain stack for the trading, administration, and management of token-based investments. The platform is used both as a white-label solution for institutions and as the infrastructure behind Franklin Templeton’s own tokenized money market products.
Part of a Larger Tokenization Strategy
The Intraday Yield launch fits into a broader pattern of product development at Franklin Templeton, which has been one of the more active traditional asset managers in tokenized funds. The firm said the Benji platform supported the world’s first U.S.-registered blockchain mutual fund in 2021. It also underpinned the first tokenized UCITS fund in Luxembourg in 2024, and the company has indicated plans for a retail-oriented tokenized fund in Singapore.
These milestones show that Franklin Templeton is not treating tokenization as a narrow experiment. Instead, it appears to be building a reusable infrastructure layer that can support multiple jurisdictions, product types, and client segments. The addition of second-by-second yield accounting strengthens that strategy by adding a function that is difficult to replicate efficiently in legacy systems.
Competitive Context in Tokenized Treasuries
Franklin Templeton also remains a significant player in the fast-growing tokenized U.S. Treasury market. Its Franklin Onchain U.S. Government Money Fund, also known as BENJI, is currently the second-largest product in the segment with approximately $750 million in size, trailing only Blackrock’s BUIDL fund.
That market position gives added weight to the launch of Intraday Yield. A feature of this kind is not just a technical enhancement; it may also serve as a differentiator in a field where asset managers are competing on transparency, efficiency, settlement flexibility, and product usability. If tokenized funds continue to attract institutional and eventually retail demand, operational features such as precise income attribution could become more important in product selection.
Why It Matters
The introduction of second-by-second yield distribution highlights one of the clearest value propositions of tokenized securities: the ability to align financial logic more closely with real-time ownership data. In traditional systems, recordkeeping, transfer timing, and payment cycles often create mismatches between who held an asset and who receives the economics associated with it. Blockchain-based tokenization offers a framework in which these processes can be synchronized more tightly.
Franklin Templeton’s latest move suggests that the next phase of tokenization may be less about proving that funds can exist onchain and more about demonstrating which features become possible once they do. By enabling yield accrual and distribution with far greater precision, the company is making the case that blockchain infrastructure can materially improve how financial products function, not just how they are represented digitally.
Whether Intraday Yield ultimately becomes a broader industry norm remains to be seen. But the launch underscores a growing competitive theme in digital asset infrastructure: firms are no longer only racing to tokenize assets, they are also racing to define the operational standards of tokenized markets.