Franklin Templeton's tokenized money market fund lands on HashKey — professional investors only

Franklin Templeton has added Hong Kong's HashKey Exchange as a distribution channel for its tokenized money market fund, according to a statement HashKey issued Monday and reported by The Block. The exchange said it has made the Franklin OnChain U.S. Government Liquidity Fund available through its Earn channel, a fund that invests mainly in U.S. government money market instruments and U.S. dollar cash assets.

The access is narrow. HashKey said the product is open only to professional investors and is not available to the general public in Hong Kong — a category that, under Hong Kong's regime, excludes ordinary retail buyers.

Chetan Karkhanis, Franklin Templeton's SVP of digital assets client engagement, framed the deal as a starting point: the firm looks forward to "deepening this partnership by expanding beyond tokenized money market funds into other tokenized products over time," citing HashKey's platforms across Hong Kong, Singapore, Tokyo, Dubai and Bermuda.

It is not the manager's first move in the city. In November 2025, Franklin Templeton launched Hong Kong's first tokenized money-market fund, the Franklin OnChain U.S. Government Money Fund, which The Block reported was the first initiative under the Hong Kong Monetary Authority's Fintech 2030 plan. Whether Monday's "Liquidity Fund" is that same vehicle under a different name or a separate share class or fund was not spelled out.

For sector context, RWA.xyz data cited by The Block puts total tokenized real-world asset value at $38.2 billion as of Aug. 23, against $20.6 billion a year earlier, with tokenized U.S. Treasury debt at $15.6 billion of that.

Key facts

• Franklin OnChain U.S. Government Liquidity Fund listed on HashKey Exchange's Earn channel — HashKey statement, Aug. 24/25, via The Block.
• Restricted to professional investors; not offered to the Hong Kong general public — HashKey statement.
• Underlying exposure: U.S. government money market instruments and USD cash assets — HashKey statement.
• Prior launch: Franklin OnChain U.S. Government Money Fund, November 2025, described as Hong Kong's first tokenized money-market fund and the first project under the HKMA's Fintech 2030 plan — The Block.
• Total RWA value $38.2B as of Aug. 23, up from $20.6B a year ago; tokenized U.S. Treasuries $15.6B — RWA.xyz.

The real-world read

The announcement came from HashKey, an exchange announcing a product it earns distribution from, and the only named quote is a Franklin Templeton business-development executive talking about future expansion. That is a launch notice, not independent validation.

What isn't disclosed does the most work here. There is no fund size, no seed allocation, no fee, no minimum subscription, no stated yield, no blockchain named, and no detail on redemption or custody mechanics. Neither firm gave a figure for how much has actually been subscribed.

Two more things to hold at arm's length. First, "offering Asian investors access" sits awkwardly next to a professional-investor-only restriction — the access is to a client segment that already had money market funds. Second, the RWA.xyz sector totals describe the whole tokenization market, not this product; a rising sector chart is not evidence of demand for this fund.

Opinion, and whose

The only forward-looking claim on the record is Karkhanis's — that Franklin Templeton intends to expand beyond money market funds into other tokenized products with HashKey across its five jurisdictions. That is an intention stated by an interested party, not a commitment or a filing.

Sources

• The Block, Timmy Shen — reported the launch, the professional-investor restriction, the Karkhanis quote, the November 2025 Hong Kong precedent and the RWA totals. The Block cited HashKey's own Monday statement for the launch details and RWA.xyz for the market data. The Block discloses that Foresight Ventures has been its majority investor since November 2023.
• HashKey Exchange statement (primary, via The Block) — the underlying announcement. This is the exchange's own marketing communication about a product it distributes, and should be read as such.
• RWA.xyz — third-party dashboard data on aggregate tokenized asset value.

Not financial advice. Nothing here is a recommendation to buy, sell or hold anything.