CeDeFi platform BounceBit has launched Borobudur, a credit infrastructure layer that lets holders of Franklin Templeton's tokenized BENJI money market fund shares borrow against their positions at 0% interest without having to sell or unstake them. The feature is delivered through BB Credit inside the BounceBit portal and extends to CeDeFi strategy positions across the ecosystem, not just BENJI itself, broadening what can be posted as collateral.
BENJI represents shares in Franklin Templeton's regulated US government money market fund, formally known as FOBXX, which uses blockchain rails for transaction processing while holding conventional short-term government securities underneath. BounceBit first integrated BENJI into its yield strategies in August 2025, and Borobudur is the next step in that relationship, turning a passive yield-bearing position into active collateral.
A 'Full Capital Cycle' Pitch
BounceBit describes the design as creating a "full capital cycle": users continue earning yield from the underlying government money market fund on their BENJI holdings while simultaneously drawing BB-denominated credit against the same position. In practice, that means capital that would otherwise sit idle as collateral, or require liquidation to access liquidity, can keep generating yield and back a loan at the same time. BounceBit's own platform positions BB Credit as the mechanism tying the two together.
Related: Tokenized Equity Trading Hits Record as Volume Surges 800% YTD
Part of a Broader Push Into Real-World Collateral
The launch fits a wider trend of CeDeFi platforms trying to make tokenized real-world assets do more than simply exist on-chain. Rather than treating a tokenized treasury fund as a static, yield-only product, Borobudur treats it as productive collateral that can be recycled into new credit without forcing a holder to exit the position and lose the underlying yield.
Why It Matters for Tokenized Fund Adoption
For asset managers like Franklin Templeton, integrations like this add a practical reason for institutional and retail holders to keep tokenized fund shares on-chain rather than redeeming them once yield needs are met elsewhere. If zero-interest, collateralized credit against a regulated money market fund proves durable rather than a promotional rate, it could become a template other CeDeFi platforms apply to their own tokenized-treasury partnerships.
