Core Viewpoint - Mercurity Fintech Holding Inc. has announced a strategic partnership with Franklin Templeton to integrate the BENJI token and the Franklin OnChain U.S. Government Money Fund into its platform for tokenized real-world assets, aiming to bridge traditional and digital finance [1][6]. Group 1: Partnership Details - The partnership will leverage Franklin Templeton's BENJI token, which provides direct access to the regulated U.S. money market fund FOBXX, combining the stability of government-backed securities with the flexibility of digital assets [2][6]. - This collaboration aims to modernize investment access while maintaining regulatory standards, making institutional-grade financial products more accessible through blockchain technology [6]. Group 2: Operational Benefits - The blockchain-based structure of the BENJI token addresses traditional inefficiencies in money market fund operations, such as reducing settlement times and simplifying asset transfers, while ensuring regulatory compliance [3]. - Mercurity Fintech's platform will allow both institutional and retail investors to access money market opportunities, earn yields on holdings, and facilitate seamless crypto-to-fiat conversions [4]. Group 3: Company Strategy - Mercurity Fintech plans to utilize tokenized treasury products like BENJI to generate returns on capital reserves, enhancing its digital asset ecosystem [5]. - The company's subsidiary, Chaince Securities, will manage investment transactions and advisory services for these tokenized assets, providing compliant distribution and efficient market access [5][8]. Group 4: Company Background - Mercurity Fintech Holding Inc. is a fintech group that offers technology and financial services powered by blockchain infrastructure, aiming to bridge traditional finance and digital innovation [7]. - Chaince Securities, a wholly-owned subsidiary, specializes in investment banking and brokerage services, supporting the vision of integrating traditional finance with blockchain innovation [8]. Group 5: Franklin Templeton Overview - Franklin Templeton is a global investment management organization with over $1.53 trillion in assets under management as of April 30, 2025, and has extensive capabilities in various investment solutions [9].

Investment Rating - The report maintains an "Increase" rating for the blockchain industry [6]. Core Viewpoints - Circle has submitted an S-1 form to the SEC to go public on the NYSE under the ticker CRCL, potentially becoming the first publicly listed stablecoin issuer in the U.S. [1][9] - As of April 2, 2025, the total market capitalization of stablecoins exceeds $237.5 billion, with USDT and USDC being the dominant products [2][9]. - The RWA market is experiencing growth, serving as a bridge between traditional finance and the cryptocurrency market, with a market value exceeding $19.7 billion as of April 2, 2025 [3][16]. Summary by Sections Circle's IPO and Market Impact - Circle's stablecoin-related business is projected to generate $1.7 billion, accounting for 99.1% of its total revenue by the end of 2024 [1][9]. - The successful IPO of Circle is expected to accelerate the acceptance of stablecoins among traditional financial users, particularly institutional investors [2][10]. Stablecoins and RWA as Market Engines - Stablecoins are fundamental RWA products that anchor fiat currencies like the U.S. dollar to the blockchain, facilitating entry for traditional financial market users into the cryptocurrency space [3][13]. - The RWA market is showing a positive upward trend, contrasting with the decline in the DeFi market's total value locked (TVL) [16][20]. Traditional Financial Institutions' Role - Traditional financial institutions are increasingly participating in the RWA market, as evidenced by initiatives like the tokenized U.S. Treasury market [4][20]. - The collaboration between major funds and RWA indicates a growing trend of traditional finance embracing RWA, which is expected to drive the development of the cryptocurrency market [4][20].