Medad Holding And Franklin Templeton In Strategic Partnership
To Deploy UAE-Based Yielding Assets
Medad Holding and Franklin Templeton (Templeton International) have inked a memorandum of understanding (MoU) to establish a new joint venture in the United Arab Emirates (UAE).
The partnership represents a significant milestone in the evolution of digital asset innovation. It aims to introduce a tokenised digital asset from the UAE that merges the yield-bearing aspect of a money market fund security with the accessibility and portability of a stablecoin.
The new concept, termed ‘yielding,’ is poised to redefine the landscape of digital assets, offering investors a unique blend of utility and potential growth.
Mohammed Alshaiba Almazrouei, CEO of Medad Holding, articulated the vision behind the project: “Yieldcoins will combine the best of both worlds. They provide the medium of exchange, unit of account, and ease of use of a stablecoin with the potential for growth by being linked to interest-bearing assets. As such, the yielding project should address a gap in the market.”
Under Medad Holding’s leadership, the yielding project will be housed within a new Web3 entity, leveraging the organisation’s extensive expertise and global network.
Franklin Templeton, a renowned leader in tokenising real-world assets on public blockchains, will provide infrastructure and servicing through its BENJI tokenisation suite.
Digital Asset Innovation
This suite, currently used to administer Franklin Templeton’s US Government OnChain Money Fund (FOBXX), is a testament to Franklin Templeton’s commitment to innovation within the digital asset space, instilling confidence in the project’s success.
Jenny Johnson, President & CEO of Franklin Templeton, expressed hope about the partnership, highlighting the potential of yielding to transform the global financial market infrastructure.
“We are excited to be partnering with Medad Holding to extend the use of the Benji infrastructure,” said Johnson.
“Medad Holding has been at the forefront of digitising the banking system just as Franklin Templeton has been the foremost innovator in tokenising real-world assets on public blockchain.
“We see yieldcoins as an important new offering that will become a mainstay in operating the global financial market infrastructure.”
Franklin Templeton Digital Assets (FTDA), with its extensive experience in the digital asset ecosystem since 2018, is well-positioned to drive the development and implementation of yielding.
The dedicated digital assets research team at FTDA employs fundamental ‘tokenomic’ analysis, insights from a data science team, and industry connections to inform product development and investment decisions.
The strategic partnership between Medad Holding and Franklin Templeton is a landmark moment in the convergence of traditional finance and blockchain technology. As the yieldcoin project takes shape, it promises to unlock new possibilities for investors, inspiring a new era in the future of finance.
Featured image: (L-R) Mohammed Alshaiba Almazrouei and Jenny Johnson. Credit: Medad Holding
