BounceBit has launched Borobudur, a new onchain credit layer that allows holders of tokenized real-world assets and other yield-generating positions to borrow liquidity without selling their investments or paying conventional borrowing interest.
Announced on August 19, Borobudur initially supports BENJI, the blockchain-based share token associated with Franklin Templeton’s tokenized U.S. government money-market fund, alongside other eligible BounceBit CeDeFi positions.
Users can pledge those yield-bearing assets as collateral and receive a credit line denominated in BB, BounceBit’s native token.
The key feature is a 0% borrowing rate. Instead of selling the underlying investment to generate liquidity, users can continue holding an asset such as BENJI — and retain its associated yield exposure — while simultaneously accessing capital through Borobudur.
The launch expands BounceBit’s broader effort to connect tokenized traditional financial assets with onchain trading, settlement and credit infrastructure.
Turning Tokenized Treasuries Into Working Collateral
Borobudur addresses one of the major limitations facing the rapidly growing tokenized real-world asset market: tokenization alone does not necessarily make an asset more useful.
A tokenized Treasury or money-market position can generate yield and settle on blockchain infrastructure, but its capital efficiency improves substantially if it can simultaneously function as collateral for borrowing.
Borobudur is designed around that principle. A BENJI holder can maintain exposure to the underlying yield-generating fund while using the position to obtain BB liquidity. The borrowed BB can then potentially move elsewhere within BounceBit’s ecosystem for trading, liquidity or other capital-management strategies.
That creates a second layer of utility around an asset that was already generating returns.
Franklin Templeton’s blockchain-based money-market product is particularly relevant because it represents regulated exposure to U.S. government securities and related cash instruments rather than a crypto-native yield strategy.
BounceBit already lists Franklin Templeton and BENJI among the partners integrated into its real-world-asset infrastructure.
BounceBit Builds Toward a Full Capital Cycle
Borobudur also fills a missing component in BounceBit’s expanding CeDeFi architecture. The company describes its strategy as creating a “full capital cycle” in which assets can generate yield, serve as collateral, access credit and subsequently move into trading or other financial applications without leaving the ecosystem.
Its existing infrastructure includes CeDeFi yield strategies for assets such as BTC, ETH, BNB, SOL and USDT; BB Prime for tokenized real-world assets; an EVM-compatible settlement layer; and onchain trading products.
BounceBit reported approximately $245 million in assets under management as of late July. The company has also said its Prime real-world-asset platform processed more than $4 billion in volume within its first eight months.
Borobudur extends that model from asset management into lending. The structure nevertheless introduces risks that differ from simply holding BENJI. Borrowers receive credit in BB, whose market value can fluctuate significantly, while collateral and liquidation parameters ultimately determine how resilient leveraged positions are during volatile markets.
The launch therefore represents an important experiment in the next phase of real-world-asset tokenization.
Putting a Treasury fund onchain proved that traditional securities could use blockchain rails. Borobudur is testing the next question: whether those tokenized securities can become productive collateral inside a broader crypto-native credit system without forcing investors to sacrifice the yield that made them attractive in the first place.
