Maker (Sky) vs Franklin Templeton

Maker (Sky) vs Franklin Templeton Overview

Franklin Templeton's market cap has ranged $10B-$14B in 2024-2026. Maker/Sky's market cap ($1.5B-$4B) is 10-40% of Franklin Templeton. The comparison works because Maker (rebranded Sky in 2024) runs the largest RWA-backed stablecoin (DAI/USDS), collateralized meaningfully by tokenized Treasuries — including direct holdings of BUIDL (BlackRock), FOBXX (Franklin Templeton), and USDC-deployed Treasury strategies. Maker is effectively a consumer of Franklin Templeton's tokenized products at scale. If RWA becomes the dominant stablecoin-collateral category, Maker's economic model benefits and Franklin Templeton (as a major tokenized-Treasury issuer) captures fee flow. Correlation is low-moderate (0.1-0.3).

Frequently Asked Questions

Does Maker/Sky hold Franklin Templeton's FOBXX?

Maker's RWA allocation has historically included tokenized Treasuries including FOBXX-adjacent and BUIDL-adjacent products via partner structures.

How does MKR compare to Franklin Templeton?

MKR's $1.5-4B market cap is 10-40% of BEN's $10-14B — but their businesses are collaborative rather than competitive on tokenized Treasuries.