I found out about the collaboration between Binance and Franklin Templeton's Benji technology platform today, but strangely there's been little reaction. It seems the market has underestimated the impact of this event. Following the FTX incident, institutional investors became extremely sensitive about depositing assets into trading platforms, and much money did not enter the crypto, such as CME contract holdings and Bitcoin ETFs. This new plan, incorporating Franklin Templeton's regulated framework, allows assets to remain in banks/regulated platforms while credit is traded on exchanges, addressing the counterparty risk that institutions are most concerned about. This could potentially channel several times more funds from traditional finance into the crypto. As BlackRock's BUIDL fund and Franklin's Benji platform continue to grow, institutions will shift more traditional cash into the crypto, and Binance is essentially seizing asset share from banks and traditional brokerages. Traditional finance has similar examples, so there's no need to worry about amplifying risk. On Wall Street, when a hedge fund wants to borrow money from a bank for trading, they don't directly hand over government bonds to the bank; instead, they entrust them to a third-party custodian. The custodian is responsible for verifying the value of the collateral and managing risk. Binance's partnership with Franklin Templeton essentially replicates this three-party structure in the crypto world. Top investment banks such as Goldman Sachs and Morgan Stanley also allow large clients to use their stock and bond holdings as collateral to conduct leveraged trading directly in various markets, giving Binance functions similar to traditional investment banks.