Franklin Templeton

Franklin Templeton runs the only '40 Act-registered mutual fund tokenized on-chain, accessible to retail at a $20 minimum via the Benji app. The BENJI token represents 1 share of FOBXX (Franklin OnChain US Government Money Fund), with yield from short-duration Treasuries + repo.

SEC-registered '40 Act mutual fund on-chain, retail-accessible at $20 via Benji; Franklin Templeton is its own transfer agent.

- Franklin OnChain U.S. Government Money Fund (FOBXX): A U.S.-registered money market mutual fund managed by Franklin Templeton, registered under the Investment Company Act of 1940 and overseen by the SEC. It invests substantially all assets in U.S. government securities, cash and repurchase agreements, targeting a stable $1.00 net asset value per share under Rule 2a-7. It was the first U.S.-registered mutual fund to use a public blockchain as its official system of record for share ownership. - BENJI token: The on-chain representation of a share of FOBXX, where one BENJI token equals one fund share. Yield is distributed daily by rebasing (minting new tokens into holders' wallets each business day) rather than by price appreciation, keeping the token near a $1.00 target value. - Benji Technology Platform: Franklin Templeton's proprietary, institutional-grade tokenization platform that processes transactions, records share ownership on-chain, and administers token-based investments. It underpins FOBXX and the firm's broader tokenized fund offerings and reconciles on-chain balances with the official shareholder register daily. - Benji Investments app / transfer agent: Retail investors access the fund through the Benji Investments app (available in select U.S. states) after completing KYC/AML onboarding; institutions use authorized channels. Only allowlisted, KYC-approved wallets can hold BENJI. Franklin Templeton's transfer agent maintains the authoritative shareholder record, with the firm's books serving as the primary source of truth over the on-chain register.

- BENJI (BENJI) — RWA, On-chain share of FOBXX ('40 Act US Government Money Fund)

- Counterparty: FOBXX invests in repurchase agreements and holds cash with financial institutions; investors are exposed to the creditworthiness of repo counterparties and the fund's service providers, and ultimately to Franklin Templeton as manager and transfer agent maintaining the authoritative record. - Regulatory: As a U.S.-registered '40 Act money market fund subject to SEC oversight and Rule 2a-7, changes to money market fund regulation, securities law treatment of tokenized shares, or KYC/AML requirements could affect the product's structure, availability or on-chain transferability. - Reserve / Depeg: The fund targets a stable $1.00 NAV but is not guaranteed; under stress (e.g., rate shocks or a run on repos/government securities) the share value could deviate from $1.00, as with any money market fund, potentially causing BENJI to trade away from par. - Smart Contract: BENJI is issued as tokens via smart contracts deployed on multiple chains; bugs, vulnerabilities or errors in these contracts or the Benji platform could impair token minting, rebasing distributions, transfers or reconciliation with the official register. - Network: The fund relies on public blockchains (Stellar and others) as its system of record; outages, congestion, chain reorganizations or consensus failures on any supported network could disrupt on-chain transactions and settlement, requiring reliance on off-chain records. - Governance: Franklin Templeton retains centralized control over the allowlist, wallet authorization, cross-chain movement and the primary shareholder register; holders depend on the firm's operational decisions and continued support of each deployment rather than decentralized governance.

- Government money market fund (e.g., a traditional 2a-7 U.S. government MMF): similar — FOBXX is itself a U.S.-registered '40 Act money market fund investing in U.S. government securities, cash and repos, targeting a stable $1.00 NAV and distributing daily yield, subject to the same SEC regulation and suitability standards as any traditional government MMF.; differs — Unlike a conventional MMF, FOBXX uses a public blockchain as its official system of record, issues shares as transferable BENJI tokens, supports peer-to-peer transfers between allowlisted wallets, and distributes yield via on-chain token rebasing across multiple blockchains.