Franklin Templeton
RWA · Tokenized Treasuries · BENJI
NetworkRWATokenized TreasuriesInstitutional-GatedYield-BearingReal-World-CustodyMulti-Chain2 coinsAudited
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.
The only '40 Act mutual fund tokenized on-chain.
Assets under management
$1.98B
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Franklin Templeton and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | Securitize (BUIDL transfer agent) | Tokenization platform and SEC-registered transfer agent behind BlackRock's BUIDL tokenized treasury fund, a leading institutional tokenized cash-management product. | Both provide regulated, on-chain tokenized exposure to short-term U.S. Treasuries/government cash instruments with allowlisted, KYC-gated access on public blockchains. | Securitize is primarily a tokenization/transfer-agent infrastructure provider serving third-party issuers (notably BlackRock BUIDL) and is largely institutional/private-placement, whereas Franklin Templeton is the fund manager itself running a U.S.-registered '40 Act mutual fund on its proprietary Benji platform with retail access. |
| 2 | Ondo Finance (OUSG) | Crypto-native issuer of tokenized U.S. Treasury products (OUSG, USDY) targeting on-chain and DeFi users. | Directly competes for tokenized short-term U.S. Treasury / government yield demand with permissioned, KYC-gated tokens on public blockchains. | Ondo is a crypto-native fintech wrapping underlying funds/ETFs and emphasizing DeFi composability and stablecoin-style access, while Franklin Templeton is a $1.6T traditional asset manager offering a directly SEC-registered mutual fund it manages end-to-end. |
| 3 | Dinari | On-platform issuer of tokenized U.S. securities providing blockchain-based access to regulated instruments. | Focuses on bringing regulated U.S. financial instruments on-chain with compliance controls. | Dinari centers on tokenized equities/securities via a brokerage-style model rather than operating a manager-run money market mutual fund, and lacks Franklin Templeton's scale and '40 Act fund structure. |
| 4 | Maple Finance | Onchain institutional / private credit. | Both operate in RWA. | Institutional / private-credit model: borrower quality, repayment history, collateral ratios, defaults, pool managers and loan terms matter most. |
| 5 | USD.AI | It lets crypto/stablecoin capital fund real-world AI compute infrastructure, especially GPUs, and turns that into a stablecoin/yield product. | Both operate in RWA. | It is not just "a stablecoin company." It is more like a RWA/private credit protocol where the RWA is AI compute infrastructure. |
| 6 | RealT | Fractional US real estate with daily rental yield. | Both in RWA (Yield-Bearing, Real-World-Custody, Multi-Chain). | Per-property Delaware-LLC RealTokens stream daily rental yield to the holder's wallet; hundreds of individual property tokens. |
| 7 | Lofty.ai | Fractional US real estate on Algorand. | Both in RWA (Yield-Bearing, Real-World-Custody). | Algorand-based fractional real estate with $50 minimums and per-property ASA governance; daily USDC rental yield. |
| 8 | Pleasing Market | RWA precious-metals platform issuing PGOLD and USDpm with cross-chain distribution via Chainlink CCIP. | Both in RWA (Real-World-Custody). | Tokenized allocated gold with unlimited physical redemption, plus an oracle/security-first cross-chain model (Chainlink CCIP + Data Streams) rather than a single-chain gold token. |
| 9 | Clearpool | Institutional uncollateralized lending pools. | Both in RWA (Institutional-Gated, Yield-Bearing, Multi-Chain). | Permissionless lender side over KYC'd institutional borrowers; utilization-driven rates and single-borrower Credit Vaults. |
| 10 | Anzen Finance | Private-credit-backed yield dollar. | Both operate in RWA. | Private credit RWA backing (not just T-bills) targeting 8-12% APY by exposing holders to institutional credit risk. |
| 11 | Estate Protocol | Fractional commercial real estate on-chain. | Both in RWA (Institutional-Gated, Real-World-Custody). | Fractional commercial real estate on-chain. |
| 12 | Goldfinch | Uncollateralized crypto loans to real-world businesses. | Both in RWA (Institutional-Gated, Yield-Bearing). | Uncollateralized lending underwritten by human backers; Goldfinch Prime brings institutional private-credit funds on-chain. |
| 13 | Chateau Capital | Structured RWA credit products. | Both in RWA (Institutional-Gated). | Structured RWA credit products. |
| 14 | Toucan Protocol | Tokenized verified carbon credits. | Both in RWA (Yield-Bearing, Multi-Chain). | Bridges Verra-registry carbon credits on-chain into liquid BCT / NCT pool tokens for transparent retirement. |
| 15 | Centrifuge | Tokenizing illiquid real-world business assets. | Both in RWA (Institutional-Gated, Yield-Bearing). | Per-pool bankruptcy-remote SPVs with DROP (senior) / TIN (junior) tranches connect legal collateral to on-chain lenders. |
| 16 | Arcton | Tokenized pre-IPO and private equity access. | Both in RWA (Institutional-Gated). | Tokenized pre-IPO and private equity access. |
| 17 | Aryze | Multi-currency RWA stablecoins and FX tokens. | Both in RWA (Institutional-Gated). | Multi-currency RWA stablecoins and FX tokens. |
| 18 | Atmosphera | Event and weather-linked structured finance. | Both operate in RWA. | Event and weather-linked structured finance. |
| 19 | DualMint | Tokenization infrastructure for real-world assets. | Both in RWA (Institutional-Gated). | Tokenization infrastructure for real-world assets. |
| 20 | Florence Finance | SME invoice financing on-chain. | Both in RWA (Institutional-Gated). | SME invoice financing on-chain. |
| 21 | Mountain Protocol | Regulated yield-bearing T-bill dollar (wound down). | Both operate in RWA. | One of the first yield-bearing stablecoins with formal regulatory oversight and daily-rebase T-bill yield. |
| 22 | Stably | Stablecoin-as-a-service issuer and fiat on/off-ramp provider. | Both in RWA (Real-World-Custody). | Combines consumer/enterprise fiat ramps with multi-chain stablecoin issuance infrastructure, including partner-issued models like VeUSD. |