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

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Research

Components, facts, FAQ, timeline, and tokenomics in one place

Main components (4)

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.

Differentiator

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

Organizational structure

Units & roles

Franklin Resources, Inc. (Franklin Templeton)
A publicly traded global investment manager (NYSE: BEN) overseeing roughly $1.6 trillion in assets under management (as of mid-2024). It sponsors and manages the FOBXX fund and operates the Benji tokenization platform.
Parent asset manager / fund sponsor
Franklin Templeton Digital Assets
The team responsible for the firm's blockchain and tokenization strategy, including the Benji platform. Roger Bayston serves as EVP and Head of Digital Assets and Sandy Kaul as EVP and Head of Innovation.
Digital assets division

Similarity to traditional finance products

How Franklin Templeton maps onto established TradFi structures, and where it diverges.

TradFi product	Similarity to Franklin Templeton	Key differences
Government money market fund (e.g., a traditional 2a-7 U.S. government MMF)	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.	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.