RWA · Tokenized Treasuries · BENJI
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
SEC-registered '40 Act mutual fund on-chain, retail-accessible at $20 via Benji; Franklin Templeton is its own transfer agent.
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.
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.
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.
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.
SEC-registered '40 Act mutual fund; Franklin Templeton transfer agent.
Franklin TempletonFOBXX / BENJI launched April 2021 (share class inception 04/06/2021) on Stellar, the first U.S.-registered mutual fund to use a public blockchain as its official system of record.
Stellar press release (5 years of BENJI)As of Q1 2026, BENJI is deployed across eight-plus public blockchains: Stellar (primary), Polygon, Arbitrum, Aptos, Avalanche, Base, Solana, Ethereum, with BNB Chain added September 2025.
The Block — Benji on BNB ChainAs of the September 2025 BNB Chain expansion, BENJI carried a total value around $732 million, with nearly $480 million on Stellar; Franklin Templeton oversees roughly $1.6 trillion in total AUM.
The Block — Benji on BNB ChainHow Franklin Templeton maps onto established TradFi structures, and where it diverges.
Government money market fund (e.g., a traditional 2a-7 U.S. government MMF)
Franklin Templeton
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.
TradFi analogue
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.
Franklin Resources, Inc. (Franklin Templeton)
Parent asset manager / fund sponsor 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.
Franklin Templeton Digital Assets
Digital assets division 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.
Key milestones: launches, upgrades, exploits and governance events.
First U.S.-registered tokenized money market fund goes live
ExecutedFOBXX launches on Stellar, establishing the first U.S.-registered mutual fund to use a public blockchain as its official system of record.
SourceMulti-chain expansion
ExecutedFollowing expansions to Polygon, Base, Arbitrum and Aptos, BENJI adds Avalanche, broadening distribution across public blockchains.
SourceContinued chain and product expansion
ExecutedBenji platform reaches BNB Chain as Franklin Templeton continues expanding tokenized-fund distribution and features such as USDC on/off-ramps and peer-to-peer transfers.
SourceBENJI is the on-chain token representing a share of the Franklin OnChain U.S. Government Money Fund (FOBXX). One BENJI token equals one fund share. FOBXX is a U.S.-registered money market mutual fund investing in U.S. government securities, cash and repos, targeting a stable $1.00 NAV.
BENJI originally launched on Stellar in 2021 and has since expanded to multiple public chains including Polygon, Avalanche, Base, Arbitrum, Aptos, Solana, Ethereum and BNB Chain. Stellar remains the fund's primary network. Each chain hosts a separate BENJI contract, with the transfer agent acting as the authoritative record across deployments.
Yield is distributed daily through share-count rebasing: new BENJI tokens are minted directly into holder wallets each business day rather than the token price rising. Distributions for weekends and holidays accrue and post on the next business day. Franklin Templeton publishes a daily 7-day effective yield on the fund's product page.
Investors must complete Franklin Templeton's KYC and AML onboarding, after which their wallet is allowlisted to receive BENJI; non-approved wallets cannot hold the token. Retail access is available through the Benji Investments app in select U.S. states, and institutions access via authorized channels, subject to the same suitability standards as traditional U.S. money market funds.
Redemptions are processed off-chain through the Benji Investments app or institutional channels and settled in U.S. dollars. The transfer agent reconciles on-chain balances daily with the official shareholder register.
