Franklin Templeton
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
Risks identified
- 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.