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
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.
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.
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.
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.
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.
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.
