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Franklin Templeton FOBXX (BENJI) · From Stellar-only to multichain RWA · The "tokenized fund ≠ stablecoin" paradigm

ConfidenceLikelyUpdated2026-07-30Review by2026-11-25Sources4Machine-translatedOriginal (JA)

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TL;DR

The Franklin OnChain U.S. Government Money Fund (ticker FOBXX, with the on-chain BENJI token representing 1 share) is a U.S.-registered money market fund launched in 2021-04 and an early example of using a public blockchain as the official system of record for transaction processing and share ownership. It started on Stellar, then expanded to Polygon, Arbitrum, Avalanche, Ethereum, Aptos, Base, Solana, and BNB Smart Chain during 2023-2025 as a sequence. This is a fund share operated under the 1940 Act / Rule 2a-7 and is not a payment stablecoin. Because AUM, yield, and supported networks change, this page uses Franklin Templeton’s published 2026-05 figures and official Benji deployment list as its baseline.

Wiki route

This entry sits under fintech index. Read it with BlackRock BUIDL as another tokenized-fund structure, with Apollo ACRED as a private-credit tokenization example, and with stablecoin issuer 2025-2026 consolidation for why tokenized funds and stablecoins are increasingly recognized as distinct categories. No same-date, same-method dataset is used here to assign market tiers or rank these products.

Product fundamentals

The table below is based on the Franklin Templeton product page, prospectus, and official Benji page (figures use the stated reference dates; checked 2026-07-30).

Attribute Value
Legal name Franklin OnChain U.S. Government Money Fund
Ticker FOBXX
On-chain share class symbol BENJI
Fund type 1940 Act registered money market fund (US, SEC)
Inception 2021-04
Total net assets $813.50M (2026-05-31)
Expense ratio Gross 0.22%; net 0.20% (2025-08-01 disclosure)
Underlying policy At least 99.5% in U.S. government securities, cash, and fully collateralized repos
NAV objective Seeks to maintain $1.00 per share; not guaranteed
Dividend frequency Daily
Official record Transfer agent’s proprietary blockchain-integrated Benji platform
Networks listed by Franklin Stellar, Polygon, Arbitrum, Avalanche, Ethereum, Aptos, Base, Solana, BNB Smart Chain

From Stellar launch to multi-network availability

FOBXX launched on Stellar in 2021-04. Franklin and the Stellar Development Foundation’s five-year release confirms the launch relationship and the use of a public blockchain as the official system of record. Franklin’s official timeline then records additional networks from 2023 onward. Public materials establish the sequence, but do not establish the former causal claims about gas cost, regional market-maker demand, or competitive pressure from BUIDL; those interpretations have been removed.

Multi-chain expansion timeline

The table below includes only the network-availability dates shown in the official Benji milestone timeline.

Date Chain added Public status
2021-04 Stellar (launch) Single-chain phase
2023-04 Polygon First EVM expansion; tested transfer-agent-on-chain in EVM
2024-08 Arbitrum, Avalanche Institutional availability
2024-09 Ethereum, Aptos Institutional availability
2024-10 Base Institutional availability
2025-02 Solana Institutional availability
2025-07 BNB Smart Chain Institutional availability

Franklin’s official deployment list shows a contract for each network. The method for moving between networks and any immediate convertibility depend on contractual terms and account eligibility; the shares should not be described as “freely fungible across any chain.”

“Tokenized fund vs stablecoin” — the regulatory distinction this product defined

FOBXX / BENJI is not a payment stablecoin. The table below distinguishes the FOBXX prospectus structure from a typical payment-stablecoin product structure; the legal assessment of any particular stablecoin varies by place of issuance and issuer.

Attribute Stablecoin (USDC, PYUSD, USDG) Tokenized MMF (BENJI, BUIDL)
Legal classification Jurisdiction- and structure-specific payment instrument U.S.-registered money market fund share
Return Product terms vary; payment coins generally do not promise fund dividends Daily-declared fund income dividends; amount not guaranteed
Daily value Usually redemption at stated par under issuer terms Seeks stable $1.00 share price; loss remains possible
Eligible buyer Depends on issuer, venue, and jurisdiction Account eligibility and transfer controls under fund documents
Regulator Depends on issuer and jurisdiction SEC-registered fund; other applicable U.S. rules
Use case Payments, settlement, trading collateral Treasury reserve management, RWA collateral, idle-cash yield
U.S. payment-stablecoin statute Applies only where the statutory definition is met Fund is governed as a money market fund, not described by Franklin as a payment stablecoin

The product boundary should be evaluated from current documents rather than a universal treasury-allocation pattern. For a specific BENJI / stablecoin workflow, verify:

  1. whether the investor and wallet are eligible for the fund and selected network;
  2. the fund’s purchase / redemption cut-off, settlement and transfer rules;
  3. whether a named broker, custodian or venue publicly supports the requested conversion pair;
  4. the stablecoin issuer’s own redemption and account requirements; and
  5. the legal treatment in the relevant jurisdiction.

The reviewed Franklin materials establish BENJI’s fund structure and transaction channels. They do not establish that BNY Mellon, State Street, Goldman Sachs or Anchorage provides a universal same-day BENJI-to-stablecoin conversion service, nor that all U.S. stablecoins are legally barred from every yield-related arrangement.

Yield distribution mechanics

FOBXX accrues income from the portfolio described in its prospectus. Franklin’s current prospectus states that income dividends are declared daily and automatically reinvested in additional shares; the Benji page describes daily accrual and distribution through newly minted BENJI tokens.

Operational specifics:

  • Distribution: income dividends are declared daily and automatically reinvested under the current prospectus.
  • Wallet impact: additional shares represent reinvested distributions; investor tax treatment depends on circumstances and should not be inferred as tax-deferred.
  • Network implementation: Franklin publishes per-network contracts; the public materials reviewed here do not support an “atomic push across all chains” claim.

Adoption snapshot

Franklin’s product page reports $813.50M total net assets as of 2026-05-31. Earlier quarterly AUM, holder-count, and market-share series previously shown here were not reproducible from the cited official materials and have therefore been removed. Relative ranking against BUIDL / OUSG should be recomputed from a dated, methodologically consistent dataset rather than carried forward as a fixed fact.

Strategic context

The verifiable strategic fact is multi-network availability under a single fund and transfer-agent platform. Network coverage can reduce integration mismatch for eligible investors, but it does not prove universal availability, cross-chain fungibility, or adoption on each chain. Any strategic conclusion should be tested against dated AUM, holder and transfer data rather than inferred from the number of deployed contracts.

The Benji app and web platform

Franklin’s Benji page states that shareholders can view account information and conduct transactions through the mobile app, while institutions can use the web platform. It also describes peer-to-peer transfers on enabled networks and daily yield accrual / distribution. Eligibility, onboarding, network availability and transfer restrictions remain subject to current account and fund documents. Franklin’s reviewed official materials do not disclose the former “~40K KYC-verified users” figure, so it has been removed.

How BENJI compares to other tokenized cash products

The table below fixes the BENJI column from the Franklin product page and prospectus and provides a checklist for comparing other products. Peer figures must be aligned to the same reference date using each product’s current issuer documents.

Attribute BENJI (FOBXX) Other private / tokenized products
Legal type U.S.-registered government money market fund May be a private fund, security token, or another wrapper
Portfolio policy ≥99.5% government securities, cash, fully collateralized repo Product-specific
Distribution Income declared and reinvested daily under current prospectus Product-specific
Expense ratio Gross 0.22%; net 0.20% at stated disclosure date Product-specific
Liquidity Purchases/redemptions follow fund business-day and cut-off rules Product-specific
Networks Nine listed on official Benji page as of review Product-specific
AUM $813.50M at 2026-05-31 Requires same-date source before comparison
Recordkeeping Franklin proprietary blockchain-integrated system Product-specific

The reliable structural delta is that BENJI is a registered money market fund with a public prospectus and blockchain-based official recordkeeping. Eligibility, minimums, and transferability must be checked in the current fund/account documents; the prior “Reg A accredited-retail share class” statement was not supported by the cited prospectus and has been removed.

What to monitor

  • total net assets and current yield on the official product page;
  • new network contracts on the official Benji contract page;
  • prospectus changes to eligibility, transfer, redemption and distribution terms;
  • public issuer announcements for integrations rather than secondary-market attribution;
  • regulatory treatment of tokenized fund shares separately from payment stablecoins.

Sources

#fintech#franklin-templeton#fobxx#benji#tokenized-fund#mmf

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