---
title: Franklin Templeton FOBXX (BENJI) · Stellar 単一チェーンからマルチチェーン RWA へ · 「トークン化ファンド ≠ ステーブルコイン」のパラダイム
aliases: [franklin-templeton-stablecoin-migration, FOBXX, BENJI, Franklin OnChain US Government Money Fund, franklin-templeton-tokenized-fund, ft-onchain-multichain, BENJI-multichain]
domain: fintech
created: 2026-05-25
last_updated: 2026-07-30
last_tended: 2026-07-30
review_by: 2026-11-25
confidence: likely
tags: [fintech, franklin-templeton, fobxx, benji, tokenized-fund, mmf, stellar, ethereum, multichain, rwa, 2025-2026]
status: active
sources:
  - https://www.franklintempleton.com/investments/options/money-market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s-government-money-fund/FOBXX
  - https://www.franklintempleton.com/forms-literature/download-preview/9001-P
  - https://digitalassets.franklintempleton.com/benji/
  - https://www.franklintempleton.com/press-releases/news-room/2026/franklin-templeton-stellar-development-foundation-mark-five-years-of-benji-the-first-u.s.-registered-tokenized-money-market-fund
---

# Franklin Templeton FOBXX (BENJI) · Stellar 単一チェーンからマルチチェーン RWA へ · 「トークン化ファンド ≠ ステーブルコイン」のパラダイム

## TL;DR

**Franklin OnChain U.S. Government Money Fund** (ticker FOBXX、1 share を表すオンチェーン token が **BENJI**) は 2021-04 に設定された米国登録 money market fund で、公開 blockchain を取引処理・持分記録の公式 system of record に使った先行例である。Stellar で開始し、2023-2025 に Polygon、Arbitrum、Avalanche、Ethereum、Aptos、Base、Solana、BNB Smart Chain へ順次拡張した。これは payment stablecoin ではなく、1940 Act / Rule 2a-7 の下で運営される fund share である。AUM、yield、対応 network は変動するため、以下では Franklin Templeton の 2026-05 公開値と公式 Benji deployment list を基準にする。

## Wiki route

This entry sits under [[fintech/INDEX|fintech index]]. Read it with [[fintech/blackrock-buidl-tokenized-mmf-overview|BlackRock BUIDL]] as another tokenized-fund structure, with [[fintech/apollo-acred-private-credit-tokenization|Apollo ACRED]] as a private-credit tokenization example, and with [[fintech/stablecoin-issuer-2025-2026-market-consolidation|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

下表は [Franklin Templeton product page](https://www.franklintempleton.com/investments/options/money-market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s-government-money-fund/FOBXX)、[prospectus](https://www.franklintempleton.com/forms-literature/download-preview/9001-P)、[official Benji page](https://digitalassets.franklintempleton.com/benji/) に基づく（数値は明記した基準日、2026-07-30 確認）。

| 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](https://www.franklintempleton.com/press-releases/news-room/2026/franklin-templeton-stellar-development-foundation-mark-five-years-of-benji-the-first-u.s.-registered-tokenized-money-market-fund) 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

下表は [official Benji milestone timeline](https://digitalassets.franklintempleton.com/benji/) に記載された network availability date のみを収録する。

| 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 の公式 deployment list は network ごとに contract を示す。network 間の移動方法や即時交換可能性は契約条件・account eligibility に依存し、「任意の chain 間で自由に fungible」とは断定しない。

## "Tokenized fund vs stablecoin" — the regulatory distinction this product defined

FOBXX / BENJI is **not a payment stablecoin**. 下表は [FOBXX prospectus](https://www.franklintempleton.com/forms-literature/download-preview/9001-P) と、payment stablecoin の一般的な product structure を区別するための比較であり、個別 stablecoin の法的評価は発行地・発行体ごとに異なる。

| 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](https://digitalassets.franklintempleton.com/benji/) 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

下表は BENJI 列を [Franklin product page and prospectus](https://www.franklintempleton.com/investments/options/money-market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s-government-money-fund/FOBXX) で確定し、他商品を比較するときの checklist を示す。peer の数値はそれぞれの current issuer document で同一基準日に揃える必要がある。

| 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.

## Related

- [[fintech/INDEX|fintech index]]
- [[fintech/blackrock-buidl-tokenized-mmf-overview|BlackRock BUIDL]]
- [[fintech/blackrock-buidl-sc-issuer-adoption|BUIDL SC-issuer adoption matrix]]
- [[fintech/apollo-acred-private-credit-tokenization|Apollo ACRED]]
- [[fintech/ondo-finance-rusdy-adoption|Ondo Finance · OUSG / USDY / Ondo Chain]]
- [[fintech/paypal-pyusd-stablecoin|PayPal PYUSD]]
- [[fintech/ripple-rlusd-stablecoin|Ripple RLUSD]]
- [[fintech/first-digital-fdusd-hk-stablecoin|First Digital FDUSD]]
- [[fintech/frax-frxusd-defi-stablecoin|Frax frxUSD]]
- [[fintech/sky-usds-decentralized-stablecoin|Sky USDS]]
- [[fintech/world-liberty-usd1-political-stablecoin|WLF USD1]]
- [[fintech/m-network-m0-neutral-infrastructure|M^0 neutral infrastructure]]
- [[fintech/jpmorgan-jpmd-coin|JPMorgan JPMD]]
- [[fintech/tether-business-model-short-treasury-yield|Tether business model]]
- [[fintech/stablecoin-issuer-2025-2026-market-consolidation|Stablecoin issuer 2025-2026 consolidation]]
- [[fintech/global-stablecoin-regulatory-five-pole-matrix|Global stablecoin five-pole matrix]]
- [[fintech/three-circles-stablecoin-mra-framework|米国・EU・日本のステーブルコイン市場アクセス比較]]
- [[fintech/institutional-stablecoin-deposit-token-thesis|Institutional deposit-token thesis]]
- [[fintech/protocol-hedge-strategy-stripe-pattern|Protocol hedge strategy · Stripe pattern]]
- [[fintech/cbbtc-institutional-btc-wrapper|cbBTC institutional wrapper]]
- [[fintech/onchain-finance-vs-crypto-bifurcation|Onchain finance vs crypto bifurcation]]
- [[exchanges/jp-cex-deposit-token-stablecoin-integration|JP CEX deposit-token integration]]
- [[exchanges/INDEX|exchanges index]]
- [[business/larry-fink-blackrock-digital-asset-template|Larry Fink BlackRock digital-asset template]]
- [[business/paolo-ardoino-tether-business-model-template|Paolo Ardoino Tether template]]

## Sources

- Franklin Templeton — FOBXX product page: https://www.franklintempleton.com/investments/options/money-market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s-government-money-fund/FOBXX
- Franklin Templeton — FOBXX prospectus: https://www.franklintempleton.com/forms-literature/download-preview/9001-P
- Franklin Templeton Digital Assets — official Benji page and deployment list: https://digitalassets.franklintempleton.com/benji/
- Franklin Templeton / Stellar Development Foundation — five-year BENJI release: https://www.franklintempleton.com/press-releases/news-room/2026/franklin-templeton-stellar-development-foundation-mark-five-years-of-benji-the-first-u.s.-registered-tokenized-money-market-fund