The brief

Analyst view

• FOBXX (BENJI) was the first US-registered fund to keep its share register on a public blockchain (Stellar, 2021).
• Aug 2026: SEC staff let Franklin's own mutual funds and ETFs hold BENJI for cash and as lending collateral.
• BENJI shares now serve as off-exchange trading collateral at Binance and, since Sep 2026, Bybit.

Technical approach

As reported

Register

The blockchain is the official record

Fund ownership is recorded on public chains, combined with Franklin's transfer-agent books, instead of a private database alone.

Yield

Daily dividends as new tokens

The token price stays at $1; income arrives every day, weekends included, as newly minted tokens, with yield accrued by the second.

Access

Only approved wallets

Investors pass identity checks first; only whitelisted wallets can hold or receive tokens, which keeps it inside securities law.

Platform

Benji runs many funds

The same platform issues a tokenized UCITS fund in Luxembourg (2024) and a retail tokenized fund in Singapore (2025).

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