Franklin OnChain US Government Money Fund (BENJI) by Franklin Templeton: status and timeline

Franklin OnChain US Government Money Fund (BENJI)

Show that a regulated fund can run on public blockchains, so cash-like savings can move 24/7, settle instantly and serve as collateral across crypto and traditional markets.

DeployStage 4 of 5

About $710M on 9 chains, ~1,130 holders (Oct 2026); Franklin's own funds cleared to hold it.

Updated 13d agoChecked 11 Oct0 updates this week

Milestones

Next · Retail tokenized wealth product on Bybit and Mantle

Fund launches with its register on Stellar6 Apr 2021Complete.
Benji mobile app for retail investorsFeb 2022Complete.
Ethereum added (Polygon in 2023; four more chains earlier in 2024)Nov 2024Complete.
Solana addedFeb 2025Complete.
Wallet-to-wallet transfers open to retailMay 2025Complete.
SEC no-action letter: Franklin funds may hold BENJI12 Aug 2026Complete.
Collateral programme with Bybit28 Sep 2026Complete.
Retail tokenized wealth product on Bybit and MantleNot yet reached.

Most important updates

Upcoming

Q4 2026Franklin mutual funds and ETFs begin holding BENJI for cash (next)

Current obstacles

Small next to the leadersAt about $700M the fund is much smaller than the largest tokenized Treasury funds, such as BlackRock's BUIDL, and its size has been roughly flat for a year.
Permissioned tokens limit DeFi useOnly identity-checked wallets can hold BENJI, so it cannot flow freely through open lending and trading protocols.

Physics limits

Yield is tied to central bank ratesA government money fund can only earn what short-term Treasury bills pay, minus fees. When rates fall, so does its appeal against stablecoins and bank deposits.
The token is only as good as the legal linkA blockchain can record who holds a share, but the share's value rests on the fund, its custodian and the law. Onchain records cannot enforce claims on assets held offchain.
Daily markets, 24/7 tokensTokens move any second, but the Treasury bills behind them trade on business days, so large redemptions outside market hours still wait for the traditional system.

How it works

4 parts

One token, one fund share

The fund buys short-term US government debt. Each share is a BENJI token in an approved wallet, and the token is the legal record of ownership.

Income

Dividends minted daily

Price is held at $1. Interest is paid every day of the year by minting new tokens straight into holders' wallets.

Chains

One fund, nine blockchains

Stellar holds about two-thirds of the assets; Base, Ethereum, Arbitrum and five other chains carry the rest, all recording shares of one fund.

Collateral

Pledge without selling

Holders can pledge shares at exchanges such as Binance and Bybit while a custodian holds them, getting trading credit and keeping the yield.

Spec sheet

Spec	Franklin OnChain US Government Money Fund (BENJI)
Fund assets (11 Oct 2026)	$707.7M^R (reported)
Onchain holders (Oct 2026)	1,130^R (reported)
Blockchains	9^R (reported)
7-day yield (Oct 2026)	3.72%^R (reported)
Management fee	0.20%^R (reported)
Wallet-to-wallet volume (to Mar 2026)	$211M+^R (reported)
Holdings	99.5%+ US govt securities, cash, repo^R (reported)

^R reported by the company

Update log

3 updates

About Franklin Templeton

The team behind Franklin OnChain US Government Money Fund (BENJI)

Franklin Templeton

Asset manager, tokenized funds (BENJI)

Franklin Templeton is a US asset manager overseeing about $1.8 trillion (Aug 2026). Since 2021 it has run a government money market fund whose official share register is kept on public blockchains, sold as BENJI tokens, and it builds other tokenized funds on the same Benji platform.

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.

digitalassets.franklintempleton.com (opens digitalassets.franklintempleton.com)Company profile →

Founded: 194779 yrs
Headquarters: United States
Status: Public
Listed: BEN (opens google.com)NYSE
Valuation: public
Staff: ~9,800Sep 2025
Works in: CryptoStablecoins & tokenization
Coverage: 1 program · 3 updateslatest 13d agochecked 11 Oct
Partners: Stellar Development Foundation (opens stellar.org)Bybit (opens cryptobriefing.com)Binance (opens cryptobriefing.com)
People: Jenny JohnsonCEOSandy KaulHead of InnovationChristopher PerkinsHead of Franklin Crypto

Spec

Franklin OnChain US Government Money Fund (BENJI)

Fund assets (11 Oct 2026)

$707.7M^R (reported)

Onchain holders (Oct 2026)

1,130^R (reported)

Blockchains

9^R (reported)

7-day yield (Oct 2026)

3.72%^R (reported)

Management fee

0.20%^R (reported)

Wallet-to-wallet volume (to Mar 2026)

$211M+^R (reported)

Holdings

99.5%+ US govt securities, cash, repo^R (reported)

Franklin OnChain US Government Money Fund (BENJI)

Milestones

Most important updates

Upcoming

Current obstacles

Physics limits

How it works

One token, one fund share

Dividends minted daily

One fund, nine blockchains

Pledge without selling

Spec sheet

Update log

Mon 28 Sep

Wed 12 Aug

Wed 1 Apr

About Franklin Templeton

Current obstacles

Physics limits

How it works

One token, one fund share

Dividends minted daily

One fund, nine blockchains

Pledge without selling

Spec sheet

Update log

Mon 28 Sep

Wed 12 Aug

Wed 1 Apr

About Franklin Templeton