Frontier AdoptionEvidence-graded tracking of what's actually live

Deployments · Benji Investments · platform by Franklin Templeton

Franklin OnChain U.S. Government Money Fund (FOBXX)Updated 7 Nov 2026

A US-registered government money market fund whose transfer agent keeps the official record of share ownership on public blockchains, with one BENJI token per share. Described by Franklin Templeton as the first US-registered fund to process transactions and record ownership on a public chain.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited)[1] — About $708m on chain across several networks by October 2026. · Reviewed 13d ago

Assets
Fund interest[1]
One BENJI token represents one fund share
Networks
Stellar Public, permissionless[1]
Polygon Public, permissionless[2]
Base Public, permissionless[5]
Ethereum Public, permissionless[5]
Arbitrum Public, permissionless[5]
Avalanche Public, permissionless[5]
Aptos Public, permissionless[7][5]
Solana Public, permissionless[7][5]
Use cases
Primary issuance[1]Fund subscription and redemption[1]Asset servicing[6]Secondary trading[8][4]
Jurisdictions
United States

Participants

Likely relevant regulation

Assets

Metrics

  • ~$360mAssets under management · as of Apr 2024[4]
  • over $211mCumulative peer-to-peer transfer volume · as of Oct 2026[8]
    Undated on the page, which cites rwa.xyz data from 6 October 2026.
  • $687.8mAssets under management · as of 14 Oct 2026[5]
    On-chain token supply via rwa.xyz at a $1 NAV; 1,129 holders.
  • $449.74mTokens on Stellar · as of 14 Oct 2026 · on Stellar[5]
    On-chain via rwa.xyz
  • $59.84mTokens on Base · as of 14 Oct 2026 · on Base[5]
    On-chain via rwa.xyz
  • $48.3mTokens on Ethereum · as of 14 Oct 2026 · on Ethereum[5]
    On-chain via rwa.xyz
  • $48.04mTokens on Arbitrum · as of 14 Oct 2026 · on Arbitrum[5]
    On-chain via rwa.xyz
  • $34.37mTokens on Avalanche · as of 14 Oct 2026 · on Avalanche[5]
    On-chain via rwa.xyz
  • $32.27mTokens on Polygon · as of 14 Oct 2026 · on Polygon[5]
    On-chain via rwa.xyz
  • $14.73mTokens on Aptos · as of 14 Oct 2026 · on Aptos[5]
    On-chain via rwa.xyz
  • $509,914Tokens on Solana · as of 14 Oct 2026 · on Solana[5]
    On-chain via rwa.xyz
  • ~$605mTokens on Stellar · as of 6 Oct 2026 · on Stellar[8]
    Stellar's case study citing rwa.xyz.
  • $707.76mAssets under management · as of 11 Oct 2026[5]
    On-chain token supply via rwa.xyz at a $1 NAV; 1,131 holders.
  • $469.87mTokens on Stellar · as of 11 Oct 2026 · on Stellar[5]
    On-chain via rwa.xyz
  • $59.82mTokens on Base · as of 11 Oct 2026 · on Base[5]
    On-chain via rwa.xyz
  • $48.28mTokens on Ethereum · as of 11 Oct 2026 · on Ethereum[5]
    On-chain via rwa.xyz
  • $48.03mTokens on Arbitrum · as of 11 Oct 2026 · on Arbitrum[5]
    On-chain via rwa.xyz
  • $34.36mTokens on Avalanche · as of 11 Oct 2026 · on Avalanche[5]
    On-chain via rwa.xyz
  • $48.6m / monthGross subscriptions · as of Jun 2026[9]
    June 2026 total gross subscriptions of the fund's single class (C000215714), from the fund's N-MFP3.
  • $108.86m / monthGross redemptions · as of Jun 2026context[9]
    June 2026 total gross redemptions of the same class. Context so subscriptions and redemptions are not added together (decision 2026-10-26-flows-2).
  • $15.69m / monthGross subscriptions · as of Jul 2026[10]
    July 2026 total gross subscriptions of the fund's single class (C000215714), from the fund's N-MFP3.
  • $48m / monthGross redemptions · as of Jul 2026context[10]
    July 2026 total gross redemptions of the same class. Context so subscriptions and redemptions are not added together (decision 2026-10-26-flows-2).
  • $16.92m / monthGross subscriptions · as of Aug 2026[11]
    August 2026 total gross subscriptions of the fund's single class (C000215714), from the fund's N-MFP3.
  • $51.22m / monthGross redemptions · as of Aug 2026context[11]
    August 2026 total gross redemptions of the same class. Context so subscriptions and redemptions are not added together (decision 2026-10-26-flows-2).
  • $23.4m / monthGross subscriptions · as of Sep 2026[12]
    September 2026 total gross subscriptions of the fund's single class (C000215714), from the fund's N-MFP3.
  • $42.07m / monthGross redemptions · as of Sep 2026context[12]
    September 2026 total gross redemptions of the same class. Context so subscriptions and redemptions are not added together (decision 2026-10-26-flows-2).
  • ~$1.15bnSupply on chain (daily) · as of 7 Nov 2026 · on Stellar[14]
    Automated daily reading.

Timeline

  1. Happened May 2025 (month only) · Scope expansion · recorded 15 Oct 2026
    Peer-to-peer transferability is extended to retail holders after an SEC review of about 18 months.[8]
  2. Happened Jun 2024 (month only) · Scope expansion · recorded 11 Oct 2026
    Benji users can convert USDC to dollars to buy fund shares, starting with certain institutional wallets.[3]
  3. Happened 25 Apr 2024 · Scope expansion · recorded 15 Oct 2026
    Holders can now transfer BENJI fund shares directly to each other on chain; the fund held about $360 million at the time.[4]
  4. Happened Apr 2023 (month only) · Scope expansion · recorded 11 Oct 2026
    Fund support extended from Stellar to Polygon.[2]

Sources

  1. [1]Franklin Templeton announces the Franklin OnChain U.S. Government Money Fund surpasses $270 million in assets under management — Franklin Templeton (via Stellar Development Foundation), 24 Apr 2023. Accessed 11 Oct 2026.B
  2. [2]Franklin Templeton money market fund launches on Polygon blockchain — Franklin Templeton, Apr 2023. Accessed 11 Oct 2026.B
  3. [3]Franklin Templeton Enables USDC Conversions on Benji Investments Platform — Silicon UK, Jun 2024. Accessed 11 Oct 2026.C
  4. [4]Franklin Templeton Enables Peer-to-Peer Trades of Blockchain Fund — Decrypt, 25 Apr 2024. Accessed 11 Oct 2026.C
  5. [5]BENJI asset page (on-chain data) — rwa.xyz. Accessed 15 Oct 2026.A
  6. [6]Franklin Templeton, Stellar Development Foundation mark five years of BENJI, the first U.S.-registered tokenized money market fund — Stellar Development Foundation and Franklin Templeton, 2026. Accessed 12 Oct 2026.B
  7. [7]Franklin Templeton launches tokenized fund in Luxembourg — Ledger Insights, 27 Feb 2025. Accessed 15 Oct 2026. Lists the US fund's chains as Stellar, Polygon, Aptos, Avalanche, Arbitrum, Ethereum, Solana and Base..C
  8. [8]Franklin Templeton runs the first U.S.-registered mutual fund on a public blockchain, on Stellar — Stellar Development Foundation. Accessed 15 Oct 2026. Network foundation's case study, written with the issuer; cites rwa.xyz data dated 6 October 2026..B
  9. [9]Franklin OnChain U.S. Government Money Fund: Form N-MFP3 monthly report for June 2026 — Franklin Templeton Trust (SEC Form N-MFP3), 7 Jul 2026. Accessed 26 Oct 2026.A
  10. [10]Franklin OnChain U.S. Government Money Fund: Form N-MFP3 monthly report for July 2026 — Franklin Templeton Trust (SEC Form N-MFP3), 6 Aug 2026. Accessed 26 Oct 2026.A
  11. [11]Franklin OnChain U.S. Government Money Fund: Form N-MFP3 monthly report for August 2026 — Franklin Templeton Trust (SEC Form N-MFP3), 4 Sep 2026. Accessed 26 Oct 2026.A
  12. [12]Franklin OnChain U.S. Government Money Fund: Form N-MFP3 monthly report for September 2026 — Franklin Templeton Trust (SEC Form N-MFP3), 6 Oct 2026. Accessed 26 Oct 2026.A
  13. [13]Franklin Templeton Trust, Post-Effective Amendment No. 11 to Form N-1A (prospectus and SAI) — U.S. Securities and Exchange Commission, 27 Jul 2026. Accessed 28 Oct 2026.A
  14. [14]Supply by chain, read daily — On-chain (public RPC, automated daily refresh). Accessed 7 Nov 2026.A

Spotted something out of date or missing? Suggest a correction, ideally with a source.