BENJI is the token that represents shares of the Franklin OnChain U.S. Government Money Fund (FOBXX), which Franklin Templeton calls the world's first US-registered money market fund onchain, per Franklin Templeton. It runs on nine blockchains, pays yield daily as new tokens, and is open to both retail and institutional investors.
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On October 6, 2026, BENJI held $760.5M across 1,127 holders with a 30-day APY of 3.66%, a 0.20% management fee, and a $20 minimum, per RWA XYZ. That low minimum is the sharpest difference from institution-only funds such as BlackRock's BUIDL.
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BENJI is a share token for FOBXX, a US government money market fund registered with the SEC. Each token equals one fund share. The fund holds US government securities, cash, and repurchase agreements, so its yield tracks short-term Treasury rates. The token makes those shares transferable on public blockchains to approved wallets.
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Per Franklin Templeton, FOBXX launched in April 2021 together with its first network, Stellar, and serves retail and institutional investors. The fund's registration filings are on SEC EDGAR.
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BENJI keeps its share price steady and grows your token balance instead. Each business day the fund declares a dividend, and new BENJI tokens equal to that dividend land in each holder's wallet. This mirrors how a brokerage credits money market dividends as new shares, except the credit appears onchain.
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Per Franklin Templeton, BENJI accrues yield daily through newly minted BENJI tokens airdropped directly into shareholder wallets. On October 6, 2026, RWA XYZ listed a 7-day APY of 3.72% and a 30-day APY of 3.66%.
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BENJI runs on nine networks. Stellar was first and still holds most of the value. Each network has its own token contract, and Franklin Templeton's transfer agent keeps the official record across all of them. Moving BENJI between networks goes through Franklin Templeton rather than an open bridge.
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Per Franklin Templeton, supported networks are Stellar, Polygon, Arbitrum, Avalanche, Aptos, Ethereum, Base, Solana, and BNB Smart Chain.

Investors must complete Franklin Templeton's identity checks through the Benji Investments app or an institutional channel, and only approved wallets can receive the token. Because FOBXX is a registered US mutual fund, it is available to retail investors, unlike private tokenized funds that require qualified purchaser status.
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Per Franklin Templeton, the platform serves retail and institutional investors, and RWA XYZ lists a $20 minimum investment. Eligibility outside the US follows the fund's offering documents on SEC EDGAR.
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BENJI competes with BlackRock's BUIDL, Circle's USYC, and Ondo's products for onchain cash. Its main differences are structure and access: BENJI wraps a registered public mutual fund with a low minimum, while BUIDL is a private fund for qualified investors. Franklin Templeton also runs related share classes tracked separately.

Per RWA XYZ, tokenized Treasuries totaled $14.88B on October 6, 2026, and the list also includes sgBENJI at $72.7M and gBENJI at $58.1M alongside BENJI and iBENJI. Our BUIDL explainer covers the BlackRock fund.
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Companies and funds use BENJI as a regulated place to park idle dollars onchain. They subscribe with dollars, hold BENJI in an approved wallet, collect daily dividends as new tokens, and redeem when they need cash. Entities that cannot hold private fund interests can often hold registered mutual fund shares like FOBXX.
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Daily yield and share data for the token are tracked on RWA XYZ, and fund documents are filed on SEC EDGAR. For stablecoin balances that sit on a different chain from the BENJI wallet, cross-chain routing moves USDC or USDT to where the subscription happens; see our guide to buying tokenized T-bills.
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