Franklin Templeton Says On-Chain Records Add Utility to Funds

Franklin Templeton says tokenized funds gain more value when a public blockchain records ownership directly, a structure its BENJI fund uses for transactions, share ownership and investor distributions.

The Franklin OnChain U.S. Government Money Fund, known by its fund ticker FOBXX and represented by the BENJI token, launched on the Stellar network in 2021. FOBXX became the first U.S.-registered mutual fund whose transaction and shareholder records were officially maintained on a public blockchain.

A digital-twin token represents an asset while its official ownership record remains in traditional off-chain systems. A natively issued tokenized asset instead uses the blockchain as its ownership record, allowing transfers and other fund functions to occur on-chain.

BENJI supports intraday yield accrued by the second when tokens are transferred, daily on-chain dividend distributions and 24/7 market access. The fund records ownership on-chain and distributes yield directly to investors’ wallets.

The BENJI suite represented $1.98 billion in assets under management as of April 29, 2026. Its cumulative peer-to-peer transfer volume exceeded $211 million as of March 31, while the number of investors increased more than 140% from April 2024 to March 2026.

The distinction matters as tokenized funds are increasingly used as collateral and settlement assets. In February, Franklin Templeton and Binance announced that eligible clients could use Benji-issued money-market fund shares as off-exchange collateral while the assets remained in regulated custody.

Franklin Templeton reported $1.68 trillion in total assets under management as of March 31, 2026. Stellar Development Foundation CEO Denelle Dixon said, “BENJI is the clearest proof that blockchain belongs in everyday financial products.”