Franklin OnChain US Government Money Fund
BENJIBENJI is the on-chain share token of the Franklin OnChain US Government Money Fund (FOBXX), a US-registered 1940 Act money market fund from Franklin Templeton. It holds at least 99.5% in US government securities, repo and cash, maintains a one-dollar share price, and uses public blockchains as its official record across eight networks. BENJI scores 88/100 (Tier 2) on the RWTS Trust Score, the highest of our tokenized treasuries, because it is a fully SEC-regulated mutual fund with daily liquidity rather than a private placement. It is the institutional gold standard for tokenized cash.
- Issuer / protocol
- Franklin Templeton
- Jurisdiction
- United StatesSEC — Investment Company Act of 1940
- Backing
- US government securities, cash & repurchase agreements
- Redemption / lock-up
- None ($1 NAV money market fund, daily liquidity)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Multi-chain
- Tier
- Tier 2 — Treasury & Fiat-Backed
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
≥99.5% govt securities, repo & cash Point-in-time disclosure, not a live feed; weights move with issuance and policy.
Addresses verified against each chain's explorer. Native = canonical or natively issued; bridged = wrapped or messaged across.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Current yield of 3.80% sits at 43% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 3.80%. Actual returns may vary. Not financial advice.
Beyond BENJI's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $800.00M indicates healthy on-chain liquidity. Lock-up: None ($1 NAV money market fund, daily liquidity).
Is BENJI safe?
BENJI (Franklin OnChain US Government Money Fund) scores 88/100 on the independent RWTS Trust Score, which places it in Treasury & Fiat-Backed (Tier 2). Tier 2 is strong: institutional or fiat backing with solid verification, a notch below fully-reserved physical assets. Backing: US government securities, cash & repurchase agreements. It is independently audited. The score reflects backing, verification, redeemability, audit, regulatory standing, and track record, not headline yield. We rate. You decide.
Exit routes
11/15 · right 8/8 · routes 3/7If the issuer stopped cooperating tomorrow, could you get out?
One route, and it does not depend on the issuer
- independent
Franklin Templeton
Shares in a registered money market fund, redeemable at $1 through Franklin Templeton with a retail-scale minimum.
- issuer
none
No venue carries volume and no pool clears the capacity floor. For a permissioned fund this is design, not defect: the token cannot be held by an unapproved address, so a public market cannot form.
Route 3 and right 8. The right is as strong as the rubric allows: a registered fund, published terms, a minimum an ordinary saver can meet. What it does not have is a second way out, and the score now says so.
This is the redeemability component of the Trust Score above, which stands at 88/100 (A). Until 1 September 2026 redeemability was a single figure measuring the right to redeem while ignoring how many routes existed to exercise it. Splitting it moved this asset’s score. How the score works
Assessed 2026-09-01. Route independence asks how many ways out the issuer cannot close, not how much the asset trades.
Compare BENJI
Head to head on the Trust Score with similar assets.