Tokenized Money Market Funds: BENJI vs BUIDL vs WTGXX
The highest-rated tokenized money market fund on RWTS is not the biggest one. BlackRock's BUIDL has the most assets and the most headlines, but on our methodology it scores 87/100. Franklin Templeton's BENJI scores 90, and WisdomTree's WTGXX scores 88. The brand-name hierarchy and the risk hierarchy are not the same thing, which is the entire reason an independent rating exists. RWTS rates. You decide. Here is how the three largest tokenized treasuries money market products actually compare.
What a tokenized money market fund is
A tokenized money market fund is a regulated money market fund whose shares live on a public blockchain. The underlying holdings are conventional: short-term US Treasury bills, cash, and overnight repurchase agreements, managed to a stable $1 net asset value with daily income. The token is the share. That single change unlocks near-instant transfer, around-the-clock settlement, and the ability to post a yield-bearing Treasury position as collateral inside DeFi. It is the most institutionally credible corner of the real-world-asset market, which is also why backing quality alone does not separate the leaders. They all hold roughly the same thing. What separates them is operating history, access, and redemption design, and that is where the Trust Score does its work.
BENJI: the longest on-chain track record
Franklin Templeton's BENJI is the on-chain share class of the Franklin OnChain US Government Money Fund (FOBXX). It was the first US-registered mutual fund to use a public blockchain as its official system of record, live since 2021, and now spans eight chains including Stellar, Ethereum, Solana, and Arbitrum. The fund holds US government securities, cash, and repurchase agreements at a constant $1 NAV with daily yield around 3.8%. Fund assets sit near $800M, with the wider Benji platform around $2B.
BENJI earns a 90/100 Trust Score (T2), the highest in our tokenized-treasuries coverage. The reasons are structural: a registered '40 Act fund earns top regulatory and audit marks, and roughly five years of clean on-chain operation is the longest track record in the category. For an allocator, that combination of regulatory standing and tenure is precisely what de-risks a position you intend to hold rather than trade.
BUIDL: the largest, and the benchmark
BlackRock's BUIDL is the anchor of the category by size. The BlackRock USD Institutional Digital Liquidity Fund launched in March 2024 with Securitize as transfer agent and BNY Mellon as administrator, and it is the largest tokenized Treasury product, with circulating value above $2.4B across Ethereum, Polygon, Arbitrum, Optimism, Avalanche, and Aptos. It holds cash, T-bills, and repo with a weighted average maturity under 30 days, rebasing daily as income accrues. Redemptions are T+0 to USDC through a Circle facility and T+1 to USD by wire, which is a genuine liquidity advantage for treasury desks.
BUIDL scores 87/100 (T2). Nothing about that is a knock on the fund. It carries the same top regulatory and audit standing as BENJI and the strongest distribution in the category. It scores a notch lower purely on track record: two years on-chain rather than five. Size and safety are correlated here but not identical, and the methodology is built to keep them separate.
WTGXX: the 24/7 newcomer with a regulatory first
WisdomTree's WTGXX is the share token of the WisdomTree Government Money Market Digital Fund, around $867M in assets at a $1 NAV yielding near 3.5%. In February 2026 it became the first registered tokenized mutual fund granted SEC relief for 24/7 trading and instant settlement inside the US regulatory perimeter, which is a meaningful structural milestone for the category.
WTGXX scores 88/100 (T2), just above BUIDL. Its always-on settlement lifts its redemption score, while a shorter on-chain history holds back its track record. It is the clearest example of the pattern across all three funds: identical Treasury backing, with the score decided by mechanics and tenure.
VBILL and the rest of the field
VanEck's VBILL rounds out the institutional set, a tokenized short-term Treasury fund issued through Securitize, now usable as collateral on Euler, with assets near $61M and a $100k minimum that climbs to $1M on Ethereum. It scores 78/100 (T2), lower than the three leaders on account of tighter access and the shortest track record. It is one to watch as DeFi collateral integrations grow rather than a core holding today.
Yield: nearly identical, by design
Because all four funds hold the same short-term Treasury collateral managed to $1 NAV, gross yields cluster tightly in the 3.5% to 4% range and move with the front end of the Treasury curve, not with issuer skill. The differences that matter are fee drag, minimum size, and how fast you can get out. Choosing among tokenized money market funds is therefore an access-and-operations decision, not a credit decision. That is unusual in crypto, and it is the cleanest argument for why this category sits at the safer end of the RWA market.
Why the RWTS ranking inverts the brand hierarchy
The reason BENJI outscores BUIDL is the same reason our methodology is worth reading rather than assuming. We score six dimensions separately, and two of them, track record and redemption, reward exactly the things a five-year-old registered fund accumulates that a two-year-old one has not yet. Backing, verification, audit, and regulatory standing are near-maximal for all three leaders, so the tie breaks on tenure and liquidity mechanics. The result is a ranking that puts Franklin ahead of BlackRock, which the AUM table would never tell you.
For the layer one rung up the stack, where one tokenized fund is built on another, our OUSG vs BUIDL comparison covers how Ondo's fund-of-funds sits on top of this same Treasury engine. Read together, the two pieces map the core of the tokenized-Treasury market: BENJI, BUIDL, and WTGXX as the direct money market funds, and OUSG as the composable layer built on them.
The takeaway for an allocator: pick the tokenized money market fund whose access and redemption fit your operation, not the one with the most recognizable name on it. On the RWTS Trust Score, the recognizable name is not the top of the table. RWTS rates. You decide.
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