RWA / YIELD INTELLIGENCE
BENJI Franklin OnChain U.S. Government Money Fund
Tokenized representation of shares in a registered Government Money Market Fund regulated under Rule 2a-7 of the Investment Company Act of 1940.
Where does the yield come from?
Trace who economically pays. Reported APY is not a guaranteed return.
- Fund holds US government securities and repos
Per Rule 2a-7
- Portfolio earns money-market income daily
- Fund declares dividends per standard practice
- Transfer agent updates blockchain-integrated records
- BENJI token count corresponds 1:1 with fund shares
- Dividend distribution follows standard mutual fund practice
- Primary source
- Money-market income
- Secondary source
- Treasury interest
- Who pays economically
- U.S. government securities and repurchase agreements held by the fund, per Rule 2a-7 government money fund requirements.
- Variable / fixed
- Variable
- Gross / net
- Unresolved
- Dated yield snapshot
- Unknown
Standard government money market fund income mechanics; each BENJI token represents one fund share, and share value/income follows the fund's normal NAV and distribution process.
How yield is distributed
- Mechanism
- Dividend
- Notes
- Standard Government MMF dividend/distribution mechanics; 1 fund share equals 1 BENJI token.
What does the token represent?
Token ownership is not automatically direct ownership of the underlying assets.
- Legal claim type
- Fund share
- Domicile
- US
Fund share of the Franklin OnChain U.S. Government Money Fund (FOBXX); 1 BENJI token represents 1 fund share, with the official ownership record maintained by the transfer agent's blockchain-integrated system.
Derived / wrapped claim: BENJI is a direct fund-share token (1:1 with FOBXX shares) recorded by the transfer agent — not a wrapped claim on a separately custodied crypto asset. Do not describe it as 'non-custodial' in the smart-contract sense.
Official website https://www.franklintempleton.com
Issuers, managers & service parties
- Legal issuerFranklin OnChain U.S. Government Money Fund (FOBXX)
US — SEC-registered Government Money Market Fund under Rule 2a-7.
- Asset managerFranklin Templeton
US — Fund sponsor / adviser.
- Transfer agentFranklin Templeton transfer agent (blockchain-integrated)
US — Maintains the official record of share ownership; blockchain wallet balances are integrated into, not separate from, that record.
What sits underneath?
Underlying assets and strategies from primary evidence only.
U.S. government securities and related repurchase agreements, per Rule 2a-7 Government Money Market Fund requirements.
- US government securities
- Repurchase agreements collateralized by government securities
Exact current allocation percentages not structured as a dated snapshot this pass.
What happens when things go wrong?
Structural loss path — not a risk score. Unknown protections stay Unknown.
- Who takes the loss first
- UNKNOWN — fund-level loss allocation beyond standard Government MMF structure not itemized this pass.
- Documented protections
- Rule 2a-7 government money fund constraints (credit quality, maturity, liquidity limits) provide structural risk limits typical of the fund category.
- Investor exposure
- Shareholders bear standard money market fund NAV risk; not FDIC insured; the fund is not guaranteed.
How do I get my money back?
Primary redemption ≠ secondary DEX liquidity. Eligibility is scoped.
- Eligible investors
- Per Franklin Templeton fund eligibility / account-opening requirements; not itemized in detail this pass.
- Primary redemption
- Standard mutual-fund share redemption via Franklin Templeton / the fund's transfer agent.
- Timing
- UNKNOWN
- Settlement asset
- UNKNOWN
- Minimum
- UNKNOWN
- Restrictions
- UNKNOWN
- Secondary liquidity
- Secondary token transfer (where permitted) is distinct from fund share redemption.
Who holds the underlying assets?
Separate asset custody, cash custody, crypto custody, and token control.
- Asset custody
- Fund assets held per standard registered-fund custodian arrangements; specific custodian not itemized this pass.
- Cash custody
- UNKNOWN
- Crypto custody
- No separate crypto custody layer — the token balance is the blockchain-integrated representation of the official transfer-agent record itself, not a wrapped claim on a separately custodied asset.
See tokenControl block.
Fees
Gross yield and net yield are not the same. Not ranked by APY.
- Fund management / advisory feeUNKNOWN
- Transfer agent / administrative feeUNKNOWN
Regulation
Authorization is entity × jurisdiction × instrument scoped — not a brand label.
Franklin OnChain U.S. Government Money Fund is an SEC-registered Government Money Market Fund operating under Rule 2a-7 of the Investment Company Act of 1940.
- Entity
- Franklin OnChain U.S. Government Money Fund (FOBXX)
- Jurisdiction
- US
- Instrument
- Registered Government Money Market Fund (Rule 2a-7)
- Authorization / registration
- U.S. Securities and Exchange Commission (SEC)
Audit / assurance
Smart-contract audits are not fund audits or loan audits. No combined “audited” badge.
No structured assurance rows in this pack.
Smart-contract / token controls
Operational controls — not a decentralization score.
- Mint
- Franklin Templeton transfer agent controls issuance corresponding to fund share purchases.
- Burn
- Transfer agent controls redemption/burn corresponding to fund share redemptions.
- Pause
- UNKNOWN
- Freeze / blacklist
- UNKNOWN
- Upgrade
- UNKNOWN
- Allowlist
- Likely gated to fund shareholders of record; specific mechanics UNKNOWN.
Tokenization layer
- Chains
- Unknown
- Official ownership record
- The transfer agent's records are the official ownership record; the blockchain wallet balance is integrated into that record, not a separate/competing ledger.
- Transfer restrictions
- UNKNOWN
1 BENJI = 1 fund share by design. Chain enumeration not itemized this pass (UNKNOWN).
Research dimensions
What is BENJI?
A token where 1 BENJI equals 1 share of the Franklin OnChain U.S. Government Money Fund (FOBXX), a registered Rule 2a-7 fund.
Who keeps the official record of BENJI ownership?
The fund's transfer agent; the blockchain wallet balance is integrated into that official record rather than a separate ledger.
Is BENJI backed by crypto collateral held non-custodially?
No. BENJI is a direct Government Money Market Fund share under Rule 2a-7 — it is not a non-custodial crypto wrapper; ownership authority sits with the transfer agent's record.
What must keep working?
Material dependencies only. Count is not a risk score.
- Legal issuerFranklin OnChain Govt MMF (FOBXX)Fund share issuance
- Asset managerFranklin TempletonFund sponsorship / advisory
- Transfer agentBlockchain-integrated transfer agentOfficial ownership record
- AssetUS government securities / repoYield-bearing collateral
Evidence domains
- Entity / issuerVerified structured
Franklin Templeton named
- Legal claimVerified structured
1:1 fund share token
- Yield sourceVerified structured
Govt MMF income
- Yield waterfallVerified structured
- Loss waterfallResearched unresolved
Standard MMF risk, detail unresolved
- Underlying assetsVerified structured
Govt securities + repo
- Distribution mechanismVerified structured
Standard dividend mechanics
- RedemptionResearched unresolved
Redemption detail thin
- FeesResearched unresolved
- CustodyVerified structured
No separate crypto custody layer
- RegulationVerified structured
Rule 2a-7 registered fund
- Assurance / auditNot researched
No assurance report identified this pass
- Token controlResearched unresolved
Pause/freeze mechanics unresolved
- Tokenization / chainVerified structured
Transfer-agent record is official
- DependenciesVerified structured
- Geographic / eligibility restrictionsResearched unresolved
Eligibility not itemized
Open gaps
- Chain enumeration
- Fee schedule
- Redemption timing/minimums
- Custodian name
Primary sources
RWA / Yield Asset Intelligence. No RWA score. No APY ranking. Unresolved states remain unresolved.