VENUEVERITAS

RWA compare

BUIDL vs BENJI: institutional digital liquidity fund vs government MMF share token

Evidence-domain compares only. No overall winner. · Publication ready

BUIDL · BlackRock USD Institutional Digital Liquidity Fund

  • Tokenized money-market fund
  • Fund share
  • Money-market income
  • Unknown

BENJI · Franklin OnChain U.S. Government Money Fund

  • Tokenized money-market fund
  • Fund share
  • Money-market income
  • Unknown

RWA directory · RWA compares

Key structural differences

  • Different legal wrapper: BUIDL is a BVI fund share offered under Regulation D to Qualified Purchasers; BENJI is a share of a registered US Government Money Market Fund (Rule 2a-7) where 1 token equals 1 fund share.
  • Different distribution mechanism: BUIDL distributes accrued income as additional tokens to hold NAV near $1.00; BENJI follows standard Government MMF dividend/distribution practice.
  • Both use a transfer-agent model where the official ownership record sits with the transfer agent (Securitize for BUIDL; Franklin Templeton's blockchain-integrated transfer agent for BENJI) rather than a smart-contract-only custody model.

Disclosures

  • Neither record includes a captured primary-source URL for fee schedules in this pass.
  • Do not describe either token as 'non-custodial' — both rely on a transfer-agent-recorded ownership structure, not self-custodied smart-contract claims.

Domain comparison

  • Legal claim

    BUIDL · BlackRock USD Institutional Digital Liquidity Fund

    Fund share — Share in BlackRock USD Institutional Digital Liquidity Fund Ltd., a BVI fund offered under Regulation D to Qualified Purchasers under Section 3(c)(7).

    BENJI · Franklin OnChain U.S. Government Money Fund

    Fund share — 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.

  • Yield source

    BUIDL · BlackRock USD Institutional Digital Liquidity Fund

    Money-market income + Treasury interest (Variable)

    BENJI · Franklin OnChain U.S. Government Money Fund

    Money-market income + Treasury interest (Variable)

  • Underlying

    BUIDL · BlackRock USD Institutional Digital Liquidity Fund

    U.S. Treasury bills, overnight/term repurchase agreements, and cash.

    BENJI · Franklin OnChain U.S. Government Money Fund

    U.S. government securities and related repurchase agreements, per Rule 2a-7 Government Money Market Fund requirements.

  • Loss bearer

    BUIDL · BlackRock USD Institutional Digital Liquidity Fund

    UNKNOWN — fund-level loss allocation mechanics beyond standard money-market fund risk not itemized this pass.

    BENJI · Franklin OnChain U.S. Government Money Fund

    UNKNOWN — fund-level loss allocation beyond standard Government MMF structure not itemized this pass.

  • Redemption

    BUIDL · BlackRock USD Institutional Digital Liquidity Fund

    Redemption through the fund's transfer agent / distribution process for eligible investors.

    BENJI · Franklin OnChain U.S. Government Money Fund

    Standard mutual-fund share redemption via Franklin Templeton / the fund's transfer agent.

  • Investor eligibility

    BUIDL · BlackRock USD Institutional Digital Liquidity Fund

    Qualified Purchasers under Section 3(c)(7); offered via Regulation D — not a public retail offering.

    BENJI · Franklin OnChain U.S. Government Money Fund

    Per Franklin Templeton fund eligibility / account-opening requirements; not itemized in detail this pass.

  • Custody

    BUIDL · BlackRock USD Institutional Digital Liquidity Fund

    BNY Mellon as custodian.

    BENJI · Franklin OnChain U.S. Government Money Fund

    Fund assets held per standard registered-fund custodian arrangements; specific custodian not itemized this pass.

  • Fees

    BUIDL · BlackRock USD Institutional Digital Liquidity Fund

    Management fee: UNKNOWN

    BENJI · Franklin OnChain U.S. Government Money Fund

    Fund management / advisory fee: UNKNOWN

  • Maturity / duration

    BUIDL · BlackRock USD Institutional Digital Liquidity Fund

    Variable yield · redemption timing: UNKNOWN

    BENJI · Franklin OnChain U.S. Government Money Fund

    Variable yield · redemption timing: UNKNOWN

  • Audit / assurance

    BUIDL · BlackRock USD Institutional Digital Liquidity Fund

    No structured assurance row

    BENJI · Franklin OnChain U.S. Government Money Fund

    No structured assurance row

  • Token control

    BUIDL · BlackRock USD Institutional Digital Liquidity Fund

    Securitize-administered issuance to allowlisted holders.

    BENJI · Franklin OnChain U.S. Government Money Fund

    Franklin Templeton transfer agent controls issuance corresponding to fund share purchases.

  • Regulatory structure

    BUIDL · BlackRock USD Institutional Digital Liquidity Fund

    Shares are offered under Regulation D to Qualified Purchasers under Section 3(c)(7) of the Investment Company Act; not a registered public fund offering.

    BENJI · Franklin OnChain U.S. Government Money Fund

    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.

  • Evidence recency

    BUIDL · BlackRock USD Institutional Digital Liquidity Fund

    2026-08-30

    BENJI · Franklin OnChain U.S. Government Money Fund

    2026-08-30

Local compare only. Forbidden: safer, better, best, recommended, best yield, winner. Day-7: no deploy.