RWA 比较
BUIDL 与 BENJI：机构数位流动性基金与政府货币市场基金份额代币之比较
仅按证据域比较。无总冠军。 · 可发布
BUIDL · BlackRock USD Institutional Digital Liquidity Fund
- 代币化货币市场基金
- 基金份额
- 货币市场收益
- 未知
BENJI · Franklin OnChain U.S. Government Money Fund
- 代币化货币市场基金
- 基金份额
- 货币市场收益
- 未知
主要结构差异
- 法律包装形式不同：BUIDL 是依 Regulation D 向合格买方提供的 BVI 基金份额；BENJI 则是依第 2a-7 规则登记的美国政府货币市场基金份额，1 枚代币相当于 1 份基金份额。
- 分配机制不同：BUIDL 以额外代币分配累积收益，使净资产价值维持在接近 1.00 美元的水准；BENJI 则依循标准政府货币市场基金的股息／分配惯例。
- 双方皆采用过户代理人模式，正式的持有纪录由过户代理人维护（BUIDL 为 Securitize；BENJI 则为 Franklin Templeton 整合区块链的过户代理人），而非仅依赖智能合约的托管模式。
披露
- 本次两项纪录皆未提取到费率表的原始来源网址。
- 请勿将任一代币描述为「非托管」——两者皆依赖过户代理人记录的持有结构，而非自我托管的智能合约请求权。
域比较
法律请求权
BUIDL · BlackRock USD Institutional Digital Liquidity Fund基金份额 — BlackRock USD Institutional Digital Liquidity Fund Ltd. 的基金份额，该基金为 BVI（英属维京群岛）基金，依 Regulation D 向依第 3(c)(7) 条认定的合格买方提供。
BENJI · Franklin OnChain U.S. Government Money Fund基金份额 — Franklin OnChain U.S. Government Money Fund（FOBXX）的基金份额；1 枚 BENJI 代币代表 1 份基金份额，正式的持有纪录由过户代理人（transfer agent）整合区块链的系统维护。
收益来源
BUIDL · BlackRock USD Institutional Digital Liquidity Fund货币市场收益 + 国债利息 (浮动)
BENJI · Franklin OnChain U.S. Government Money Fund货币市场收益 + 国债利息 (浮动)
底层
BUIDL · BlackRock USD Institutional Digital Liquidity Fund美国国库券、隔夜／定期回购，以及现金。
BENJI · Franklin OnChain U.S. Government Money Fund依第 2a-7 规则对政府货币市场基金的要求，持有美国政府证券及相关回购。
损失承担方
BUIDL · BlackRock USD Institutional Digital Liquidity FundUNKNOWN — fund-level loss allocation mechanics beyond standard money-market fund risk not itemized this pass.
BENJI · Franklin OnChain U.S. Government Money FundUNKNOWN — fund-level loss allocation beyond standard Government MMF structure not itemized this pass.
赎回
BUIDL · BlackRock USD Institutional Digital Liquidity FundRedemption through the fund's transfer agent / distribution process for eligible investors.
BENJI · Franklin OnChain U.S. Government Money FundStandard mutual-fund share redemption via Franklin Templeton / the fund's transfer agent.
投资者资格
BUIDL · BlackRock USD Institutional Digital Liquidity FundQualified Purchasers under Section 3(c)(7); offered via Regulation D — not a public retail offering.
BENJI · Franklin OnChain U.S. Government Money FundPer Franklin Templeton fund eligibility / account-opening requirements; not itemized in detail this pass.
托管
BUIDL · BlackRock USD Institutional Digital Liquidity FundBNY Mellon as custodian.
BENJI · Franklin OnChain U.S. Government Money FundFund assets held per standard registered-fund custodian arrangements; specific custodian not itemized this pass.
费用
BUIDL · BlackRock USD Institutional Digital Liquidity FundManagement fee: UNKNOWN
BENJI · Franklin OnChain U.S. Government Money FundFund management / advisory fee: UNKNOWN
到期 / 久期
BUIDL · BlackRock USD Institutional Digital Liquidity Fund浮动收益 · 赎回时点：UNKNOWN
BENJI · Franklin OnChain U.S. Government Money Fund浮动收益 · 赎回时点：UNKNOWN
审计 / 鉴证
BUIDL · BlackRock USD Institutional Digital Liquidity Fund无结构化鉴证行
BENJI · Franklin OnChain U.S. Government Money Fund无结构化鉴证行
代币控制
BUIDL · BlackRock USD Institutional Digital Liquidity FundSecuritize-administered issuance to allowlisted holders.
BENJI · Franklin OnChain U.S. Government Money FundFranklin Templeton transfer agent controls issuance corresponding to fund share purchases.
监管结构
BUIDL · BlackRock USD Institutional Digital Liquidity FundShares 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 FundFranklin 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.
证据时效
BUIDL · BlackRock USD Institutional Digital Liquidity Fund2026-08-30
BENJI · Franklin OnChain U.S. Government Money Fund2026-08-30
仅本地比较。禁用词：safer、better、best、recommended、best yield、winner。Day-7：不部署。