Franklin Templeton BENJI Data Shows Stellar Still Anchors Holder Base
RWA Signal Insight
U.S. TreasuriesFranklin Templeton’s BENJI suite, representing the Franklin OnChain U.S. Government Money Fund (FOBXX), has reached $1.98 billion in assets across nine different blockchains. Launched in April 2021, this initiative stands as one of the longest-running regulated tokenized fund experiments in the public blockchain market. While the fund has expanded its institutional reach to networks like Ethereum, Base, and Solana, Stellar remains the primary anchor for the project. Data indicates that 95% of the fund's 1,023 distinct holders are concentrated on the Stellar network, which continues to lead in RWA inflows. The BENJI token maintains a $1.00 NAV and provides investors with exposure to government securities, cash, and repurchase agreements. This multi-chain strategy highlights a growing trend in tokenized finance where asset value is distributed across various chains while user activity remains concentrated on specific, reliable networks. The success of the BENJI platform underscores the increasing institutional adoption of regulated, onchain money-market products.
Key points
- Franklin Templeton’s BENJI suite reached $1.98 billion in assets across nine public blockchains.
- Stellar hosts 95% of the fund's 1,023 distinct holders despite multi-chain expansion.
- The FOBXX fund utilizes government securities and cash to maintain a $1.00 NAV.
- Stellar recently led 30-day RWA inflows with approximately $604 million in new assets.
Background
The Franklin OnChain U.S. Government Money Fund (FOBXX) is a U.S.-registered money market fund that utilizes blockchain technology for recordkeeping and share distribution. Investors access the fund through the Benji platform, which tokenizes fund shares into BENJI tokens, allowing for wallet-level distribution and transferability on public networks.