Franklin Templeton leads tokenized treasuries with over 100% YTD growth in its BENJI fund
U.S. Treasuries
Franklin Templeton’s BENJI tokenized money market fund, representing the Franklin OnChain US Government Money Fund (FOBXX), has surpassed $2.5 billion in assets under management. Launched on the Stellar blockchain in 2021, the fund serves as a pioneer for US-registered mutual funds utilizing public distributed ledger technology for record-keeping. Beyond passive holdings, the fund recorded over $211 million in cumulative peer-to-peer transfer volume by March 2026, signaling active on-chain utility. The firm is aggressively expanding its ecosystem through a partnership with DigiFT for Asian market access and an integration with MoonPay Trade for institutional stablecoin swaps. Furthermore, a landmark on-chain Treasury transaction executed via Tradeweb on the Canton Network in July 2026 highlights the growing institutional adoption of blockchain for fixed-income trading. While the fund remains a small fraction of Franklin Templeton’s $1.74 trillion total assets, its rapid growth trajectory underscores the increasing viability of tokenized government debt. This expansion demonstrates a shift toward integrating traditional financial infrastructure with blockchain-based settlement systems.
Key points
- ▸FOBXX AUM exceeded $2.5 billion, growing from $1.98 billion in April 2026.
- ▸Cumulative peer-to-peer transfer volume reached $211 million as of March 2026.
- ▸Partnerships with DigiFT and MoonPay Trade facilitate global access and institutional liquidity.
- ▸Tradeweb executed a landmark on-chain Treasury transaction on the Canton Network.
Background
Franklin Templeton is a global investment firm that launched the first US-registered mutual fund to use a public blockchain for transaction processing and share ownership records. The fund, known as FOBXX, allows investors to hold tokenized shares that represent interests in a portfolio of US government securities, providing a bridge between traditional money market funds and digital asset rails.
Relevance
8.5/10