Franklin Templeton FOBXX
Franklin OnChain US Government Money Fund, a 1940 Act registered government MMF whose share class is recorded on a permissioned ledger. Distinguished from BUIDL by the registered-fund structure (vs 3(c)(7) restricted to qualified purchasers), making it accessible to a wider investor base under US fund regulation. BENJI is the Franklin Templeton platform brand under which FOBXX and related products sit.
Operating details
How it actually settlesStellar is the primary public blockchain of record, with replicated balances on Polygon, Arbitrum, Avalanche, Aptos, Ethereum, Solana, Base, BNB Chain, and Canton. Franklin Templeton's transfer agent runs the Benji platform as the on-chain recordkeeping system, where one BENJI token equals one share, and the Benji web and mobile app handles subscriptions, redemptions, and yield accrual for retail and institutional accounts. Peer-to-peer share transfers between vetted Benji holders went live in 2024.
Franklin Templeton (issuer and transfer agent) · Stellar Development Foundation · Polygon Labs · BNB Chain · Canton Network (Digital Asset) · Anchorage Digital Bank (institutional custody) · BounceBit (collateral integration) · Mercurity Fintech
Total net assets stood at roughly USD 864M as of February 2026, up from USD 742M in September 2025. Stellar carries the bulk of supply, with Polygon and the newer chains holding smaller pools as institutional clients select networks on demand.
Registered under the 1940 Act as a US government money market fund, with the Franklin Templeton transfer agent function serving as the legal record and the public chain entry serving as the operative ledger. The registered structure is what differentiates FOBXX from BUIDL's 3(c)(7) wrapper and admits a wider US investor base.
Distribution still routes through Benji-onboarded accounts, so secondary trading on open DEXs is not available and BENJI does not interoperate with non-Franklin DeFi rails by default. Cross-chain mobility relies on the transfer agent rebalancing supply between networks rather than native bridging, which constrains use as collateral outside vetted venues like Anchorage and BounceBit.
Recent news3 curated · awaiting ingestion
- CURATED2025-11-11CoinDeskFranklin Templeton Expands Benji Technology Platform to Canton Network
Franklin Templeton extended Benji onto the permissioned Canton Network, targeting institutional collateral and liquidity venues that prefer privacy-preserving rails, which matters for FOBXX's path into bank-grade settlement infrastructure.
- CURATED2025-09-24CoinDeskFranklin Templeton Expands Tokenisation Frontiers With Benji Platform Integration Onto BNB Chain
Benji went live on BNB Chain following the Binance tokenisation partnership, signaling that Franklin is willing to follow institutional demand to high-throughput public chains rather than concentrate FOBXX on Stellar alone.
- CURATED2024-04-25CoinDeskFranklin Templeton Upgrades $380M Tokenized Treasury Fund to Enable Peer-to-Peer Transfers
Franklin enabled peer-to-peer BENJI transfers between Benji holders, the operational shift that begins to make FOBXX tradable as a token rather than purely as a fund share with on-chain bookkeeping.
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