BENJI
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Overview
Each BENJI token is one share of FOBXX, Franklin Templeton's OnChain U.S. Government Money Fund, and was the first US-registered mutual fund to use a public blockchain as its official record of ownership. Stellar was its original issuance chain. The share price is held at $1.00 and yield is distributed as additional tokens. Transfers are restricted to investors Franklin Templeton has onboarded, so BENJI is shown here for reference and cannot be swapped in-app.
Highlights
- One token equals one share of FOBXX, a '40 Act US government money market fund
- First US-registered mutual fund to keep its share register on a public blockchain
- Holds US government securities, cash, and fully collateralised repurchase agreements
- Transfers are allowlist-gated: acquire and redeem through the Benji app, not on-chain
What is a tokenized fund?
A tokenized fund is a share of a regulated investment fund issued directly on-chain, where the token itself is the record of ownership rather than an IOU for one. The fund holds conventional assets, typically short-term government debt, and a transfer agent keeps the on-chain register in sync with the fund's books. Some share classes are restricted to investors the issuer has approved, so they can be tracked but not freely traded.