Issuer Intelligence Profile · RWA-003
Franklin Templeton
## S1 — Executive Summary Franklin Templeton's Franklin OnChain U.S. Government Money Fund (FOBXX) is the first U.S.-registered mutual fund to use a public blockchain for processing transactions and recording share ownership. Launched April 6, 2021 on Stellar, it has grown to $753.24 million in total net assets (June 30, 2026) with over $211 million in cumulative peer-to-peer transfer volume. **Capital Flow:** Investors subscribe via the Benji app or institutional portal. Capital is deployed into U.S. government securities, cash, and fully collateralized repurchase agreements (99.5% minimum). Yield is distributed through share-count rebasing — the token balance grows while NAV targets $1.00 per share (amortized cost method per Rule 2a-7). **Governance & Control:** Traditional mutual fund governance with a board of trustees under SEC oversight. The transfer agent (Franklin Templeton Investor Services, LLC) maintains the official record of share ownership via a proprietary blockchain-integrated system. All records are under full and complete control of the fund's transfer agent — not decentralized. **Key Differentiator:** Only SEC 40-Act registered government money market fund operating on 8 public blockchains simultaneously. The fund is NOT a crypto-native DeFi product — it is a regulated mutual fund with blockchain-based record-keeping. **Fee Structure:** Management fee 0.15%. Total expense ratio 0.20% after waiver (capped until July 31, 2027). Gross expense ratio 0.22%.
Issuer Identification
S0 — Issuer Identification
| Field | Value |
|-------|-------|
| Issuer Name | Franklin Templeton |
| Operating Entity | Franklin Templeton Investments Corp |
| Fund Vehicle | Franklin OnChain U.S. Government Money Fund |
| Trust | Franklin Templeton Trust (Delaware Statutory Trust) |
| SEC File Number | 811-23471 |
| Fund Inception | April 6, 2021 |
| Asset Class | Government Money Market Fund |
| Jurisdiction | United States (San Mateo, CA) |
| Primary Chain | Stellar (original 2021 deployment) |
| Additional Chains | Ethereum, Polygon, Arbitrum, Avalanche, Base, Solana, Aptos |
| Ticker / Symbol | FOBXX / BENJI |
| Total Net Assets | $753.24 million (as of June 30, 2026) |
| Investor Eligibility | Retail accessible (~$20 minimum via Benji app) |
| Market Maturity | ESTABLISHED (first U.S.-registered mutual fund on public blockchain) |
| Transparency | MODERATE DISCLOSURE (SEC-registered, public filings, proprietary blockchain system) |
| Transfer Agent | Franklin Templeton Investor Services, LLC |
| Distributor | Franklin Distributors, LLC (FINRA member) |
| Contact | One Franklin Parkway, San Mateo, CA 94403-1906 | (800) 342-5236 |
Evidence Tier: T1 (SEC filing, franklintempleton.com official fund page)
Issuer Overview
Market Positioning
S12 — Market Positioning
| Field | Value |
|-------|-------|
| Market Position | Leading tokenized government money market fund by blockchain deployment breadth and regulatory standing |
| AUM | $753.24 million (June 30, 2026) — over 100% YTD growth (from $594M in January 2026) |
| Competitive Moat | Only SEC 40-Act registered government money fund on 8+ public blockchains |
| P2P Transfer Volume | >$211 million cumulative (March 31, 2026) |
| Chain Coverage | 8 confirmed chains (broadest multi-chain deployment in tokenized treasury category) |
Competitive Differentiation:
1. Regulatory moat: Full 40-Act registration vs. offshore/exempt/private fund structures used by competitors
2. Multi-chain breadth: 8 blockchains vs. 5-6 for BlackRock BUIDL and fewer for others
3. Retail access: ~$20 minimum vs. $5M+ for BlackRock BUIDL and $100K+ for Ondo OUSG
4. Operational track record: Launched April 2021 — longest-running tokenized U.S. registered fund (5+ years)
Comparable Atlas Issuers (2026 data):
- BlackRock BUIDL (RWA-002): 6 chains (Ethereum, Solana, Polygon, Avalanche, Arbitrum, Aptos), ~$2.8B AUM, $5M minimum, institutional/private fund (Cayman)
- Ondo OUSG (RWA-001): Multi-chain, ~$625M AUM, qualified purchasers, private fund (Cayman)
- Superstate USTB (RWA-006): 3 chains (Ethereum, Solana, Plume), institutional
Key Positioning Insight: FOBXX is smaller than BUIDL by AUM ($753M vs $2.8B) but has SUPERIOR regulatory standing (40-Act vs Cayman private fund) and BROADER retail access ($20 vs $5M). For institutional allocators, the regulatory moat is the differentiator — not AUM.
Evidence Tier: T1/T2/T3 (FT official page for AUM, Eco/rwa.xyz for competitor data)