Issuer Intelligence Profile · RWA-003
Franklin BENJI
**SECTION 1 — EXECUTIVE SUMMARY** Franklin Templeton’s Franklin OnChain U.S. Government Money Fund (FOBXX) is one of the foundational products in tokenized finance. It is the first U.S.-registered mutual fund to use a public blockchain to process transactions and record share ownership. The fund launched in April 2021 and uses Franklin Templeton’s Benji platform as the investor-facing and recordkeeping environment. The product is institutionally important because it combines a familiar regulated money market fund structure with blockchain-native transfer, servicing, and wallet-based ownership. Franklin’s current product history shows the fund launched on Stellar, later expanded to Polygon, enabled peer-to-peer transfers in 2024, and added USDC conversion functionality the same year. Structurally, FOBXX is not a synthetic yield token or private treasury wrapper. It is a U.S.-registered government money market fund whose shares are represented through the Benji system. That makes it one of the cleanest bridges between traditional regulated fund infrastructure and tokenized fund ownership.
Issuer Identification
SECTION 0 — ISSUER IDENTIFICATION
- **Issuer ID:** RWA-003
- **Issuer Name:** Franklin Templeton
- **Legal Issuer:** Franklin Templeton Trust
- **Product / Ticker:** Franklin OnChain U.S. Government Money Fund (FOBXX) / BENJI
- **Asset Class:** MONEY MARKET / TREASURY
- **Structure Type:** SEC-Registered Open-End Management Investment Company / Rule 2a-7 Money Market Fund
- **Jurisdiction:** United States
- **Primary Blockchain:** Stellar
- **Additional Blockchain:** Polygon
- **Fund Inception Date:** 2021-04-06
- **Regulatory Framing:** U.S. registered 1940 Act mutual fund / government money market fund
- **Investor Access:** institutional and eligible platform-based investors
- **Market Maturity:** ESTABLISHED
- **Transparency:** HIGH DISCLOSURE
Issuer Overview
Market Positioning
SECTION 12 — MARKET POSITIONING
FOBXX is one of the most important benchmark products in tokenized finance because it bridges a fully regulated U.S. government money market fund structure with blockchain-based ownership and transaction processing. It is not just a treasury exposure product; it is a proof point that regulated mutual-fund architecture can operate with blockchain-integrated rails.
Relative to many newer treasury products, FOBXX stands out for legal clarity, regulatory credibility, and historical importance. It is less focused on crypto-native composability than some newer products, but much stronger in terms of traditional fund legitimacy.
From an Atlas perspective, FOBXX should be treated as a foundational institutional benchmark in tokenized cash management.