Superstate vs Franklin Templeton Benji: USTB vs FOBXX
USTB is the Invesco Short Duration US Government Securities Fund, issued as tokens on Superstate's platform. FOBXX is the Franklin OnChain U.S. Government Money Fund, whose shares are BENJI tokens on Franklin Templeton's Benji platform.
Both are tokenized Treasury funds with roughly $700 million each. One is a private fund for qualified purchasers that settles in USDC around the clock; the other is an SEC-registered money market fund a US retail investor can buy with $20.
Guide Thesis
Eligibility decides first: FOBXX if you are not a qualified purchaser. If you are, USTB trades a registered fund's protections for faster USDC exits and a lower stated fee.
Start here
What you actually own
Both tokens are shares of a fund holding short-term US government debt, and both are records kept by the fund's transfer agent. The differences are who may buy, how the fund is regulated, and how fast the money comes back.
| Token | What you own | Who can buy, minimum | How you get out | Income |
|---|---|---|---|---|
| USTB (Superstate) | A share of a private fund (a series of Superstate Asset Trust) holding Treasury bills; manager Invesco Advisers | Qualified purchasers; $100,000 unless waived | Same day in dollars (1pm ET), immediately in USDC subject to available liquidity | Accrues into NAV per share; no distributions |
| BENJI (FOBXX shares) | A share of an SEC-registered government money market fund; manager Franklin Advisers | US residents; $20 on Stellar up to $5,000,000 on Ethereum | Redeem at NAV on business days; the fund seeks to maintain $1.00 | Daily dividends reinvested as shares; Form 1099-DIV |
TL;DR
The comparison in two sentences
FOBXX is a conventional government money market fund, registered with the SEC, PwC-audited, open to US residents from $20, with a 0.20% expense cap, daily dividends and business-day redemption at a $1.00 NAV it has reported since 2021. USTB is a private Treasury-bill fund for qualified purchasers from $100,000, with a 0.15% stated fee, an accumulating NAV, same-day dollar and immediate USDC redemption, and DeFi collateral use, under offering documents that give shareholders no vote and an instant-redemption route funded by an affiliated lender that ranks ahead of them.
If you read nothing else: jump to who can buy each →
At a glance
Side-by-side at a glance
| Feature | USTB (Superstate) | FOBXX (Franklin Benji) |
|---|---|---|
| Fund | Invesco Short Duration US Government Securities Fund, a series of Superstate Asset Trust | Franklin OnChain U.S. Government Money Fund, the single series of Franklin Templeton Trust |
| Regulation | Private fund: Rule 506(c), Section 3(c)(7) | Registered open-end fund under Rule 2a-7 |
| Launched | First sale February 14, 2024 | April 6, 2021 on Stellar |
| Manager | Invesco Advisers (since Q2 2026) | Franklin Advisers; sub-advisor Western Asset |
| Size | $725.5M (2026-10-22, fund page) | $668.0M net assets (2026-09-30, N-MFP3) |
| Latest yield | 3.63% 30-day yield, net (2026-10-22) | 3.73% seven-day net yield (2026-09-30) |
| Cost | 0.15% management fee; 0.10% rebate above $25M | 0.20% net expense ratio cap through 2027-07-31 |
| Minimum | $100,000 unless waived | $20 (Stellar) to $5,000,000 (Ethereum) |
| Redemption | Same day in USD; immediate in USDC, subject to liquidity | Business days at NAV |
| Income | Accumulating NAV ($11.2554 on 2026-10-22) | Daily dividends reinvested at $1.00 |
| Networks | Ethereum, Solana, Plume; book-entry | Nine approved networks; most supply on Stellar |
| AltStreet platform score | Superstate 59.9 (B), rating the whole shelf, not USTB alone | Benji 72.5 (A) |
Head-to-head
USTB vs FOBXX, factor by factor
Seven factors, starting with the one that decides most readers' choice, with a $100,000 example beside the income section.
Qualified purchasers from $100,000 vs US retail from $20
USTB vs FOBXX: Who Can Buy
This is the factor that decides most readers' choice before anything else. USTB's Form D relies on Rule 506(c) and Section 3(c)(7) of the Investment Company Act, which limits buyers to qualified purchasers: in general, individuals with at least $5 million of investments or entities with $25 million. Superstate's fund page says USTB offers 'Accredited Investors and Qualified Purchasers' access, and its investor guide mentions accredited investors alone, but the 3(c)(7) exclusion requires qualified-purchaser status, so read the requirement as both. The minimum is $100,000 unless Superstate waives it, and onboarding runs through Superstate's portal with KYC and wallet allowlisting. FOBXX is an SEC-registered fund intended for sale to US residents: individuals buy through the Benji app after identity checks, institutions through a web portal, and the minimum depends on the network on which the shares are recorded, because the fund's cost per transaction differs by network.
Practical answer
A US investor who is not a qualified purchaser can buy FOBXX and cannot buy USTB. A qualified purchaser can buy either; the rest of this guide is for that reader.
| Decision factor | What changes |
|---|---|
| Eligibility | USTB: qualified purchasers (3(c)(7), Rule 506(c)); US and eligible non-US. FOBXX: US residents, retail and institutional. |
| Minimum | USTB: $100,000 unless waived. FOBXX: $20 on Stellar, $100 on Aptos, Base or Solana, $1,000 on Polygon or Arbitrum, $20,000 on Avalanche, $5,000,000 on Ethereum. |
| How you buy | USTB: Superstate portal, USD wire or USDC. FOBXX: Benji app or institutional portal, linked bank account; USDC conversions on the platform since June 2024. |
| Who runs onboarding | USTB: Superstate (KYC, accreditation and QP checks, allowlist). FOBXX: Franklin Templeton's transfer agent (KYC, whitelisting). |
A series of a Delaware statutory trust vs a Rule 2a-7 fund
USTB vs FOBXX: A Private Fund or a Registered Money Market Fund
Both are funds, and in both the investor owns shares rather than a claim on the sponsor. USTB, now the Invesco Short Duration US Government Securities Fund, is a series of Superstate Asset Trust, a Delaware statutory trust; Invesco Advisers has managed it since the second quarter of 2026 (it launched in February 2024 under Superstate Advisers), BNY Mellon is custodian, NAV Fund Services calculates NAV, PwC is named as auditor, and Superstate Services, an SEC-registered transfer agent, keeps the register. It is not registered under the Investment Company Act: its terms are in a private placement memorandum available after onboarding, its shareholders have no voting or approval rights under the trust agreement, and the manager can modify certain fund limitations without consent. FOBXX is the single series of Franklin Templeton Trust, an SEC-registered open-end fund operating under Rule 2a-7 since April 2021: at least 99.5% of assets in government securities, cash and government-collateralized repo, with maturity, diversification and liquidity rules, a public prospectus, monthly N-MFP reports and PwC-audited annual reports. Franklin Advisers manages it, Western Asset has sub-advised since May 2026, JPMorgan Chase Bank is custodian, and Franklin Templeton Investor Services keeps the register.
Practical answer
FOBXX carries the protections of a registered money fund; USTB carries a private fund's terms with unusually detailed public holdings. Both put a Treasury portfolio between you and the sponsor; FOBXX's rules are set by regulation, USTB's by its offering documents.
| Decision factor | What changes |
|---|---|
| Legal form | USTB: series of Superstate Asset Trust (Delaware statutory trust), private fund. FOBXX: series of Franklin Templeton Trust, registered open-end money market fund. |
| Manager | USTB: Invesco Advisers (since Q2 2026). FOBXX: Franklin Advisers, sub-advisor Western Asset. |
| Custody, audit | USTB: BNY Mellon; PwC named as auditor, statements in the portal. FOBXX: JPMorgan Chase Bank; PwC-audited annual reports on EDGAR. |
| Register | USTB: Superstate Services (SEC-registered transfer agent). FOBXX: Franklin Templeton Investor Services. |
| Shareholder rights | USTB: no voting or approval rights under the trust agreement. FOBXX: rights of a registered fund's shareholders; board mostly independent of Franklin. |
Treasury bills only vs government securities and repo under 2a-7
USTB vs FOBXX: What the Fund Holds
USTB holds short-dated US Treasury bills directly. Its fund page lists 35 bills maturing between October 2026 and March 2027 totaling $724.5 million, and showed $725.5 million of assets on October 22, 2026. FOBXX holds government securities and government-collateralized repurchase agreements under Rule 2a-7's portfolio rules; its daily and weekly liquid assets were 63.47% and 69.72% at August 31, 2026, and its net assets were $668.0 million at September 30, 2026. Neither fund holds other funds as its core exposure, unlike some tokenized Treasury products. The holder bases differ: USTB's Form D reports 114 investors since February 2024, and its adviser's Form ADV reported 83 beneficial owners at the end of 2025. FOBXX's statement of additional information reported five holders, beneficially or of record, accounting for 74.9% of shares on July 1, 2026, including two Franklin companies with 30.94% and Ondo I LP, the fund behind Ondo's OUSG token, with 9.45%; its August 2026 report classified 6.91% of shares of record as retail.
Practical answer
Both are short-government portfolios held directly. USTB is the narrower one, Treasury bills only; FOBXX can also use government repo and reports its liquidity every month.
| Decision factor | What changes |
|---|---|
| Portfolio | USTB: US Treasury bills (35 maturities listed on its page). FOBXX: government securities, cash and government repo, at least 99.5% under Rule 2a-7. |
| Size | USTB: $725.5M (fund page, 2026-10-22). FOBXX: $668.0M net assets (N-MFP3, 2026-09-30). |
| Holders | USTB: 114 investors on its Form D since 2024; 83 beneficial owners at end-2025 (Form ADV). FOBXX: five holders reported for 74.9% (July 2026); 6.91% retail of record (August 2026). |
| Holdings disclosure | USTB: dated bill-by-bill list on the fund page. FOBXX: monthly N-MFP3 with every holding, filed on EDGAR. |
0.15% with a rebate above $25 million vs a 0.20% net expense ratio cap
USTB vs FOBXX: Fees and Costs
USTB's page states a management fee of 0.15%, with Invesco rebating 0.10% monthly on an investor's average daily holding above $25 million, and no performance fee; the 30-day yield it shows is net of fees and expenses, but the page does not publish a total expense ratio. The holder pays gas to transfer or burn tokens and bank fees on wires. FOBXX charges a 0.15% management fee plus other expenses, capped at a 0.20% net expense ratio through July 31, 2027; the cap appears in the prospectus fee table and the audited annual reports show 0.20% in every full year since 2023. Franklin pays the network fees. Neither fund charges a purchase or redemption fee.
Practical answer
USTB's stated fee is lower, and much lower above $25 million; FOBXX's all-in cost is published and audited. On a $100,000 holding the difference is about $50 a year before FOBXX's other expenses and USTB's gas.
| Decision factor | What changes |
|---|---|
| Management fee | USTB: 0.15%; 0.10% rebate on average holdings above $25M. FOBXX: 0.15%. |
| All-in cost | USTB: total expense ratio not published; yield shown net. FOBXX: 0.20% net expense ratio cap through 2027-07-31. |
| Network fees | USTB: gas paid by the holder. FOBXX: paid by Franklin. |
| Loads | Neither charges a purchase or redemption fee. |
Same day in dollars or immediately in USDC vs business-day redemption at NAV
USTB vs FOBXX: Redemption Timing
USTB is priced continuously. Superstate's documentation says USDC redemptions are paid immediately, including on non-business days, 'subject to available liquidity', and dollar redemptions the same day if received before 1pm ET; subscriptions work the same way (5pm ET cutoff for wires). There is also a one-transaction route on Ethereum, Protocol Redeem, which USTB's risk factors describe as available 'when available', within dynamic daily caps, and funded by a liquidity facility with an affiliated provider whose claims would rank senior to shareholders if the fund defaulted or became insolvent; the provider is not named. Ordinary same-day dollar redemption does not depend on that facility. FOBXX shares are redeemed at NAV, which the fund seeks to keep at $1.00 and has reported every day since April 2021, on business days through the Benji app or portal, with dollars returned to the linked bank account; authorized institutions can also swap through BenjiSwap.
Practical answer
USTB is the faster exit, around the clock in USDC; its fastest route leans on an unnamed affiliated lender. FOBXX's exit follows a money fund's business-day schedule at a $1.00 NAV the fund seeks to maintain, as an objective rather than a guarantee.
| Decision factor | What changes |
|---|---|
| Dollar redemption | USTB: same day if received by 1pm ET. FOBXX: business days, to the linked bank account. |
| USDC | USTB: immediate, including non-business days, subject to available liquidity. FOBXX: USDC conversions on the Benji platform; not the primary redemption route. |
| Instant on-chain route | USTB: Protocol Redeem on Ethereum, capped daily, funded by an affiliated facility senior to shareholders. FOBXX: BenjiSwap for authorized institutions. |
| Price | USTB: continuous NAV per share ($11.2554 on 2026-10-22). FOBXX: NAV the fund seeks to hold at $1.00. |
An accumulating NAV vs daily dividends reinvested as new shares
USTB vs FOBXX: How Income Reaches You
USTB pays no distributions. Income accrues into its NAV per share on market days, the management fee accrues against it, and the token count stays fixed: USTB's NAV per share has risen from $10.00 at launch in February 2024 to $11.2554 on October 22, 2026. Its page showed a 30-day yield of 3.63% on that date, net of fees and expenses; Superstate's documentation says its 30-day yields are calculated from the change in NAV per share over the period. FOBXX declares dividends every day and reinvests them as new shares at $1.00, so the token balance grows; it reported a seven-day net yield of 3.73% for the week ending September 30, 2026 on Form N-MFP3, and audited total returns of 3.94% for the year to March 2026 and 4.81% the year before. The two yields are different measures taken on different dates, so treat any gap between them as indicative.
Practical answer
Both deliver Treasury bill income less a small fee. USTB grows the value of each token; FOBXX grows the number of tokens. That difference matters most for tax reporting and for any system that expects a $1.00 price.
| Decision factor | What changes |
|---|---|
| Mechanism | USTB: accumulating NAV, no distributions. FOBXX: daily dividends, reinvested as shares at $1.00. |
| Latest published yield | USTB: 3.63% 30-day yield, net (2026-10-22). FOBXX: 3.73% seven-day net yield (2026-09-30). |
| Audited record | USTB: none published. FOBXX: total returns 2.79%, 5.12%, 4.81%, 3.94% for fiscal 2023 to 2026. |
| Tax form | USTB: not stated on Superstate's public pages. FOBXX: Form 1099-DIV, ordinary income. |
Worked example
What $100,000 buys, at each fund's latest published yield
USTB's minimum is $100,000, so this example starts there. AltStreet arithmetic on each fund's latest published yield held constant for a year, which it will not be; the two yields are different measures on different dates. Before tax.
| Item | USTB | FOBXX |
|---|---|---|
| What $100,000 buys | About 8,885 shares at $11.2554 (2026-10-22) | 100,000 shares at $1.00 |
| Income at the latest yield | About $3,630 a year at 3.63%, added to the NAV per share; the share count stays the same | About $3,730 a year at 3.73%, paid as about $10 of new shares a day |
| Fee inside that yield | 0.15%, about $150 a year | 0.20% net expense ratio, about $200 a year |
| Network that admits this amount | Any of Ethereum, Solana, Plume or book-entry | Any except Ethereum, where the minimum is $5,000,000 |
| Value if you exit | Shares times NAV per share; same day in USD or immediately in USDC | 100,000-plus shares at NAV, which the fund seeks to keep at $1.00; business days |
The two income lines differ by about $100 a year, less than the movement in either yield over a few weeks. The fee gap of about $50 is the more durable difference, and it widens in USTB's favor above $25 million, where Invesco rebates 0.10%.
Allowlisted transfers on three networks vs whitelisted transfers on nine
USTB vs FOBXX: Wallets, Transfers and Control
USTB tokens live on Ethereum (71.57% of shares on October 22, 2026), Solana and Plume, with 27.76% held in book-entry, and Superstate's documentation says they are 'freely transferable between wallet addresses on the Allowlist'. They are accepted as collateral on Aave, where about $9.4 million of USTB sat on October 22. Superstate's contracts are upgradeable, and its admin address controls minting, the allowlist and 'forcibly burning an investor's tokens (if required by exogenous legal circumstances)'. FOBXX's system is approved for nine networks, with Franklin publishing contract addresses for eight (Stellar holds most of the supply); peer-to-peer transfers between whitelisted wallets opened to institutions in April 2024 and retail in May 2025. The prospectus says shares on the system are 'under the unilateral control of the transfer agent', which can correct the records, every network is configured with whitelisting and clawback, and peer-to-peer transfers need not occur at NAV and are not a public market.
Practical answer
Both tokens move between approved wallets and neither is a bearer asset. USTB is the more DeFi-connected of the two; FOBXX is on more networks. In both, the transfer agent's record is the ownership, not the wallet balance.
| Decision factor | What changes |
|---|---|
| Networks | USTB: Ethereum, Solana, Plume, plus book-entry. FOBXX: nine approved, contracts published for eight; most supply on Stellar. |
| Transfers | USTB: between allowlisted addresses. FOBXX: between whitelisted wallets; need not be at NAV. |
| DeFi | USTB: Aave collateral (about $9.4M on 2026-10-22). FOBXX: not part of Franklin's stated design. |
| Issuer control | USTB: upgradeable contracts; admin can mint, change the allowlist and force-burn. FOBXX: transfer agent has unilateral control of records; clawback on every network. |
Benji and USTB alternatives
Other tokenized Treasury products, by who can buy them
For a US retail investor the list is short; for a qualified purchaser it is longer. AltStreet's reviews and guides cover each of these.
| Product | What it is | Who can buy |
|---|---|---|
| FOBXX (Franklin Benji) | SEC-registered government money market fund | US residents, from $20 |
| YLDS (Figure) | SEC-registered face-amount certificate paying SOFR minus 0.35%; an unsecured claim on Figure Certificate Company | US retail after KYC, no minimum |
| USTB (Superstate) | Private Treasury-bill fund, Invesco-managed | Qualified purchasers, $100,000 |
| OUSG (Ondo) | Private fund holding Treasury exposure largely through other tokenized funds | Qualified purchasers |
| BUIDL (BlackRock, via Securitize) | Institutional tokenized liquidity fund at $1.00 | Qualified purchasers at institutional minimums |
| USDY (Ondo) | Yield-bearing tokenized note | Non-US persons only (Regulation S) |
See YLDS vs Franklin Benji, Superstate vs Ondo and Superstate vs Securitize.
Final read
Bottom line
For most US individuals the choice is made by eligibility: FOBXX is open to them and USTB is not. For a qualified purchaser the two funds hold much the same thing, short-term US government debt, and pay much the same yield. The difference is the wrapper. FOBXX gives the protections of a registered money market fund, public monthly reporting and audited returns, at a 0.20% cost and a money fund's business-day schedule. USTB gives a lower stated fee, an exit in USDC at any hour, and use as DeFi collateral, under a private placement memorandum that gives shareholders no vote, and with a fastest redemption route funded by an affiliated lender that ranks ahead of shareholders.
Neither token is a bearer asset: each fund's transfer agent keeps the record, approves the wallets and can correct or reverse holdings. Size each as a fund share recorded on a blockchain, not as a stablecoin.
Primary sources
Sources and access
USTB / Superstate
- ›USTB fund page (as displayed October 22, 2026): Assets, NAV per share, 30-day yield, fee and rebate, holdings, networks, service providers, risk factors.
- ›Superstate documentation: USTB: Subscription and redemption timing, minimum, allowlist transfers, accumulating NAV.
- ›Superstate documentation: NAV, income and yield: How the accumulating NAV and 30-day yield are calculated.
- ›USTB Form D filings (CIK 2004367): Rule 506(c) and 3(c)(7) reliance; $5.92B sold to 114 investors (D/A, July 14, 2026).
FOBXX / Franklin Benji (SEC EDGAR)
- ›Prospectus and statement of additional information (485BPOS, July 2026): Fee table and cap, minimums by network, blockchain and peer-to-peer terms, principal holders as of July 1, 2026.
- ›Form N-MFP3, September 30, 2026: Net assets, seven-day gross and net yields, holdings, owner categories.
- ›Annual reports (N-CSR): PwC-audited total returns and expense ratios for fiscal 2023 to 2026.
FAQs
Superstate vs Franklin Benji: Common questions
Can retail investors buy BENJI if they cannot qualify for USTB?＋
Yes, if they are US residents. USTB is a private fund that relies on Section 3(c)(7) of the Investment Company Act, so it is limited to qualified purchasers (in general, individuals with at least $5 million of investments), with a $100,000 minimum unless Superstate waives it. FOBXX, the fund behind the BENJI token, is an SEC-registered government money market fund intended for US residents, bought through the Benji app after identity checks, with a minimum of $20 on Stellar. Franklin's Benji funds for non-US investors are separate products.
What is the difference between BENJI and FOBXX?＋
FOBXX is the fund: the Franklin OnChain U.S. Government Money Fund, the single series of Franklin Templeton Trust. BENJI is the token that records one FOBXX share on a public blockchain, and Benji is also the name of Franklin's app and platform. The same platform records other tokens for non-US funds (iBENJI, a BVI institutional fund; gBENJI and grBENJI, a Luxembourg UCITS money fund; sgBENJI, a Singapore fund), which are not FOBXX and are not registered with the SEC.
How does a registered money market fund differ from USTB?＋
FOBXX is registered under the Investment Company Act and runs under Rule 2a-7: at least 99.5% of assets in government securities, cash and government-collateralized repo, maturity and liquidity limits, a mostly independent board, a public prospectus, monthly N-MFP reports and PwC-audited annual reports. USTB is a private fund excluded from that Act: its rules are in a private placement memorandum available only after onboarding, its shareholders have no voting or approval rights under the trust agreement, and its manager can change certain fund limitations without consent. USTB's page does publish a dated holdings list of Treasury bills, and it names PwC as auditor.
How do fees, minimums and redemption timing compare?＋
USTB charges a 0.15% management fee, with a 0.10% rebate on average holdings above $25 million; its minimum is $100,000. FOBXX's net expense ratio is capped at 0.20% through July 31, 2027; its minimum is $20 on Stellar, $100 on Aptos, Base or Solana, $1,000 on Polygon or Arbitrum, $20,000 on Avalanche and $5,000,000 on Ethereum. USTB redeems the same day for dollar requests received by 1pm ET and immediately in USDC, including on non-business days, subject to available liquidity. FOBXX redeems at NAV on business days, with dollars sent to the linked bank account.
How does each fund distribute or accumulate income?＋
USTB pays no distributions. Income accrues into its NAV per share, which started at $10.00 in February 2024 and stood at $11.2554 on October 22, 2026, so a holder's token count stays the same while each token becomes redeemable for more. FOBXX declares dividends daily and reinvests them as new shares at $1.00, so the token count grows; the dividends are reported on Form 1099-DIV as ordinary income. Superstate's public pages do not state how USTB income is reported for tax.
Can either token be transferred between wallets?＋
Yes, both, but only between approved wallets. USTB is transferable between addresses on Superstate's allowlist on Ethereum, Solana and Plume, and it is accepted as collateral on Aave. BENJI peer-to-peer transfers between whitelisted wallets opened to institutions in April 2024 and to retail in May 2025; the prospectus says they need not occur at NAV and are not a public market. Neither token is listed on an exchange, and both issuers' transfer agents keep the official record: Superstate's admin address can force-burn tokens, and Franklin's transfer agent has unilateral control of the records and a clawback function.
Which pays more, USTB or FOBXX?＋
The published yields are measured differently and on different dates. USTB's page showed a 30-day yield of 3.63%, net of fees and expenses, on October 22, 2026; Superstate's documentation says its 30-day yields are calculated from the change in NAV per share over the period. FOBXX reported a seven-day net yield of 3.73% for the week ending September 30, 2026, on Form N-MFP3. Both track Treasury bill rates, so the gap on any one day is small and moves; the fee difference (0.15% against a 0.20% cap) is the more durable one.
What are the alternatives to Benji and USTB?＋
For a US retail investor, the other SEC-registered dollar product AltStreet has compared with Benji is Figure's YLDS, a face-amount certificate with no minimum (see the YLDS vs Franklin Benji guide). For qualified purchasers, the close alternatives to USTB are Ondo's OUSG, which holds Treasury exposure largely through other tokenized funds, and BlackRock's BUIDL, an institutional fund issued through Securitize. USDY, Ondo's yield-bearing note, is closed to US persons.
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USTB vs BlackRock BUIDL, then FundOS against Securitize's issuance platform.
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