Franklin Templeton Benji

Benji is Franklin Templeton's platform for recording fund shares on public blockchains, and its US product is the Franklin OnChain U.S. Government Money Fund (FOBXX): an SEC-registered government money market fund, audited by PwC, which maintains a stable $1.00 net asset value and records each share as a BENJI token on public blockchains; peer-to-peer transfers between approved wallets can occur at a separately negotiated price. The fund itself is conventional: a 0.20% net expense ratio, audited total returns of 2.79% to 5.12% a year since 2023, and $686.6 million of net assets at August 31, 2026. What is unusual is the holder base and who controls the record. Five holders were reported as beneficial owners or holders of record of 74.9% of the fund on July 1, 2026, two of them Franklin companies with 30.94% between them, and the fund's August 2026 monthly report classified 6.91% of shares of record as retail. On-chain does not mean bearer-style ownership here: the prospectus says shares on the transfer agent's system are under its unilateral control and that it can correct the records.