Franklin Templeton’s BENJI suite reached $1.98 billion across nine chains, extending one of the longest-running regulated tokenized fund experiments in public blockchain markets.
The figure comes five years after Franklin Templeton launched BENJI on Stellar in April 2021. The product represents the Franklin OnChain U.S. Government Money Fund, or FOBXX, which Franklin Templeton describes as the world’s first U.S.-registered money market fund onchain. One share of FOBXX equals one BENJI token, with fund share ownership recorded through the firm’s blockchain-integrated Benji platform.
The structure separates BENJI from stablecoins and simple Treasury wrappers. It is a registered money-market fund share represented on public chains, with access through Franklin Templeton’s retail Benji app and institutional web platform. The fund uses government securities, cash and repurchase agreements as its underlying asset base, while blockchain rails support recordkeeping, transfer activity and wallet-level distribution.
Stellar remains the core holder network for BENJI despite the fund’s multi-chain expansion. The five-year onchain dataset recorded 974 of 1,023 distinct BENJI holders on Stellar, or about 95% of the holder base, even as asset value spread across additional networks.
That concentration fits Stellar’s broader RWA position. The network recently led 30-day RWA inflows with about $604 million added, helped by regulated yield, money-market and Treasury-style products. Franklin Templeton Benji Investments, Spiko and Ondo have been among the major contributors to Stellar’s tokenized-asset stack.
The chain split also shows how tokenized finance can be multi-chain by value while remaining concentrated by users. Ethereum, Base, Arbitrum, Avalanche, Polygon, Aptos, Solana and BNB Smart Chain expand BENJI’s institutional reach, but Stellar still carries the retail long tail and most distinct holders tied to the original deployment.
RWA.xyz’s live platform page now places Franklin Templeton Benji Investments at $2.49 billion in distributed asset value, with four tracked RWA products, 1,169 holders and $144.18 million in monthly transfer volume as of June 30.
The live BENJI asset page lists the core BENJI token at about $808.3 million in total asset value, a $1.00 NAV, 1,117 holders and a 3.50% seven-day APY. Stellar accounts for about $563.3 million of that BENJI asset value and 1,093 holders, while Base, Arbitrum, Ethereum, Avalanche, Polygon and Aptos carry smaller balances.
The BENJI data adds another regulated asset-manager example to the wider tokenized RWA market, where Treasuries, money-market products, private credit, commodities and equity-style products are competing for institutional distribution. Franklin Templeton has also kept expanding its digital-asset product line, including proposed Bitcoin DRIP ETFs that would route U.S. stock dividends into Bitcoin-linked exposure.
Franklin Templeton Benji Investments stood at $2.49 billion in distributed asset value on RWA.xyz as of June 30, while the core BENJI asset page listed $808.3 million in total asset value, 1,117 holders and 1,093 Stellar holders.
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