Franklin Templeton presents BENJI, a tokenized money fund, as an instrument intended for treasury management, collateral and yield optimization on blockchain. Each token represents a share of the Franklin OnChain US Government Money Fund, which targets a net asset value of $1, while ownership is recorded publicly across multiple chains. The U.S. fund, launched on Stellar in April 2021, reportedly holds between $667 million and $687 million in onchain assets, while all BENJI variants reportedly exceed $2 billion in combined assets. An SEC no-action letter dated August 12, 2026 permits, under specific conditions, the use of BENJI shares as collateral for cash management and securities lending, while DeFi integration remains focused primarily on institutional and qualified investors.
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