Franklin Templeton’s tokenized US government money fund has quietly become the biggest story in real-world asset tokenization this year. The firm’s BENJI token, which represents shares in the Franklin OnChain US Government Money Fund (FOBXX), grew from roughly $594 million in January 2026 to over $2.5 billion by July, a pace that makes most DeFi yield farms look sluggish by comparison.
That’s more than 100% year-to-date growth for a product that invests in the least exciting asset class on Earth: US Treasuries.
From first mover to market leader
Franklin Templeton launched FOBXX in April 2021, making it the first US-registered mutual fund to use a public blockchain for recording share ownership.
The fund initially lived on the Stellar blockchain but has since expanded to at least seven public networks, including Ethereum, Polygon, Avalanche, Arbitrum, and Solana. That multi-chain approach has been central to driving adoption. Cumulative peer-to-peer transfer volume on the BENJI token exceeded $211 million as of March 31, 2026.
