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Manager of $1.68tn as of 31 March 2026, and the first large manager to put a US-registered mutual fund's share register on a public blockchain; its Benji suite held about $1.98bn as of 29 April 2026.
Franklin Resources, founded in New York in 1947 as Franklin Distributors and based in San Mateo since 1973, managed $1.68tn as of 31 March 2026 and was the first large manager to put a US-registered mutual fund's share register on a public blockchain. FOBXX, the Franklin OnChain U.S. Government Money Fund, launched on Stellar in 2021 and held $650m in April 2026, with about $1.98bn across the Benji suite as of 29 April 2026 and cumulative peer-to-peer transfer volume above $211m by 31 March 2026. Because Benji accrues yield by the second and lets holders move shares directly to one another, it is one of the few regulated money-fund share classes that settles outside a transfer agent's batch cycle, the property that makes it usable as collateral rather than merely as a cash holding.
Developments in which Franklin Templeton is a named party, newest first.
The Division of Investment Management said on 12 August that it would not recommend enforcement action if Franklin Templeton's registered funds put cash and securities lending collateral into its blockchain-recorded government money fund.
Franklin Templeton's Benji tokenization platform held $2.44bn in assets as of 18 July 2026, of which $1.5bn, or 61.7%, sat on BNB Chain, overtaking Stellar. BNB Chain balances rose 1,226% over the preceding month.
The Division of Investment Management said on 12 August 2026 that it would not recommend enforcement action under section 17(f) and rule 17f-2 if the group's registered funds custody Franklin OnChain U.S. Government Money Fund shares with its affiliated transfer agent, on conditions requiring that agent to keep the power to freeze, migrate and restore the official record.
The summary prospectus for the Franklin OnChain U.S. Government Money Fund, dated 6 April 2021, stated that ownership of the fund's shares "will also be recorded on the Stellar network's blockchain", with the transfer agent's book-entry record remaining determinative in any conflict. It made a registered US money market fund, rather than a token referencing one, the vehicle through which investors held a blockchain record of fund shares.
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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