Franklin Templeton’s BENJI tokenized money market fund has quietly turned into the biggest success story in the tokenized treasury space this year. The fund, which represents shares in the Franklin OnChain US Government Money Fund (FOBXX), reached approximately $1.98 billion in assets under management by late April 2026 and has since blown past the $2.5 billion mark.

That’s over 100% growth year-to-date.

From first mover to market leader

FOBXX launched on Stellar in April 2021, making it the first US-registered mutual fund to leverage a public blockchain for record-keeping and transactions. The fund’s cumulative peer-to-peer transfer volume exceeded $211 million as of March 31, 2026, a figure that reflects genuine on-chain activity rather than just passive holdings sitting in wallets.

To put BENJI’s $2.5 billion AUM in perspective, Franklin Templeton manages $1.74 trillion in total firm assets as of April 30, 2026. So the tokenized fund is still a rounding error relative to the whole operation. But the growth rate tells a different story entirely.

Strategic partnerships are accelerating adoption

In May 2026, the company announced a partnership with DigiFT aimed at enhancing BENJI access across Asia. Then in June 2026, Franklin Templeton integrated with MoonPay Trade to enable institutional swaps between stablecoins and BENJI tokens. On July 1, 2026, a landmark on-chain Treasury transaction was executed via Tradeweb on the Canton Network. Tradeweb is one of the largest electronic trading platforms for fixed-income products, processing trillions in daily volume.

The Asian expansion through DigiFT will need to navigate a patchwork of local regulations that vary significantly from country to country. And while the Canton Network transaction with Tradeweb was a milestone, the volume of on-chain treasury trading remains a fraction of traditional markets.