Franklin Templeton's Tokenized Treasury Fund Skyrockets to $2.5 Billion

Franklin Templeton has quietly become a leader in tokenized Treasury issuers with explosive AUM growth in 2026. 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 surpasses most DeFi yield farms.

This growth translates to more than 100% year-to-date growth for a product that invests in US Treasuries. FOBXX was launched in April 2021 as the first US-registered mutual fund to use a public blockchain for recording share ownership, initially living on the Stellar blockchain before expanding to at least seven public networks.

The multi-chain approach has driven adoption, with cumulative peer-to-peer transfer volume on the BENJI token exceeding $211 million as of March 31, 2026. To put this in perspective, Franklin Templeton manages approximately $1.74 trillion in total firm assets as of April 30, 2026.