iBENJI, issued by Franklin Advisers, Inc., is a tokenized money market fund interest representing one share of the Franklin OnChain U.S. Government Money Fund, an institutional onchain share class recorded natively on public blockchains [S1][S2].

Each token tracks the Franklin OnChain U.S. Government Money Fund (ticker FOBXX), which invests at least 99.5% of total assets in U.S. Treasury (USD) securities, cash, and repurchase agreements collateralized by U.S. government securities or cash, consistent with Rule 2a-7 [S2]. The fund maintains a stable $1.00 NAV and distributes daily income by minting new tokens into holders' wallets [S1][S2]. Total annual fund operating expenses are contractually capped at 0.20% until July 31, 2026 [S2].

The issuing vehicle is the Franklin OnChain U.S. Government Money Fund, a United States open-end mutual fund registered with the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940 and managed by Franklin Advisers, Inc. [S2]. Each token represents one registered mutual fund share, not a bearer instrument; the transfer agent retains full control of records and may correct unauthorized transactions and limit transferability [S2]. The fund is offered to eligible institutional investors through the Institutional Web Portal following identity verification, KYC, and AML screening [S1][S2]. Holders redeem at $1.00 per share during business hours; underlying securities sit with a qualified custodian [S2].

The token is deployed natively via the Benji platform, with the iBENJI variant issued on Ethereum and institutional access extending to BNB Smart Chain among supported networks subject to eligibility approval [S1][S3][S4]. Shares are issued and redeemed through the Institutional Web Portal at $1.00 NAV during business hours, with cross-chain movement using a burn-and-mint mechanism [S1][S2][S4].

<Sources
  retrievedAt="2026-06-24"
  items={[
    { id: "S1", url: "https://digitalassets.franklintempleton.com/benji/" },
    { id: "S2", url: "https://www.franklintempleton.com/investments/options/money-market-funds/products/29386/SINGLCLASS/franklin-on-chain-u-s-government-money-fund/FOBXX" },
    { id: "S3", url: "https://digitalassets.franklintempleton.com/benji/benji-contracts/" },
    { id: "S4", url: "https://digitalassets.franklintempleton.com/benji/suitability-framework/" },
  ]}
/>


# Asset mints methodology

## 1. Overview

Asset mints is a metric that represents the total value of new assets minted onchain. Daily mint volumes are tracked across supported blockchains to quantify the issuance of tokenized assets. Gross mint events are identified from native token transfer logs and transaction-level supply changes. To ensure accuracy for assets with pre-minted supplies, corrections are applied by subtracting non-circulating allocations. The final metric is normalized by decimal precision and converted to USD using end-of-day price feeds.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: SPL token `Mint` instructions
- **Non-EVM chain events and transactions**:
 - Algorand: Asset Configuration (`acfg`) transactions and token transfers
 - Cardano: UTXO-derived mint and burn events
 - Near: Token mint events
 - Polkadot Asset Hub: `Issued` events from `assets` pallets
 - Ripple: Transaction-level issuer net flows
 - Stacks: Token transfers with null senders
 - Sui: `TreasuryCap` object total supply changes
 - Stellar: SEP-41 `sep41_mint` events

- **Asset metadata**: Token addresses and decimal precision retrieved from token metadata
- **External data**: End-of-day price feeds sourced from market data providers

## 3. Step-by-step calculation

### Component A: Gross mint extraction

- **Purpose**: Extract raw mint events across all supported blockchains
- **Logic**: On EVM-compatible chains, ERC-20 `Transfer` events are parsed where the sender address is the zero address. On Solana, SPL token `Mint` instructions are extracted. On Algorand, withdrawals from asset configuration addresses are identified as gross mints. On Cardano, positive supply deltas are derived from transaction UTXO inputs and outputs. On Near, token mint events are extracted. On Polkadot Asset Hub, `Issued` events from `assets` pallets are parsed. On Ripple, transaction-level net flows are calculated, and positive net flows from issuer accounts are classified as mints. On Stacks, token transfers with a null sender address are extracted. On Sui, total supply changes are decoded from `TreasuryCap` objects. On Stellar, SEP-41 `sep41_mint` events are parsed.
- **Key fields**: `amount` (raw token quantity), `token_address` (asset contract or token identifier), `timestamp` (block timestamp)

### Component B: Premint correction

- **Purpose**: Adjust gross mints to exclude pre-minted tokens that do not enter active circulation
- **Logic**: For supported assets, a correction is applied to distinguish between gross mints and circulating supply changes. Mints that are sent directly to designated non-circulating premint addresses are classified as premints. Conversely, transfers from these premint addresses to circulating addresses are classified as premint issuances. Corrected mints are calculated by subtracting premints from gross mints and adding premint issuances.
- **Key fields**: `amount` (corrected token quantity), `token_address` (asset contract), `account_address` (premint address)

### Component C: Decimal normalization

- **Purpose**: Normalize raw token quantities into standard units
- **Logic**: Raw token amounts are normalized by decimal precision. Decimal precision is retrieved from token metadata for each specific asset.
- **Key fields**: `amount` (normalized token quantity), `decimals` (decimal precision)

### Component D: Final aggregation and USD conversion

- **Purpose**: Aggregate daily normalized mints and convert the values to USD
- **Logic**: Normalized daily mint amounts are aggregated by asset and blockchain. Daily USD values are calculated by multiplying the daily normalized mint amount by the end-of-day price feed for the respective asset. If no mint events occur on a given day, the daily value is filled with zero values.
- **Key fields**: `amount_usd` (daily minted value in USD), `price_usd` (end-of-day asset price)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Asset mints

Tokenized funds

Franklin Templeton operates by deploying traditional investment management expertise combined with blockchain technology, utilizing on-chain fund tokenization and smart contracts to create regulated digital asset products. Their business model centers on providing institutional clients with compliant access to digital assets while maintaining fiduciary standards, generating revenue through management fees on their blockchain-integrated investment vehicles.

The organization provides institutional-grade digital asset investment solutions, including tokenized money market funds and blockchain-based financial products. They focus on bridging traditional finance with decentralized technologies, offering regulated digital asset management services and pioneering on-chain fund structures that leverage blockchain infrastructure for enhanced transparency and efficiency.

Franklin Templeton is a global investment management firm with over 70 years of experience that has expanded into digital assets and blockchain technology through its dedicated digital assets division.

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Real-world asset (RWA) issuers

Franklin Templeton

Franklin OnChain Institutional Liquidity Fund (iBENJI) is a tokenized fund share issued by Franklin Templeton through Franklin OnChain Institutional Liquidity Fund Ltd. and managed by Franklin Advisers, Inc.

Qualified purchasers and accredited investors can subscribe and redeem.

Franklin OnChain Institutional Liquidity Fund Ltd. is incorporated in the British Virgin Islands, is regulated under the British Virgin Islands securities regime, and is supervised by the BVI Financial Services Commission.

iBENJI has been issued on public blockchains since March 2025 and is native to Ethereum and BNB Chain.

Franklin OnChain Institutional Liquidity FundiBENJI