Single URL, two layers: use the BENJI claim checker first, then read the report layer for dated evidence, method boundaries, competitor context, and risk controls.
This canonical route explicitly answers both alias intents: franklin onchain u.s. government money fund benji tokenized and franklin onchain u.s. government money fund benji aum 2025 tokenized.
Tool-first layer
The checker handles input, error, and boundary states, then returns status-specific CTA paths for immediate next action.
Report summary layer
Form N-MFP3 filed 2026-01-07 reports Franklin OnChain U.S. Government Money Fund net assets of $766,018,244.59.
Across 12 N-MFP3 filings, gross subscriptions totaled $912.96M and gross redemptions totaled $706.02M in 2025.
Positive year net flow masks alternating pressure: Jan, Jun, Jul, Sep, Nov, and Dec were net-redemption months.
Report-date to filing-date lag averages 5.9 days, so period-end claims need filing-date checks.
SEC filing series shows 2025 daily ranges down to 3.57%; issuer API shows 3.53% current and 3.59% effective yield with waiver as of 2026-03-02 (3.48%/3.54% without waiver).
Franklin reports 0.22% gross and 0.20% net expense ratio (as of 2025-08-01), with contractual limitation expiring 2026-07-31.
SEC summary prospectus (filed 2025-08-01) states >=99.5% in government securities/cash/repos and $20 minimum initial purchase for most accounts (*network-specific minimums may be higher).
Franklin PricingDetails + MoneyFundLiquidity APIs (as of 2026-03-02) show NAV, market NAV, and shadow NAV all at $1.0000; this is a snapshot, not a principal guarantee.
RWA.xyz payload (updated 2026-03-03T06:19:33Z) reports trailing 30-day transfer volume of $5,060,388.67 versus $921,837,808.14 total asset value.
RWA.xyz top-level payload resolves BENJI/OUSG/BUIDL at one timestamp (2026-03-03T06:19:33Z), enabling reproducible transfer-turnover comparison without endpoint fallbacks.
Monthly progression supports a date-anchored answer for 2025 intent and avoids snapshot cherry-picking.
Tool layer handles execution intent; report layer provides confidence and risk context without splitting URL intent.
Official issuer pages, SEC filings, and BENJI dashboard data all resolve to the same evidence stack; splitting routes would duplicate intent.
2025 month-end N-MFP3 records became public 4-8 days later, and as of 2026-03-03 the latest posted N-MFP3 report date is 2026-01-31 (filed 2026-02-05).
2025 gross shareholder flow is positive (+$206.94M), but 6 of 12 months were net outflow, so execution assumptions still need month-level checks.
Issuer APIs now provide both with-waiver and without-waiver 7-day yields (3.53%/3.59% vs 3.48%/3.54% on 2026-03-02), so carry assumptions must include post-waiver drift and 5bp spread checks.
SEC summary prospectus says $20 is the minimum initial purchase for most accounts and may be higher by network; BENJI dashboard metadata still lacks a public redemption minimum field.
Issuer APIs show NAV/market NAV/shadow NAV at $1.0000 on 2026-03-02, while the same SEC prospectus states investors can lose money and the fund is not FDIC insured.
RWA top-level payload resolves all three peer routes with one timestamp, yet no SEC-style monthly filing series exists for every peer in this page scope.
When evidence is incomplete, the page keeps outcomes in monitor/boundary mode and prescribes a concrete fallback instead of forcing a binary conclusion.
Alias intent answer
Question
franklin onchain u.s. government money fund benji tokenized
franklin onchain u.s. government money fund benji aum 2025 tokenized
Canonical answer
For 2025 year-end intent, this page uses SEC N-MFP3 net assets as the primary answer ($766,018,244.59 on 2025-12-31, filed 2026-01-07), then shows current dashboard context in a separate dated block. No separate alias route is created.
| Intent phrase | Canonical route | Primary answer module | Why no split route |
|---|---|---|---|
| franklin templeton tokenized fund | /learn/franklin-templeton-tokenized-fund | Tool + SEC filing table | Canonical parent intent for BENJI AUM validation. |
| franklin onchain u.s. government money fund benji tokenized | /learn/franklin-templeton-tokenized-fund | Alias section + FAQ + tool output | Same source stack and decision workflow; split page would create duplicate-intent risk. |
| franklin onchain u.s. government money fund benji aum 2025 tokenized | /learn/franklin-templeton-tokenized-fund | Alias section + FAQ + tool output | Same source stack and decision workflow; split page would create duplicate-intent risk. |
| Topic | Status | Why unresolved | Minimum executable fix path |
|---|---|---|---|
| Peer monthly filing parity with BENJI N-MFP3 set | 待确认 / no reliable public data yet | No public monthly filing source with BENJI-equivalent granularity was confirmed for every peer in scope. | Keep peer annual-window column labeled non-comparable until filing-grade parity source is identified. |
| Latest month filing availability (post-2026-01 window) | 待确认 / no reliable public data yet | As of 2026-03-03, SEC submissions show latest N-MFP3 filed on 2026-02-05 for report date 2026-01-31; next period filing is not yet public. | Treat 2026-02 month-end discussions as monitor-only until a dated filing is posted. |
| BENJI redemption minimum and cut-off SLA standardization | 待确认 / no reliable public data yet | Public BENJI metadata exposes subscription minimums, but redemption minimum/cut-off fields are not published in a standardized open payload. | Collect venue-level terms in writing before approving same-day redemption assumptions. |
| BENJI machine-readable holdings concentration feed | 待确认 / no reliable public data yet | Franklin Holdings/TopHoldings APIs for this fund currently return empty arrays, so concentration checks cannot be programmatically reproduced. | Use dated PDF holdings as interim evidence and keep automated concentration scoring disabled until API parity returns. |
| Cross-provider denominator reconciliation standard | 待确认 / no reliable public data yet | No open, regulator-recognized standard was found that reconciles SEC net assets with multi-chain dashboard asset-value fields. | Document denominator class per metric and block actionable status on unexplained drift. |
Stage1b/1c
| Gap | Fix | Result | Severity |
|---|---|---|---|
| Filing-lag context was missing for 2025 AUM claims. | Added report-date versus filing-date table for all 2025 N-MFP3 entries and quantified lag days. | Users can now identify when a claim predates public filing availability. | high -> resolved |
| Shareholder flow and yield-cycle context were not visible in decision logic. | Added SEC monthly gross subscriptions/redemptions, net-flow rollup, outflow-month count, and 7-day net-yield range with explicit dates. | Users can now detect when annual net growth hides monthly stress and when carry assumptions drift. | high -> resolved |
| Issuer fee-waiver and yield-with/without-waiver boundaries were absent. | Added Franklin issuer API cost/yield facts: gross/net expense ratio, waiver-expiry date, and 7-day current/effective yield with and without waiver. | Carry expectations are now linked to explicit as-of dates and waiver regime rather than assumed static spreads. | high -> resolved |
| Prospectus-level allocation and minimum-investment boundaries were under-specified. | Added SEC summary prospectus boundaries: >=99.5% government/cash/repo policy, $20 minimum initial purchase for most accounts, no minimum for subsequent purchases, and network-specific minimum caveat. | Readers can separate marketing shorthand from prospectus-enforced constraints before sizing allocations. | high -> resolved |
| Daily NAV/shadow-NAV and liquidity snapshots were not refreshed from issuer APIs. | Added PricingDetails + MoneyFundLiquidity API checkpoints (NAV/market NAV/shadow NAV = $1.0000; daily/weekly liquid assets 60.17%/84.01% as of 2026-03-02). | Short-horizon operational checks now use dated issuer telemetry rather than stale static values. | high -> resolved |
| BUIDL route status was stale (endpoint marked unstable without recheck). | Re-ran RWA.xyz top-level payload extraction and upgraded BUIDL telemetry from pending endpoint to reproducible dashboard evidence. | Peer table now uses one shared timestamp across BENJI/OUSG/BUIDL and reserves pending flags for filing-grade parity only. | high -> resolved |
| Latest filing availability boundary for post-2025 claims was easy to miss. | Added explicit latest-filed marker (report date 2026-01-31 filed 2026-02-05) and blocked unfiled-month assumptions from actionable outputs. | Readers now see when the next month is still pending instead of treating missing filings as zero-change. | medium -> resolved |
| Boundary outputs opened on a positive-drivers view by default. | Tool now opens monitor/boundary results on boundary tab and shows a visible boundary alert summary above tabs. | High-risk outputs surface constraints first, reducing unsafe interpretation drift. | high -> resolved |
| Token-to-share legal boundary was implied but not explicit. | Added issuer-backed boundary rows: 1 FOBXX share = 1 BENJI token, transfer agent remains official shareholder record. | On-chain transfer claims are now framed with ownership-record constraints. | high -> resolved |
| Tool actionable gate could still pass with dashboard-only evidence or same-day liquidity assumptions. | Updated tool scoring gate so actionable status now requires SEC filing source, <=8% claim delta, non-same-day liquidity, and no cross-chain dependency. | High-risk assumptions now stay in monitor/boundary mode with explicit fallback CTAs instead of execution-ready labeling. | high -> resolved |
| No public, SEC-style monthly filing set is available for every peer in this workflow. | Added pending-evidence registry with "to be confirmed / no reliable public data yet" labels. | Unverifiable peer annual-window claims are now blocked from actionable status. | medium -> open |
| BENJI redemption minimum and cut-off SLA are often assumed but not publicly standardized. | Added pending marker: RWA BENJI metadata exposes subscription minimum, but redemption minimum remains null and prospectus points to venue-specific terms. | Execution recommendations now require channel confirmation instead of assuming universal same-day redemption terms. | medium -> open |
| Holdings-level concentration checks lacked reproducible API payloads. | Queried Franklin Holdings/TopHoldings endpoints and documented empty-array response as unresolved evidence. | Concentration conclusions are now explicitly constrained until public holdings payload parity is restored. | medium -> open |
| Severity | Before | After | Review note |
|---|---|---|---|
| blocker | 1 | 0 | Tool loop and direct alias answer remain available in one canonical route. |
| high | 10 | 0 | Date-lag, flow/yield cycle, fee-waiver spreads, prospectus boundaries, issuer API freshness, ownership boundaries, alias variants, boundary-first framing, and actionable-gate hardening are explicit. |
| medium | 5 | 3 | Open items now isolated to peer filing-grade monthly parity, BENJI redemption-SLA transparency, and holdings-level payload availability. |
| low | 5 | 1 | Minor copy compression and table-density tuning are queued for SEO/GEO stage. |
Data layer
| Metric | Value | Status | Context | Decision implication |
|---|---|---|---|---|
| BENJI net assets (2025-12-31) | $766,018,244.59 | Known | SEC Form N-MFP3 Item A.16 | Use this as canonical 2025 year-end answer for AUM-intent queries unless a different period is explicitly requested. |
| BENJI net assets (2025-01-31) | $511,781,578.83 | Known | SEC Form N-MFP3 Item A.16 | Baseline for year growth checks and outlier detection. |
| BENJI 2025 peak month-end net assets | $794,683,851.40 (2025-10-31) | Known | SEC monthly N-MFP3 filings | Helps explain why snapshot narratives can differ depending on month choice. |
| BENJI 2025 month-end AUM dispersion | $511.78M -> $794.68M (+55.28%) | Known | Derived from Jan-Dec 2025 SEC N-MFP3 month-end series | Annual narratives should include trough-to-peak variation instead of one selected month. |
| BENJI net assets (2026-01-31) | $835,999,249.53 | Known | SEC N-MFP3 filed 2026-02-05 | Post-2025 growth checkpoint (+9.14% vs 2025-12-31) should be kept outside 2025-year-end answer logic. |
| N-MFP3 publication lag (2025 month set) | 4-8 days (avg 5.9 days) | Known | SEC submissions CIK 0001786958 report-date vs filing-date records | If claim date is earlier than filing date, result cannot be treated as filing-confirmed. |
| BENJI 2025 daily liquid assets range | 34.41%-69.18% | Known | SEC N-MFP3 Item A.13(c), compared with 25% reform floor | Above regulatory floor in all 2025 month-end filings, but does not prove universal same-day liquidity. |
| BENJI 2025 weekly liquid assets range | 75.08%-89.40% | Known | SEC N-MFP3 Item A.13(d), compared with 50% reform floor | Supports liquidity-resilience interpretation and should be paired with venue-level redemption checks. |
| BENJI 2025 gross subscriptions / redemptions | $912,956,122.06 / $706,020,872.35 | Known | SEC N-MFP3 totalGrossSubscriptions and totalGrossRedemptions (Jan-Dec 2025 aggregate) | Annual net growth exists, but monthly flow dispersion still matters for timing and liquidity assumptions. |
| BENJI 2025 net shareholder flow | +$206,935,249.71 | Known | Derived from SEC monthly gross subscriptions minus gross redemptions | Use alongside outflow-month count (6/12) to avoid one-direction demand narratives. |
| BENJI 7-day net-yield range (2025 filings) | 3.57%-4.19% | Known | SEC N-MFP3 daily sevenDayNetYieldValue entries across 2025 filings | Carry assumptions should reflect rate-cycle drift instead of a single point estimate. |
| BENJI issuer 7-day current/effective yield (with and without waiver) | 3.53% / 3.59% vs 3.48% / 3.54% (as of 2026-03-02) | Known | Franklin FundFact + Yields API payloads | Carry memos should track both with-waiver and without-waiver yields (5bp spread on current/effective pairs). |
| BENJI gross/net expense ratio and waiver expiry | 0.22% / 0.20%; waiver expiry 2026-07-31 | Known | SEC summary prospectus filing 497K (2025-08-01) + issuer product disclosures | If waiver terms change, realized carry can diverge even when gross portfolio yield is stable. |
| BENJI total asset value (2026-03-03) | $921,837,808.14 | Known | RWA.xyz BENJI _next/data payload updated 2026-03-03T06:19:33Z | Current value should not overwrite 2025 filing answers; treat as post-period context. |
| BENJI trailing 30-day transfer volume (2026-03-03) | $5,060,388.67 | Known | RWA.xyz BENJI page FAQ + payload | Low turnover versus size highlights execution-friction risk. |
| BENJI implied 30-day turnover (2026-03-03) | 0.55% | Known | Derived from transfer volume / total asset value | Do not infer high redemption speed purely from headline AUM. |
| BENJI minimum initial purchase boundary | $20 for most accounts; may be higher by network | Known | SEC summary prospectus 497K + RWA primary_market metadata | Treat $20 as a baseline, not a universal cross-network guarantee. |
| BENJI subsequent purchase minimum | No minimum (prospectus statement) | Known | SEC summary prospectus 497K (Purchase and Sale of Fund Shares) | Ticket constraints can differ between initial and subsequent flows. |
| BENJI redemption minimum/cut-off SLA (public metadata) | N/A | Unknown | RWA BENJI primary_market payload shows null redemption_minimum_amount and no public cut-off field | Keep same-day liquidity assumptions in pending mode until venue-specific terms are verified. |
| Prospectus policy floor for portfolio construction | >=99.5% government/cash/repo allocation | Known | SEC summary prospectus 497K Principal Investment Strategies | Credit-quality framing should follow prospectus policy, not social shorthand. |
| Issuer daily/weekly liquid assets snapshot (2026-03-02) | 60.17% / 84.01% | Known | Franklin PricingDetails MoneyFundLiquidity API | Useful for near-date liquidity monitoring but insufficient as a redemption guarantee. |
| Issuer NAV/market NAV/shadow NAV (2026-03-02) | $1.0000 / $1.0000 / $1.0000 | Known | Franklin PricingDetails + MoneyFundLiquidity API | Stable NAV snapshot supports operational monitoring but does not remove principal risk warnings. |
| Issuer daily WAM/WAL snapshot (2026-03-02) | 23 days / 62 days | Known | Franklin PortfolioStatistics API | Duration profile remains inside Rule 2a-7 style limits but does not define redemption timing. |
| Issuer holdings API completeness for BENJI | 0 top / 0 daily / 0 full holdings rows | Unknown | Franklin Holdings and TopHoldings API responses (2026-03-03 capture) | Concentration analysis remains pending until public machine-readable holdings are available. |
| BENJI supported network count (dashboard metadata) | 8 (Aptos/Arbitrum/Avalanche/Base/Ethereum/Polygon/Solana/Stellar) | Known | RWA.xyz BENJI network_names payload | Token portability spans multiple chains, but settlement and compliance controls remain venue-specific. |
| Latest posted N-MFP3 report date (as of 2026-03-03) | 2026-01-31 (filed 2026-02-05) | Known | SEC submissions API, latest N-MFP3 accession 0002071691-26-001904 | Treat post-2026-01 claims as unfiled-month context until the next SEC filing is published. |
| Peer standardized monthly filing comparability | N/A | Unknown | No public SEC-style monthly filing dataset in this page scope for every peer used in BENJI/OUSG/BUIDL comparison | Keep peer annual-window rows in monitor mode and flag as "待确认 / no reliable public data yet". |
Filed 2025-02-06 (+6d) · Daily 58.86% · Weekly 89.40%
Filed 2025-03-06 (+6d) · Daily 69.18% · Weekly 85.58%
Filed 2025-04-04 (+4d) · Daily 65.70% · Weekly 86.40%
Filed 2025-05-06 (+6d) · Daily 58.14% · Weekly 86.31%
Filed 2025-06-06 (+6d) · Daily 53.90% · Weekly 75.72%
Filed 2025-07-08 (+8d) · Daily 48.00% · Weekly 75.08%
Filed 2025-08-06 (+6d) · Daily 34.41% · Weekly 78.86%
Filed 2025-09-05 (+5d) · Daily 42.74% · Weekly 83.41%
Filed 2025-10-06 (+6d) · Daily 62.29% · Weekly 86.89%
Filed 2025-11-06 (+6d) · Daily 67.27% · Weekly 86.05%
Filed 2025-12-05 (+5d) · Daily 57.59% · Weekly 83.27%
Filed 2026-01-07 (+7d) · Daily 63.30% · Weekly 88.05%
| Window | Filed | Gross subs | Gross reds | Net flow | 7d net-yield context | Liquidity fee flag |
|---|---|---|---|---|---|---|
| 2025 full-year aggregate | Jan-Dec reports filed 2025-02-06 to 2026-01-07 | $912,956,122.06 | $706,020,872.35 | +$206,935,249.71 | 3.57%-4.19% daily range across 2025 filings | N in every 2025 N-MFP3 filing |
| 2025-01-31 (largest outflow month) | Filed 2025-02-06 | $36,433,475.01 | $83,649,747.99 | -$47,216,272.98 | 4.14%-4.19% | N |
| 2025-12-31 (year-end report) | Filed 2026-01-07 | $49,651,126.44 | $77,257,876.00 | -$27,606,749.56 | 3.57%-3.86% | N |
| 2026-01-31 (latest posted N-MFP3 as of 2026-03-03) | Filed 2026-02-05 | $78,294,385.37 | $8,294,477.58 | +$69,999,907.79 | 3.53%-3.60% | N |
| 2026-03-02 issuer API checkpoint (non-filing) | Franklin issuer APIs captured 2026-03-03 | N/A | N/A | +$0.14M shareholder net flow | 3.53%/3.59% with waiver; 3.48%/3.54% without waiver | N/A (not from N-MFP3 filing) |
Unknown values remain explicitly marked as unknown, not back-filled with guesses.
Boundary layer
The page now separates what is filing-confirmed, what is dashboard-context only, and what remains pending.
2025 month-end values became public 4-8 days after period close, so pre-filing claims are monitor-only.
| Concept | Known boundary | Apply when | Do not apply when | Required action |
|---|---|---|---|---|
| 2025 AUM answer | Use SEC N-MFP3 Item A.16 net assets tied to report date and filing date. | User asks for 2025 month-end or year-end figures. | User asks for intraday/latest value after month-end but before filing is published. | Switch to monitor mode and show filing lag table before confirming the claim. |
| Prospectus portfolio construction boundary | SEC summary prospectus says the fund invests >=99.5% in government securities, cash, and fully collateralized repo. | Framing credit-quality expectations for BENJI as a government money market strategy. | Treating BENJI as broad crypto-asset beta or unconstrained risk-asset exposure. | Anchor risk narratives to the 99.5% policy first, then add operational and settlement constraints. |
| BENJI token versus FOBXX share rights | Issuer/prospectus states 1 FOBXX share = 1 BENJI token; transfer agent keeps official ownership record via blockchain-integrated system. | Discussing blockchain recordkeeping and token representation. | Assuming on-chain transfer bypasses transfer-agent rules, KYC, or venue eligibility. | Confirm account, wallet, and transfer-agent controls before execution assumptions. |
| Minimum-investment interpretation | Prospectus states $20 minimum initial purchase for most accounts, may be higher by network, and no minimum for subsequent purchases. | Estimating first-ticket accessibility or designing onboarding assumptions. | Assuming all channels, wallets, and networks accept the same minimums. | Check venue-specific eligibility and minimum tables before treating $20 as universal. |
| MMF safety interpretation | Prospectus states the fund seeks $1.00 NAV but investors can lose money; it is not FDIC insured. | Framing BENJI as a regulated MMF exposure path. | Treating BENJI as principal-guaranteed cash equivalent in all market or platform conditions. | Keep principal-risk disclosure adjacent to every allocation recommendation. |
| Cross-provider comparability | SEC filings (net assets) and dashboard metrics (asset value/transfer volume) use different denominators. | Contextualizing trend direction and execution friction. | Using dashboard metrics as direct substitutes for filing-grade 2025 answers. | Label each metric class and block actionable output on unexplained denominator drift. |
| Shareholder flow direction versus headline AUM | 2025 aggregate flow is +$206.94M, but 6 of 12 months were net-redemption months. | Evaluating execution timing, concentration risk, or funding-stability assumptions. | Assuming positive annual flow automatically implies smooth month-to-month inflow conditions. | Check monthly gross subscriptions/redemptions before promoting execution speed or demand certainty. |
| Yield and fee-waiver regime | Issuer/prospectus reports 0.22% gross and 0.20% net expense ratio, waiver capped through 2026-07-31, and 5bp current/effective spread versus no-waiver yields as of 2026-03-02. | Converting current 7-day yield into expected carry or treasury policy assumptions. | Projecting current with-waiver yields forward without testing post-waiver or rate-path sensitivity. | Run with-waiver and without-waiver scenarios and annotate expiry-date sensitivity in memos. |
| Redemption-SLA visibility | BENJI public dashboard metadata exposes subscription minimum but no explicit redemption minimum/cut-off SLA field. | Preparing same-day liquidity assumptions or operational runbooks for cash needs. | Assuming redemption speed from AUM size, NAV stability, or token transferability alone. | Mark decision as pending until channel-specific redemption terms are confirmed in writing. |
| Metric | Regulatory floor / rule context | BENJI observed range (2025) | Boundary note |
|---|---|---|---|
| Daily liquid assets % (Rule 2a-7 reference) | >=25% (effective 2024-04-02 reform) | 34.41%-69.18% across 2025 month-end filings | Above floor does not guarantee same-day redemption or transfer-agent cut-off eligibility. |
| Weekly liquid assets % (Rule 2a-7 reference) | >=50% (effective 2024-04-02 reform) | 75.08%-89.40% across 2025 month-end filings | Supports liquidity resilience reading, but wallet-level execution still depends on venue controls. |
| Issuer daily liquidity snapshot (2026-03-02) | Rule 2a-7 floors remain 25% daily / 50% weekly | 60.17% daily / 84.01% weekly (Franklin APIs) | Issuer daily snapshot confirms headroom on that date but does not provide a guaranteed redemption SLA. |
| WAM (days) | <=60-day limit for government/retail MMF framework | 18-31 days during 2025 | Short WAM improves rate-sensitivity profile but does not remove operational settlement risk. |
| WAL (days) | <=120-day limit for money market framework | 34-63 days during 2025; 62 days on 2026-03-02 issuer API | WAL is a portfolio-duration metric, not an investor redemption SLA. |
| NAV and shadow NAV | MMF seeks stable $1.00 NAV; not principal guarantee | $1.0000 NAV / $1.0000 shadow NAV on 2026-03-02 | Stable NAV snapshot reduces volatility concerns but does not eliminate principal risk or transfer-channel constraints. |
Fit layer
| Group | Profile | Reason |
|---|---|---|
| Suitable | Research, treasury, and compliance teams validating BENJI 2025 AUM claims before policy decisions | Need dated source chain, denominator mapping, and fallback actions in one place. |
| Suitable | Accredited/institutional users comparing BENJI with OUSG/BUIDL rails | Can use structured comparison to map route fit, not just yield headlines. |
| Suitable | Content and IR teams checking alias keyword accuracy | Alias intent section provides a direct answer with source-backed citations. |
| Not suitable | Users seeking guaranteed immediate redemption without venue-level checks | This page does not promise settlement outcomes and flags liquidity boundary risk. |
| Not suitable | Users using social snippets as sole evidence for 2025 AUM claims | Result will remain boundary until date-stamped primary evidence is provided. |
| Not suitable | Users expecting investment advice | This content is informational and not legal, tax, or investment advice. |
Method layer
1. Lock intent window
Classify whether the claim is year-end, intra-year, or latest so the benchmark denominator and date window are explicit.
2. Validate publication timing
Check report date versus filing date from SEC submissions before treating a month-end number as publicly confirmed.
3. Pull filing-grade baseline
Use SEC N-MFP3 Item A.16 and B.4 for net assets and class-level checks.
4. Add dashboard context
Use RWA.xyz for current value, transfer volume, primary-market metadata, and network coverage with explicit payload update timestamp.
5. Add prospectus constraints
Apply SEC 497K boundaries (>=99.5% policy, minimum-purchase caveats, transfer-agent recordkeeping) before drafting execution assumptions.
6. Run boundary checks
Map daily/weekly liquidity data against SEC Rule 2a-7 reform floors and flag if compliance-style metrics are misused as execution guarantees.
7. Measure denominator drift
Compute claim delta versus selected benchmark and force monitor/boundary if drift is unexplained.
8. Apply execution constraints
Gate by ticket minimum, liquidity expectation, compliance readiness, and cross-chain dependence.
9. Emit status and fallback
Return actionable/monitor/boundary with one next action and one fallback route, then mark unresolved evidence as pending instead of forcing certainty.
The flow keeps tool output and report evidence in one continuous loop instead of split-page navigation.
Evidence map
| Claim | Source type | Last checked | Certainty | Note |
|---|---|---|---|---|
| BENJI 2025 year-end AUM | Primary filing (SEC) | 2026-03-03 17:31 UTC | High | N-MFP3 report date 2025-12-31, Item A.16 and Item B.4 values align. |
| BENJI monthly 2025 AUM trajectory | Primary filing (SEC) | 2026-03-03 17:31 UTC | High | 12 monthly N-MFP3 reports parsed for Jan-Dec 2025 with report-date and filing-date pairs. |
| BENJI 2025 gross subscriptions, redemptions, and net flow | Primary filing rollup (SEC) | 2026-03-03 17:31 UTC | High | Aggregate 2025 totals from N-MFP3 monthly entries: $912.96M subscriptions, $706.02M redemptions, +$206.94M net flow. |
| BENJI 7-day net-yield drift across filing and issuer windows | Primary filing + issuer APIs | 2026-03-03 17:34 UTC | High | SEC daily 7-day net yield spans 3.57%-4.19% in 2025; issuer APIs report 3.53% current and 3.59% effective (3.48%/3.54% without waiver) as of 2026-03-02. |
| SEC liquidity-reform reference thresholds (daily 25% / weekly 50%) | Regulatory release (SEC 2023 MMF reforms) | 2026-03-03 17:36 UTC | High | SEC final-rule release states effective date 2024-04-02 and updated liquidity minimums. |
| BENJI token/share representation and transfer-agent record boundary | Issuer documentation + SEC summary prospectus | 2026-03-03 17:33 UTC | High | Issuer and 2025-08-01 SEC summary prospectus both state transfer agent maintains official ownership record in blockchain-integrated system. |
| Prospectus allocation policy and minimum-purchase caveat | SEC summary prospectus filing 497K | 2026-03-03 17:33 UTC | High | Prospectus states >=99.5% government/cash/repo policy, $20 minimum initial purchase for most accounts, and potential higher network-specific minimums. |
| MMF principal-risk disclosure (not FDIC insured) | SEC summary prospectus + investor education | 2026-03-03 17:33 UTC | High | SEC summary prospectus states investors can lose money and the fund is not FDIC insured; Investor.gov provides matching educational framing. |
| Issuer fee-waiver and expense-ratio boundary | SEC summary prospectus + issuer APIs | 2026-03-03 17:34 UTC | High | Prospectus/issuer disclosures show 0.22% gross and 0.20% net expense ratio with contractual cap through 2026-07-31. |
| Issuer daily liquidity and NAV/shadow-NAV snapshots | Franklin PricingDetails + MoneyFundLiquidity APIs | 2026-03-03 17:34 UTC | High | As-of 2026-03-02 payload shows daily/weekly liquid assets 60.17%/84.01% and NAV/market NAV/shadow NAV at $1.0000. |
| Issuer machine-readable holdings completeness | Franklin Holdings and TopHoldings APIs | 2026-03-03 17:34 UTC | Low | Current API responses return empty arrays for BENJI holdings; concentration analysis remains evidence-limited. |
| BENJI current total asset value and transfer volume | Dashboard payload (RWA.xyz) | 2026-03-03 17:35 UTC | Medium-High | Useful for current monitoring; still not a substitute for filing-grade 2025 answers. |
| OUSG value, transfer, and ticket metadata | Dashboard payload (RWA.xyz) | 2026-03-03 17:35 UTC | Medium | Sufficient for context comparison, but not filing-grade parity with BENJI N-MFP3 series. |
| BUIDL value, transfer, and min-ticket telemetry | Dashboard payload + issuer launch release | 2026-03-03 17:35 UTC | Medium | RWA payload now resolves BUIDL top-level value/transfer metrics, while launch disclosure anchors $5,000,000 subscription minimum context. |
| Latest available BENJI filing boundary | SEC submissions API | 2026-03-03 17:31 UTC | High | Latest N-MFP3 accession in submissions feed is 0002071691-26-001904 (filed 2026-02-05; report date 2026-01-31). |
| Alias intent SERP overlap | Search engine snapshot | 2026-03-03 17:38 UTC | Medium-Low | Supportive signal only; canonical decision is anchored to source-stack overlap, not SERP snippet counts. |
Comparison layer
Compare value size and transfer-velocity profile together. High size alone is not a full execution-fit signal.
| Option | Value snapshot | Annual-window data | Minimum ticket | Liquidity signal | Evidence tier | Best fit context | Not-fit case |
|---|---|---|---|---|---|---|---|
| BENJI / Franklin OnChain U.S. Government Money Fund | $921.84M (RWA.xyz payload, updated 2026-03-03) | $766.02M net assets (SEC 2025-12-31) | $20 initial for most accounts (prospectus caveat applies) | 30d turnover ~0.55% | High for annual window / Medium-High for live telemetry | Need low entry floor and explicit filing-grade AUM history validation. | Not suitable when same-day high-volume liquidity is non-negotiable or redemption-SLA terms are undocumented. |
| OUSG | $750.76M (RWA.xyz payload, updated 2026-03-03) | No filing-grade monthly series in this BENJI-focused evidence stack | $100,000 field + $5,000 instant-lane metadata (RWA primary_market) | 30d turnover ~40.75% | Medium-High for telemetry / Medium for annual-window parity | Need higher transfer velocity and can satisfy lane constraints. | Ticket and eligibility constraints may be too high for small allocations, and annual-window comparability remains limited. |
| BUIDL | $2.24B (RWA.xyz payload, updated 2026-03-03) | No public N-MFP3-style monthly set in this page scope | $5,000,000 subscription / $250,000 redemption metadata | 30d turnover ~10.07% | Medium (dashboard telemetry + launch disclosure) | Institutional treasury workflows needing scale and private-placement style controls. | Do not treat as filing-parity annual-window peer until comparable regulator-style monthly disclosures are identified. |
| Direct T-bill or bank sweep alternatives | Not tokenized by default | Depends on account-level custody reporting | Channel-specific | Operationally simpler but less on-chain portability | High for operational simplicity, low for tokenized portability | Need simpler operational setup and do not require token transfer functionality. | Not suitable if programmable settlement or on-chain composability is required. |
| Option | Investor access | Transferability signal | Fee/ticket boundary | Limit condition |
|---|---|---|---|---|
| BENJI | RWA metadata: U.S. retail and institutional investor | Transferable within whitelist | $20 minimum initial purchase for most accounts (prospectus), potential higher network minimums, and no minimum for subsequent purchases. | Public metadata does not provide a standardized redemption minimum/cut-off SLA, so same-day assumptions remain pending. |
| OUSG | RWA metadata: U.S. qualified purchaser | Mixed tags (not transferable + transferable within whitelist) | $100,000 field plus $5,000 instant-lane metadata in primary_market payload. | High transfer velocity does not remove qualification, channel, and denominator-parity constraints. |
| BUIDL | RWA metadata: U.S. qualified purchaser | Transferable within whitelist | $5,000,000 subscription and $250,000 redemption minimum metadata; RWA route text references ~2:30 PM ET subscription and ~3:00 PM ET redemption cut-off windows. | Annual-window comparability remains limited without SEC-style monthly filing data in this page scope. |
| Direct T-bill / bank sweep | Broker or bank account dependent | Not tokenized by default | Operational terms vary by account and custody model, not by token rails. | Simpler execution path can reduce on-chain optionality and composability. |
Risk layer
Red-zone risks require mitigation before any actionable status is treated as execution-ready.
| Risk | Probability | Impact | Mitigation | Trigger signal |
|---|---|---|---|---|
| Pre-filing claim risk (publication lag ignored) | High | High | Require report-date plus filing-date pair before treating any month-end figure as verified. | Claim date is before SEC filing date but still presented as filing-confirmed. |
| Period mismatch risk (2025 claim vs 2026 snapshot) | High | High | Always bind claim to exact report date and display both filing and current values side by side. | Claim references 2025 while source card shows 2026 without explicit note. |
| Denominator substitution risk | Medium | High | Label each metric as net assets, total asset value, or transfer value; never mix labels. | AUM number is compared to transfer or supply metrics without denominator tag. |
| Liquidity overestimation from AUM headline | Medium | High | Pair AUM checks with transfer-volume and turnover checks, and separate Rule 2a-7 compliance metrics from execution assumptions. | High AUM headline + low 30-day transfer value ignored. |
| Token-rights overreach risk | Medium | High | Keep issuer boundary text visible: transfer agent maintains official record and venue controls still apply. | User assumes BENJI token transfer automatically implies unrestricted redemption or settlement rights. |
| Source quality drift from social/news reuse | High | Medium | Require at least one primary filing or issuer dashboard with date stamp before action. | Source stack contains only reposts or headlines without filing references. |
| Fee-waiver expiry carry risk | Medium | Medium | Track gross and net expense ratio separately and rerun yield scenarios before/after the 2026-07-31 contractual limit date. | Decision memo extrapolates current with-waiver yield without testing waiver-expiry sensitivity. |
| $20 minimum misinterpretation risk | Medium | Medium | Treat $20 as prospectus baseline for most accounts, then verify network- and venue-specific minimum rules before execution. | Ops plan assumes identical initial minimums across all BENJI access channels. |
| Stable-NAV illusion risk | Medium | Medium | Show NAV/shadow-NAV snapshots together with prospectus language that investors can lose money and that the fund is not FDIC insured. | Team uses $1.0000 NAV snapshot as evidence of guaranteed principal or guaranteed liquidity. |
| Annual-flow overread risk | Medium | Medium | Pair annual net-flow headline with monthly gross subscriptions/redemptions and outflow-month count. | Positive annual net flow is presented as evidence of uninterrupted monthly demand. |
| Peer comparability overconfidence | Medium | Medium | Tag each peer row with evidence tier and keep non-parity rows in monitor mode until filing-grade comparability exists. | Peer row is used for hard allocation ranking without denominator and source parity checks. |
| Holdings-opacity concentration risk | Medium | Medium | If holdings APIs remain empty, use dated holdings PDFs and keep concentration analytics in pending mode. | Allocation memo makes issuer concentration claims without machine-readable holdings evidence. |
| Channel/venue assumption error | Medium | Medium | Validate venue-specific transfer controls, transferability tags, and cut-off rules before submitting orders. | User expects universal redemption behavior across all wallets/chains. |
Scenario demonstrations
Process: Use SEC 2025-12-31 net assets as primary answer, attach monthly table for context.
Outcome: Actionable. Team can proceed with documented benchmark and re-check cadence.
Process: Tool checks filing-lag table, marks claim as pre-filing, and routes to monitor with timestamped fallback.
Outcome: Monitor. Team can track but cannot label the number as filing-confirmed yet.
Process: Tool flags >40% delta versus filing benchmark and asks for source correction.
Outcome: Boundary. No execution until claim is reconciled with dated primary sources.
Process: Checker marks liquidity boundary, references transfer-agent/venue controls, and suggests route-comparison fallback.
Outcome: Monitor/Boundary depending on evidence quality and channel details.
Process: Run checker, then compare transfer-turnover, ticket constraints, and peer evidence tier.
Outcome: Actionable/Monitor with explicit warning that peer annual-window parity is pending.
Process: Cross-check with issuer fee table, run with-waiver and without-waiver spread, and tag post-expiry assumptions as scenario-dependent.
Outcome: Monitor. Memo can proceed only with explicit waiver sensitivity and update triggers.
Process: Cross-check SEC prospectus wording (for most accounts) plus venue metadata; flag network-specific minimum uncertainty as pending.
Outcome: Monitor/Boundary until venue-specific onboarding terms are documented.
Process: Attach prospectus risk language (can lose money, not FDIC insured) and re-evaluate channel constraints before execution.
Outcome: Boundary if guarantee language remains; monitor only after risk disclosure is added.
FAQ layer
Sources
Used to locate monthly N-MFP3 accession numbers and report-date versus filing-date lag for Franklin OnChain U.S. Government Money Fund.
Captured at: 2026-03-03 17:31 UTC
Used for 2025 baseline net assets, gross subscriptions/redemptions, and 7-day net-yield start-of-year range.
Captured at: 2026-03-03 17:31 UTC
Provides year-end net assets plus daily/weekly liquidity, gross flow, and 7-day yield values.
Captured at: 2026-03-03 17:31 UTC
Used for post-2025 checkpoint ($835,999,249.53 net assets) and ongoing filing-lag validation.
Captured at: 2026-03-03 17:31 UTC
Provides effective-date context (2024-04-02) and updated daily/weekly liquidity threshold references.
Captured at: 2026-03-03 17:36 UTC
Used for WAM <=60 days and WAL <=120 days framework references plus daily/weekly liquid asset definitions.
Captured at: 2026-03-03 17:36 UTC
Issuer source for 1 FOBXX share = 1 BENJI token and transfer-agent recordkeeping boundary.
Captured at: 2026-03-03 17:33 UTC
Used for >=99.5% portfolio policy, minimum-purchase caveats, fee-waiver term (through 2026-07-31), transfer-agent blockchain recordkeeping, and principal-risk disclosure language.
Captured at: 2026-03-03 17:33 UTC
Used for issuer route verification and mapping product identity fields to API payloads (fund 29386 / class SINGLCLASS).
Captured at: 2026-03-03 17:33 UTC
Queried with productId=29386 and shareClass=SINGLCLASS to extract as-of yields, expense ratios, and monthly net-assets checkpoints.
Captured at: 2026-03-03 17:34 UTC
Queried for NAV/market NAV/shadow NAV and daily/weekly liquid-asset snapshots (as-of 2026-03-02).
Captured at: 2026-03-03 17:34 UTC
Used for daily WAM/WAL and monthly total-net-assets checkpoint telemetry.
Captured at: 2026-03-03 17:34 UTC
Queried for machine-readable concentration data; current response returns empty arrays and is marked pending.
Captured at: 2026-03-03 17:34 UTC
Regulatory investor education source for principal-risk and non-FDIC-insured framing.
Captured at: 2026-03-03 17:36 UTC
Used for BENJI live context and __NEXT_DATA__ payload extraction (total_asset_value_dollar, trailing_30_day_transfer_volume, network_names, _updated_at).
Captured at: 2026-03-03 17:35 UTC
Used for peer value, transfer-turnover context, and __NEXT_DATA__ metadata extraction ($100,000 field and $5,000 instant lane).
Captured at: 2026-03-03 17:35 UTC
Used for reproducible BUIDL top-level payload extraction (value, transfer volume, investor type, subscription/redemption minimum metadata).
Captured at: 2026-03-03 17:35 UTC
Used for external denominator cross-check on BUIDL value snapshots.
Captured at: 2026-03-03 17:35 UTC
Used for launch-era minimum subscription and qualified purchaser constraints in peer tradeoff context.
Captured at: 2026-03-03 17:35 UTC
tokenized money market funds
Compare BENJI against a broader MMF peer set with threshold and rail constraints.
blackrock tokenized fund news
Cross-check BUIDL denominator shifts before using peer comparisons in memos.
defillama rwa category tvl 2025
Inspect category-level concentration and denominator movement for context.
buy rwa
Use route-fit checker when intent shifts from validation to execution planning.
learn index
Navigate canonical and alias clusters without duplicate URL conflicts.