BENJI vs BUIDL

Yes. Both are treasuries. RWA Leads does not publish a comparison across asset classes.

Franklin OnChain U.S. Government Money Fund: Franklin Templeton Trust. BlackRock USD Institutional Digital Liquidity Fund: BlackRock USD Institutional Digital Liquidity Fund Ltd..

BENJI fees: The prospectus lists management fees of 0.15% and total annual fund operating expenses of 0.22%. A fee waiver and expense reimbursement keeps net operating expenses at 0.20% until 31 Jul 2027. Blockchain network fees are paid by the investment manager or its affiliates.. BUIDL fees: The Securitize BUIDL page lists a management fee on each chain in its share-class table, all with a $5 million minimum: Aptos 20 bps, Arbitrum 50 bps, Avalanche 20 bps, BNB Smart Chain 18 bps, Ethereum 50 bps, Optimism 50 bps, Polygon 20 bps, and Solana 20 bps. The page does not publish one fee that applies on every chain.. BENJI redemption: Shares are purchased and redeemed through the Benji app or the institutional web portal, and only during normal business hours on business days. Daily yield is distributed as newly minted BENJI tokens.. BUIDL redemption: Securitize is the transfer agent. The launch announcement says investors can transfer tokens to other pre-approved investors. The BUIDL page says a redemption request received in good order between 8:00 AM and 3:00 PM ET on the redemption date is for same-day settlement, and a request that misses that recording deadline is redeemed on the next redemption date. The page says BUIDL can be converted into USD every business day..

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Franklin OnChain U.S. Government Money Fund: The cited catalog does not include an official how-to-buy path for Franklin OnChain U.S. Government Money Fund. BlackRock USD Institutional Digital Liquidity Fund: Subscribe through Securitize at https://securitize.io/blackrock/buidl. The page says the investor verifies their identity, completes subscription documents, and sends funds by 11:00 a.m. New York time or 5:00 p.m. Luxembourg time on the subscription deadline so the money is deployed on the first day of the next month. The launch announcement says the interests will not be listed on any exchange. Securitize also offers a meeting with its investment team at https://securitize.io/buidl-booking-page. The BUIDL page says token transfers are allowed only to whitelisted investors who have passed KYC and AML. Securitize says it collects identity information under securities rules and the USA PATRIOT Act.

Franklin OnChain U.S. Government Money Fund is issued from United States. Regulator, as published: U.S. registered government money market fund. The prospectus is filed with the SEC. The share-class ticker on the fund page is FOBXX and the fund number is BENJI. The cited catalog does not include a restricted-holder statement for Franklin OnChain U.S. Government Money Fund. BlackRock USD Institutional Digital Liquidity Fund is issued from British Virgin Islands. Regulator, as published: Offered under Rule 506(c) of the Securities Act of 1933 and Section 3(c)(7) of the Investment Company Act. The launch announcement says interests are not SEC-registered. BlackRock Financial Management, Inc., a Delaware corporation and SEC-registered investment adviser, is the investment manager. The launch announcement offers BUIDL under Rule 506(c) of the Securities Act and Section 3(c)(7) of the Investment Company Act, and says the interests are not SEC-registered. They may not be offered or sold in the United States without registration or an exemption. The exemption in use limits the offering to verified accredited investors who are qualified purchasers. The Securitize page's eligibility table names qualified purchasers. Transfers go only to whitelisted investors. The pages do not publish a country list beyond that US securities restriction.

Franklin OnChain U.S. Government Money Fund: Redemption, as published: Shares are purchased and redeemed through the Benji app or the institutional web portal, and only during normal business hours on business days. Daily yield is distributed as newly minted BENJI tokens. Minimum size, as published: The prospectus says the minimum initial purchase for most accounts is $20, with higher network minimums: Stellar $20, Polygon $1,000, Avalanche $20,000, and Ethereum $5,000,000. There is no minimum for subsequent purchases. Fees, as published: The prospectus lists management fees of 0.15% and total annual fund operating expenses of 0.22%. A fee waiver and expense reimbursement keeps net operating expenses at 0.20% until 31 Jul 2027. Blockchain network fees are paid by the investment manager or its affiliates. BlackRock USD Institutional Digital Liquidity Fund: The issuer does not publish a redemption minimum for BlackRock USD Institutional Digital Liquidity Fund. The BUIDL page says the token can be converted into USD every business day. It does not name the paying bank's city. Bank of New York Mellon is the custodian of the fund's assets on the launch announcement, which is custody of the portfolio, not a delivery address for the holder. The share-class table on the Securitize BUIDL page lists these management fees, each with a $5 million minimum: Aptos 20 bps, Arbitrum 50 bps, Avalanche 20 bps, BNB Smart Chain 18 bps, Ethereum 50 bps, Optimism 50 bps, Polygon 20 bps, and Solana 20 bps. The page does not publish one fee for every chain. The same page shows other fee rows that are not labeled with a fund name. Those rows are not recorded here. The BUIDL page says a redemption request received in good order by the transfer agent between 8:00 AM and 3:00 PM ET on the redemption date is for same-day settlement. A blockchain redemption that is not recorded on the fund's books by that deadline is redeemed on the next redemption date. Dividends accrue to the holder of record at 3:00 p.m. ET and are paid the following business day as new tokens. The issuer does not publish a storage fee for BlackRock USD Institutional Digital Liquidity Fund. Direct purchase minimum: The share-class table lists a $5 million minimum on each chain it names. The eligibility table lists a $5 million initial minimum and a $250,000 subsequent minimum on the Ethereum qualified-purchaser row, in USD. The issuer does not publish a reserve-report standard for BlackRock USD Institutional Digital Liquidity Fund.