RWA Leads

Treasuries

BENJI vs OUSG

Franklin OnChain U.S. Government Money Fund and Ondo Short-Term US Government Treasuries are both treasuries tokens, so this page compares them. BENJI is issued by Franklin Templeton Trust on Stellar, Polygon, Arbitrum, Avalanche, Aptos, Ethereum, Base, Solana, BNB Smart Chain. OUSG is issued by Ondo I LP with no published chain list. The cited pages differ on issuer, fees, redemption, minimum size, chains. A dash is a field the issuer page does not state. The reverse URL redirects to this alphabetical pair.

All RWA tokens · Franklin OnChain U.S. Government Money Fund · Ondo Short-Term US Government Treasuries

FieldFranklin OnChain U.S. Government Money FundOndo Short-Term US Government Treasuries
TickerBENJIOUSG
Asset classTreasuriesTreasuries
IssuerFranklin Templeton TrustOndo I LP
Issuer jurisdictionUnited StatesDelaware (general partner Ondo I GP LLC and investment manager Ondo Capital Management LLC)
RegulatorU.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.Private fund under Section 3(c)(7) of the Investment Company Act. Offered under Rule 506(c) of Regulation D. Ondo says purchasers must be verified accredited investors and qualified purchasers, and must pass customer due diligence run by the general partner.
Token typeOne share of FOBXX equals one BENJI token. The fund invests at least 99.5% of its total assets in government securities, cash, and repurchase agreements collateralized fully by government securities or cash. It uses amortized cost to seek a stable $1.00 share price. The transfer agent keeps the official record on a blockchain-integrated system.Each OUSG token is a unitized limited partnership interest. The portfolio is invested in short-term U.S. Treasury and government-sponsored-enterprise funds from managers such as BlackRock, Franklin Templeton, WisdomTree, and Fidelity, plus bank deposits and USDC. Ondo says the majority of assets are in BlackRock's BUIDL fund.
Custodian——
Auditor—Ondo publishes smart-contract audits for Ondo Funds and USDY, including reports from Spearbit, Halborn, Code4rena, Cyfrin, and others. The trust page says periodic fund audits are shared with authorized requesting parties and does not name the fund auditor.
ChainsStellar, Polygon, Arbitrum, Avalanche, Aptos, Ethereum, Base, Solana, BNB Smart Chain—
FeesThe 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.Management fee 0.15%, waived until 1 Jan 2027. Instant mints and redemptions are capped per 24 hours at the amounts shown on Ondo's site. This card does not copy that live cap.
RedemptionShares 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.Instant mint and redemption with USDC or PYUSD, 24/7, into the same wallet, within the daily instant limit. Amounts above the limit can be submitted as non-instant requests to support@ondo.finance. Non-instant minimums are $100,000 to invest and $50,000 to redeem.
Minimum unitThe 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.Instant subscription and redemption minimum $5,000. Non-instant investment minimum $100,000 and redemption minimum $50,000.
Launched2021-04-06—
Websitehttps://digitalassets.franklintempleton.com/benji/https://ondo.finance/ousg
CoinGecko id——
Market cap——
Supply——

How to buy BENJI

The cited catalog does not include an official how-to-buy path for Franklin OnChain U.S. Government Money Fund.

Who can and cannot hold BENJI

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.

What redemption actually means in practice for BENJI

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.

Eligibility and redemption read from the issuer on 31 Oct 2026

How to buy OUSG

An onboarded eligible investor mints on the Ondo website with USDC or PYUSD and receives OUSG at the same wallet. The overview says instant mints and redemptions are capped each 24 hours at amounts shown on Ondo's site. This page does not copy that live cap. An amount above the cap can be sent as a non-instant request to support@ondo.finance.

The trust page says the general partner administers customer due diligence for anti-money laundering, counter-terrorist financing, and sanctions. Purchasers must be verified accredited investors and qualified purchasers.

Who can and cannot hold OUSG

Ondo Short-Term US Government Treasuries is issued from Delaware (general partner Ondo I GP LLC and investment manager Ondo Capital Management LLC).

Regulator, as published: Private fund under Section 3(c)(7) of the Investment Company Act. Offered under Rule 506(c) of Regulation D. Ondo says purchasers must be verified accredited investors and qualified purchasers, and must pass customer due diligence run by the general partner.

The trust page says OUSG is a private fund under Section 3(c)(7), so it is only for qualified purchasers, and that it is offered under Rule 506(c), so a buyer must be a verified accredited investor. The buyer must also pass customer due diligence run by the general partner. Tokens may be transferred only to investors who have already onboarded to Ondo's qualified-access funds. The pages do not add a country list on top of those tests.

What redemption actually means in practice for OUSG

The overview sets the instant redemption minimum at $5,000 and the non-instant redemption minimum at $50,000.

Instant redemption pays USDC to the same wallet that holds the tokens. Instant mints accept USDC or PYUSD. The overview does not name a bank or a city for cash.

The overview states a management fee of 0.15%, waived until January 1, 2027.

The overview describes an instant mint or redemption as immediate, inside the daily limit displayed on Ondo's site. It does not print that limit and does not state how many days a non-instant request takes.

The issuer does not publish a storage fee for Ondo Short-Term US Government Treasuries.

Direct purchase minimum: Instant subscription minimum $5,000. Non-instant investment minimum $100,000.

Reserve report: The trust page says the results of periodic fund audits are on the product page for authorized requesting parties, and that those audits are shared with authorized requesting parties. It does not name the fund auditor or an assurance standard. Smart-contract audits linked from that page are code reviews.

Franklin OnChain U.S. Government Money Fund sources

Ondo Short-Term US Government Treasuries sources

Questions

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

Franklin OnChain U.S. Government Money Fund: Franklin Templeton Trust. Ondo Short-Term US Government Treasuries: Ondo I LP.

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.. OUSG fees: Management fee 0.15%, waived until 1 Jan 2027. Instant mints and redemptions are capped per 24 hours at the amounts shown on Ondo's site. This card does not copy that live cap.. 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.. OUSG redemption: Instant mint and redemption with USDC or PYUSD, 24/7, into the same wallet, within the daily instant limit. Amounts above the limit can be submitted as non-instant requests to support@ondo.finance. Non-instant minimums are $100,000 to invest and $50,000 to redeem..

The slugs in alphabetical order: /compare/benji-vs-ousg. The other order is a permanent redirect.

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. Ondo Short-Term US Government Treasuries: An onboarded eligible investor mints on the Ondo website with USDC or PYUSD and receives OUSG at the same wallet. The overview says instant mints and redemptions are capped each 24 hours at amounts shown on Ondo's site. This page does not copy that live cap. An amount above the cap can be sent as a non-instant request to support@ondo.finance. The trust page says the general partner administers customer due diligence for anti-money laundering, counter-terrorist financing, and sanctions. Purchasers must be verified accredited investors and qualified purchasers.

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. Ondo Short-Term US Government Treasuries is issued from Delaware (general partner Ondo I GP LLC and investment manager Ondo Capital Management LLC). Regulator, as published: Private fund under Section 3(c)(7) of the Investment Company Act. Offered under Rule 506(c) of Regulation D. Ondo says purchasers must be verified accredited investors and qualified purchasers, and must pass customer due diligence run by the general partner. The trust page says OUSG is a private fund under Section 3(c)(7), so it is only for qualified purchasers, and that it is offered under Rule 506(c), so a buyer must be a verified accredited investor. The buyer must also pass customer due diligence run by the general partner. Tokens may be transferred only to investors who have already onboarded to Ondo's qualified-access funds. The pages do not add a country list on top of those tests.

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. Ondo Short-Term US Government Treasuries: The overview sets the instant redemption minimum at $5,000 and the non-instant redemption minimum at $50,000. Instant redemption pays USDC to the same wallet that holds the tokens. Instant mints accept USDC or PYUSD. The overview does not name a bank or a city for cash. The overview states a management fee of 0.15%, waived until January 1, 2027. The overview describes an instant mint or redemption as immediate, inside the daily limit displayed on Ondo's site. It does not print that limit and does not state how many days a non-instant request takes. The issuer does not publish a storage fee for Ondo Short-Term US Government Treasuries. Direct purchase minimum: Instant subscription minimum $5,000. Non-instant investment minimum $100,000. Reserve report: The trust page says the results of periodic fund audits are on the product page for authorized requesting parties, and that those audits are shared with authorized requesting parties. It does not name the fund auditor or an assurance standard. Smart-contract audits linked from that page are code reviews.

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