BENJI vs rUSDY
Franklin OnChain U.S. Government Money Fund and Ondo rebasing US Dollar Yield 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. rUSDY is issued by Ondo USDY LLC 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 rebasing US Dollar Yield
| Field | Franklin OnChain U.S. Government Money Fund | Ondo rebasing US Dollar Yield |
|---|---|---|
| Ticker | BENJI | rUSDY |
| Asset class | Treasuries | Treasuries |
| Issuer | Franklin Templeton Trust | Ondo USDY LLC |
| Issuer jurisdiction | United States | United States |
| Regulator | 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. | rUSDY is the rebasing wrapper of USDY. USDY itself is offered under Regulation S to non-U.S. persons. Ondo says the note was folded into Ondo Stocks as of 15 Dec 2025. |
| Token type | One 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. | Rebasing wrapper. Ondo says each rUSDY corresponds to USDY locked in a wrapper contract. The rUSDY price stays at $1.00 and the holder receives more tokens as the USDY reference price rises. Counting USDY and rUSDY together double-counts the wrapped tokens. |
| Custodian | — | — |
| Auditor | — | — |
| Chains | Stellar, Polygon, Arbitrum, Avalanche, Aptos, Ethereum, Base, Solana, BNB Smart Chain | — |
| 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. | — |
| 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. | Ondo says holders can convert between USDY and rUSDY on its website. USD redemption of the underlying note is the USDY path: bank wire to a non-U.S. account, or USDC through Ondo Global Markets (BVI) Limited. |
| Minimum unit | 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. | The wrapper page does not state a separate rUSDY minimum. The USDY page sets a $5,000 minimum on Sui, Aptos, Stellar, XRP, and Noble. |
| Launched | 2021-04-06 | — |
| Website | https://digitalassets.franklintempleton.com/benji/ | https://ondo.finance/ |
| 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 rUSDY
The basics page says holders can convert between USDY and rUSDY on the Ondo website. It does not name an exchange for the wrapper.
The trust page requires customer due diligence on USDY investors. The wrapper page does not print a separate checklist.
Who can and cannot hold rUSDY
Ondo rebasing US Dollar Yield is issued from United States.
Regulator, as published: rUSDY is the rebasing wrapper of USDY. USDY itself is offered under Regulation S to non-U.S. persons. Ondo says the note was folded into Ondo Stocks as of 15 Dec 2025.
rUSDY is the rebasing wrapper of USDY. The trust page limits USDY issuance and sale to non-U.S. persons under Regulation S. The basics page does not add a separate country list for the wrapper.
What redemption actually means in practice for rUSDY
The wrapper page does not state a separate rUSDY redemption minimum. The USDY page sets a $5,000 minimum to mint or redeem on Sui, Aptos, Stellar, XRP, or Noble.
Converting rUSDY back to USDY happens in the wrapper, and the basics page says that conversion is on the Ondo website. Cash redemption of the underlying note follows USDY: a US-dollar wire only to a non-U.S. bank account, or USDC through Ondo Global Markets (BVI) Limited.
The issuer does not publish an issuer fee for Ondo rebasing US Dollar Yield.
The issuer does not publish a redemption settlement time for Ondo rebasing US Dollar Yield.
The issuer does not publish a storage fee for Ondo rebasing US Dollar Yield.
Direct purchase minimum: The wrapper page does not state a separate rUSDY purchase minimum. The USDY page sets a $5,000 minimum on Sui, Aptos, Stellar, XRP, and Noble.
Reserve report: The basics page describes rUSDY as USDY locked in a wrapper contract. It does not name a reserve-report standard for the wrapper. The trust page's note on fund audits applies to Ondo products generally and does not name an auditor.
Franklin OnChain U.S. Government Money Fund sources
Ondo rebasing US Dollar Yield 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 rebasing US Dollar Yield: Ondo USDY LLC.
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.. rUSDY fees: not stated. 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.. rUSDY redemption: Ondo says holders can convert between USDY and rUSDY on its website. USD redemption of the underlying note is the USDY path: bank wire to a non-U.S. account, or USDC through Ondo Global Markets (BVI) Limited..
The slugs in alphabetical order: /compare/benji-vs-rusdy. 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 rebasing US Dollar Yield: The basics page says holders can convert between USDY and rUSDY on the Ondo website. It does not name an exchange for the wrapper. The trust page requires customer due diligence on USDY investors. The wrapper page does not print a separate checklist.
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 rebasing US Dollar Yield is issued from United States. Regulator, as published: rUSDY is the rebasing wrapper of USDY. USDY itself is offered under Regulation S to non-U.S. persons. Ondo says the note was folded into Ondo Stocks as of 15 Dec 2025. rUSDY is the rebasing wrapper of USDY. The trust page limits USDY issuance and sale to non-U.S. persons under Regulation S. The basics page does not add a separate country list for the wrapper.
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 rebasing US Dollar Yield: The wrapper page does not state a separate rUSDY redemption minimum. The USDY page sets a $5,000 minimum to mint or redeem on Sui, Aptos, Stellar, XRP, or Noble. Converting rUSDY back to USDY happens in the wrapper, and the basics page says that conversion is on the Ondo website. Cash redemption of the underlying note follows USDY: a US-dollar wire only to a non-U.S. bank account, or USDC through Ondo Global Markets (BVI) Limited. The issuer does not publish an issuer fee for Ondo rebasing US Dollar Yield. The issuer does not publish a redemption settlement time for Ondo rebasing US Dollar Yield. The issuer does not publish a storage fee for Ondo rebasing US Dollar Yield. Direct purchase minimum: The wrapper page does not state a separate rUSDY purchase minimum. The USDY page sets a $5,000 minimum on Sui, Aptos, Stellar, XRP, and Noble. Reserve report: The basics page describes rUSDY as USDY locked in a wrapper contract. It does not name a reserve-report standard for the wrapper. The trust page's note on fund audits applies to Ondo products generally and does not name an auditor.