BENJI vs USDY
Franklin OnChain U.S. Government Money Fund and Ondo 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. USDY 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 US Dollar Yield
| Field | Franklin OnChain U.S. Government Money Fund | Ondo US Dollar Yield |
|---|---|---|
| Ticker | BENJI | USDY |
| 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. | Offered under Regulation S to non-U.S. persons. Ondo USDY LLC is registered as a money services business with FinCEN. The basics page says that as of 15 Dec 2025 the note was folded into the Ondo Stocks umbrella. |
| 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. | Tokenized note. Depending on the issuance date, Ondo says USDY may be secured by short-term U.S. Treasuries, shares of the iShares Short Treasury Bond ETF, or bank demand deposits. The accumulating token's price rises as yield accrues. Ondo USDY LLC's activities are limited to borrowing, issuing tokens as evidence of that debt, and allocating proceeds to U.S. Treasuries and U.S. bank demand deposits. |
| Custodian | — | — |
| Auditor | — | Smart-contract audits for Ondo Funds and USDY are published by Ondo, including Spearbit, Halborn, Code4rena, and Cyfrin reports. No fund auditor is named on those pages. |
| 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. | Current purchases through the web app follow the Ondo Stocks terms. Ondo USDY LLC can redeem USD by bank wire only to non-U.S. bank accounts. USDC redemption is described through Ondo Global Markets (BVI) Limited. Mint and redeem on Sui, Aptos, Stellar, XRP, or Noble is via support@ondo.finance. |
| 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. | Deposits of $100,000 or more can use a USD bank wire. Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum. |
| 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 USDY
After onboarding, mint USDY with USDC on the Ondo web app. A deposit of $100,000 or more can also use a USD bank wire. The basics page says to contact support@ondo.finance for the wire, and that current web-app purchases follow the Ondo Stocks terms. It does not name a secondary-market exchange.
The trust page says investors undergo customer due diligence for anti-money laundering, counter-terrorist financing, and sanctions. It does not print the document list.
Who can and cannot hold USDY
Ondo US Dollar Yield is issued from United States.
Regulator, as published: Offered under Regulation S to non-U.S. persons. Ondo USDY LLC is registered as a money services business with FinCEN. The basics page says that as of 15 Dec 2025 the note was folded into the Ondo Stocks umbrella.
The trust page says Ondo USDY LLC can issue and sell USDY only to non-U.S. persons, in transactions outside the United States, under Regulation S. It does not publish a further country list. Investors must pass customer due diligence under the LLC's Bank Secrecy Act program. The basics page says that as of 15 December 2025 the note was folded into the Ondo Stocks umbrella.
What redemption actually means in practice for USDY
Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum. The basics page does not state a separate redemption minimum for other networks.
Ondo USDY LLC can redeem US dollars by bank wire only to a non-U.S. bank account. USDC redemption is described through Ondo Global Markets (BVI) Limited. The basics page does not name the bank or the city.
The issuer does not publish an issuer fee for Ondo US Dollar Yield.
The issuer does not publish a redemption settlement time for Ondo US Dollar Yield.
The issuer does not publish a storage fee for Ondo US Dollar Yield.
Direct purchase minimum: Mint with USDC after onboarding. Deposits of $100,000 or more can use a USD bank wire. Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum.
Reserve report: The trust page says periodic fund audits are shared with authorized requesting parties and does not name the fund auditor. It points to published smart-contract audits, which are code reviews. Neither page names an assurance standard for a reserve report.
Franklin OnChain U.S. Government Money Fund 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 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.. USDY 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.. USDY redemption: Current purchases through the web app follow the Ondo Stocks terms. Ondo USDY LLC can redeem USD by bank wire only to non-U.S. bank accounts. USDC redemption is described through Ondo Global Markets (BVI) Limited. Mint and redeem on Sui, Aptos, Stellar, XRP, or Noble is via support@ondo.finance..
The slugs in alphabetical order: /compare/benji-vs-usdy. 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 US Dollar Yield: After onboarding, mint USDY with USDC on the Ondo web app. A deposit of $100,000 or more can also use a USD bank wire. The basics page says to contact support@ondo.finance for the wire, and that current web-app purchases follow the Ondo Stocks terms. It does not name a secondary-market exchange. The trust page says investors undergo customer due diligence for anti-money laundering, counter-terrorist financing, and sanctions. It does not print the document list.
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 US Dollar Yield is issued from United States. Regulator, as published: Offered under Regulation S to non-U.S. persons. Ondo USDY LLC is registered as a money services business with FinCEN. The basics page says that as of 15 Dec 2025 the note was folded into the Ondo Stocks umbrella. The trust page says Ondo USDY LLC can issue and sell USDY only to non-U.S. persons, in transactions outside the United States, under Regulation S. It does not publish a further country list. Investors must pass customer due diligence under the LLC's Bank Secrecy Act program. The basics page says that as of 15 December 2025 the note was folded into the Ondo Stocks umbrella.
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 US Dollar Yield: Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum. The basics page does not state a separate redemption minimum for other networks. Ondo USDY LLC can redeem US dollars by bank wire only to a non-U.S. bank account. USDC redemption is described through Ondo Global Markets (BVI) Limited. The basics page does not name the bank or the city. The issuer does not publish an issuer fee for Ondo US Dollar Yield. The issuer does not publish a redemption settlement time for Ondo US Dollar Yield. The issuer does not publish a storage fee for Ondo US Dollar Yield. Direct purchase minimum: Mint with USDC after onboarding. Deposits of $100,000 or more can use a USD bank wire. Minting and redeeming on Sui, Aptos, Stellar, XRP, or Noble has a $5,000 minimum. Reserve report: The trust page says periodic fund audits are shared with authorized requesting parties and does not name the fund auditor. It points to published smart-contract audits, which are code reviews. Neither page names an assurance standard for a reserve report.