Five Years Onchain: What the First US-Registered Fund on a Public Blockchain Teaches Institutions

Five Years Onchain: What the First US-Registered Fund on a Public Blockchain Teaches Institutions

Long before tokenization became a Wall Street priority, one US-registered fund was already running on a public blockchain. Its public record answers questions asset managers are asking now.

Tokenized funds are multiplying. BlackRock launched its BUIDL fund in March 2024, and J.P. Morgan Asset Management launched its first tokenized money market fund, MONY, in December 2025.

Franklin Templeton was earlier. In April 2021 it launched the Franklin OnChain U.S. Government Money Fund, known as BENJI, on the Stellar network. According to Stellar's case study, it was the first US-registered fund to use a public blockchain as its official system of record. That gives it more than five years of public operating history, which the independent data firm Allium analyzed in Franklin Templeton on Stellar: Onchain Analysis (April 2026).

Here is what that record shows.

1. A registered fund needs issuer controls, and the network can supply them

A registered fund can only use a blockchain that lets the issuer control who holds its shares.

Franklin Templeton has said this drove its choice of network. "We ultimately chose Stellar because it enabled us to meet these certain token-level controls that met the SEC's strict criteria," Ric Golubov, VP of Digital Assets, said in Stellar's case study.

On Stellar, those controls are built into the protocol: an issuer can require approval before an account holds an asset, freeze a holding, and claw assets back.

2. The strongest control has gone unused

Allium's analysis counted 6,262 holder approvals for BENJI on Stellar and zero clawbacks. Thousands of accounts were approved, and the report records no reversed transfers. The controls exist to keep the fund compliant, and the record shows how that works in practice: approval on the way in, rather than intervention after the fact.

3. Tokenization can lower the entry point dramatically

Allium reports a $20 minimum investment for BENJI on Stellar, compared with a $5 million minimum on Ethereum. Tokenization doesn't only change how a fund settles. It can change who is able to own it.

The holder base reflects that. Allium counted 974 of BENJI's 1,023 distinct holders (95%) on Stellar.

4. Shares can move, not just sit in custody

A common criticism of tokenized assets is that they are issued and then do nothing. BENJI supports peer-to-peer share transfers between eligible holders. According to Stellar's case study, cumulative peer-to-peer transfer volume has passed $211 million, monthly transfer activity is up 30 times since launch, and settlement takes five to seven seconds.

5. Multi-chain is the norm, and the launch network keeps the history

Successful tokenized funds rarely stay on one network. Allium reports $1.98 billion in BENJI assets across nine chains, with $638 million on Stellar, as of its April 2026 analysis. Stellar is where the fund launched and, per the same report, where 95% of its holders are.

For institutions choosing a launch network, the lesson is practical. Expansion to other chains can come later, but the network where a regulated product first launches is where its operating record builds up, and for regulated products that record becomes part of the evidence.

What this means for asset managers

Issuing a tokenized fund is increasingly routine. What sets a product apart is what happens after launch: whether the issuer keeps control, whether shares can move, and whether the product reaches investors it couldn't reach before. BENJI's public record, now more than five years long, gives asset managers a concrete reference point on all three.

Frequently asked questions

What was the first US-registered fund to use a public blockchain as its system of record?

Franklin Templeton's Franklin OnChain U.S. Government Money Fund (BENJI), launched on Stellar in April 2021, per Stellar's case study.

How many chains does BENJI run on?

Nine, with $1.98 billion in total assets and $638 million on Stellar, according to Allium's April 2026 analysis.

What is the minimum investment in BENJI?

Allium reports a $20 minimum on Stellar, compared with $5 million on Ethereum.

Have BENJI shares on Stellar been clawed back?

Allium's April 2026 analysis recorded zero clawbacks against 6,262 holder approvals.