Franklin OnChain Institutional Liquidity Fund (iBENJI)

Review open since 2026-09-29: Franklin OnChain Institutional Liquidity Fund (iBENJI) on Ethereum: the transfer allowlist is now no, the file recorded yes; the power to freeze a holder is now no, the file recorded yes (read at block 26075777). Ketju will review the file before any client action. A draft revision dated 2026-09-29 is under audit. The verdict stands until the review closes.

Summary

Ketju does not approve iBENJI: its terms are not public, most of its supply sits on a chain Ketju does not approve, and it gives a client nothing that Franklin’s registered BENJI fund does not. iBENJI is the token of Franklin Onchain Institutional Liquidity Fund Ltd., a private money fund that Franklin Advisers manages for institutions. BENJI is a separate, registered fund that any client can buy for $20. iBENJI runs on the same contract code, and Franklin lists it beside BENJI on its contracts page. On 2026-09-24 there were 1.72 billion iBENJI at $1.00: 198 million on Ethereum and 1.52 billion on BNB Chain. The fund is for qualified purchasers, with a $5 million minimum. We found no sign of poor management. The same three single keys that can replace BENJI’s code can replace iBENJI’s.

Review triggers
• Franklin publishes the fund’s offering memorandum or a terms page, and it states the claim, the record keeper, and redemption terms
• The fund files a Form D amendment that reports its sales and investors
• ROLE_TOKEN_OWNER moves from single keys to a multisig with a delay on both chains
• Most of the supply moves to a chain Ketju approves

Ketju checks this memo every night. A review opened on 2026-09-29 and appears under the verdict above. The verdict stands until the review closes.

Research

How it works

The Form D names the issuer Franklin Onchain Institutional Liquidity Fund Ltd., a corporation formed in 2024. Franklin Advisers, Inc. is investment manager, Matthew Hinkle is director, and Franklin Distributors, LLC is placement agent. The Form D gives Delaware as the jurisdiction. rwa.xyz calls the fund British Virgin Islands domiciled, which fits the “Ltd.” in its name better. rwa.xyz describes it as a money fund backed by government securities, cash and repos at a $1.00 NAV, launched 25 March 2025. Franklin itself has published no page, fact sheet or memorandum for the fund. Its Benji contracts page lists the tokens, “iBENJI (Ethereum)” and “iBENJI (BNB Smart Chain),” with their module addresses, and nothing else.

Fees

rwa.xyz lists a 0.50% management fee.

Eligibility

The fund’s only public statement of terms is a Form D filed on 29 May 2025. It claims Rule 506(b) and the Investment Company Act section 3(c)(7) exclusion, so any US holder must be a qualified purchaser. It states a $5,000,000 minimum. rwa.xyz lists non-US institutions and US qualified institutional buyers, with $5 million to start and $100,000 after. The filing is dated before any sale and reports $0 sold and no investors. EDGAR holds no amendment, although a continuing offering files an amendment each year. On 2026-09-24 the two contracts held 1.72 billion shares across 44 holders, by rwa.xyz’s count. Sales to non-US buyers under Regulation S need no Form D, which may explain the gap, but no document says so. Franklin has not published the transfer, redemption or record-keeping terms. Advisory clients who are not qualified purchasers do not qualify.

Who controls it

Both contracts run Franklin’s MoneyMarketFund code, the same family as BENJI. The verified source lets only authorized wallets hold the token. It lets the Authorization module freeze a wallet. An admin can burn any balance, switch off all holder transfers and mint shares. On Ethereum, the Transfer Agent module adds adjustBalance and recoverAccount.

ROLE_TOKEN_OWNER controls upgrades of the token. On both chains three plain addresses hold it: 0x42cc…a2d6, 0x64d4…23e6 and 0xb671…b24f. These are the same three that can upgrade BENJI, and each can replace the token’s code alone. On Ethereum a contract, 0x27d7…1ad6, also holds that role and the default admin role. The authorization admin role sits with the contract that Franklin names as its MultiSig Module. We did not read the BSC module role holders.

Withdrawals

We found no published redemption terms for iBENJI from Franklin Templeton on 2026-10-18. Franklin’s Benji contracts page lists the iBENJI tokens and their Transfer Agent modules, and it refers readers to the fund’s prospectus for redemption details. The Form D filed on May 29, 2025 states a $5,000,000 minimum and describes no redemption right. RWA.xyz, a secondary source, lists daily redemption with a 0% redemption fee and no minimum redemption amount. The verified contract code lets only authorized wallets hold the token. An administrator can burn any balance and switch off all holder transfers, and the Authorization module can freeze a wallet.

Size and holdings

Eighty-eight percent of iBENJI, 1.52 billion shares, is on BNB Chain. Ketju does not approve BNB Chain because of its small, Binance-aligned validator set. In February 2026 Franklin and Binance launched a program for institutions. It lets them post “Benji-issued tokenized money market fund shares” as off-exchange collateral for trading on Binance. Ceffu Custody FZE in Dubai holds that collateral. The release does not name the fund, but iBENJI is the Benji fund token on BNB Chain.

Comparison

BENJI is Franklin’s registered government money fund. It has the same manager and the same kind of assets, a prospectus, a named SEC-registered transfer agent and a $20 minimum. iBENJI asks for $5 million and qualified-purchaser status. It publishes no terms, reports zero sales to the SEC and keeps most of its supply on a chain that Ketju does not approve. The Form D and rwa.xyz disagree on where the fund is organized. The one use that Franklin has announced for Benji fund shares on BNB Chain is trading collateral on Binance, which an advisor’s client does not need.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• SEC EDGAR: Franklin Onchain Institutional Liquidity Fund Ltd., Form D (2025-05-29) · primary · accessed 2026-09-24
  Supports: Delaware corporation, Rule 506(b), section 3(c)(7), $5,000,000 minimum, no sales reported, Franklin Advisers, Franklin Distributors
• Franklin Templeton Benji DevHub: contract addresses · primary · accessed 2026-09-24
  Supports: iBENJI on Ethereum and BNB Smart Chain, MultiSig Module address
• Franklin Templeton and Binance, Institutional Off-Exchange Collateral Program (2026-02-11) · primary · accessed 2026-09-24
  Supports: Binance collateral program, Ceffu custody in Dubai
• Verified iBENJI implementation MoneyMarketFund on Ethereum (Sourcify) · primary · accessed 2026-09-24
  Supports: upgrade gated by ROLE_TOKEN_OWNER, burnShares, disableERC20Transfer
• rwa.xyz: iBENJI · secondary · accessed 2026-09-24
  Supports: BVI domicile, investor classes, $5M and $100K minimums, 0.50% fee, 44 holders, launch date
• RWA.xyz: iBENJI · secondary · accessed 2026-10-18
  Supports: daily redemption, redemption fee, eligible investors

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.