01
Unit of record
1 share / 1 token
The issuer states that one FOBXX share is represented by one BENJI token.
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§ Market proof / Tokenised money-market fund
Published case
Franklin Templeton
Franklin Templeton says its U.S. Government Money Fund uses a blockchain-integrated transfer-agent record, with institutional peer-to-peer transfers added to Benji in April 2024.
§ The public record
What this record tells us.
02
Transfer model
Institutional P2P
Benji announced peer-to-peer transfers for institutional investors in April 2024.
03
Operating layer
Transfer agent
The stated ownership record is maintained through a blockchain-integrated transfer-agent system.
§ Institutional reading
The story works when the operating model is easy to follow.
For fund teams, the useful lesson is simple: eligibility, ownership records and transfer rules need to make sense together — not as separate technical features.
Evidence boundary
This is a published example from Franklin Templeton. It is not a BMB client case, a performance claim or an investment recommendation.
Browse the other public examples shaping institutional tokenisation.
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