Tokenised T-bills evaluated across who can actually buy them, legal claim quality, redemption reality, and total fee load.
FR
#1 of 9 · published ranking
Franklin Templeton BENJI (FOBXX)
81ChainChoice Score
4199
Why it leads
Best in the pool on legal claim (10/10; next 9/10)
Cost
$50 your cost/yr · Your balance: $25k
No provider can pay for a position in this table. The code that computes this order cannot read which links earn us a commission, and every build proves it. Every score below rebuilds from the published criteria.Ranking 2026.08 · 4 criteria · 9 products · same inputs, same order
Personal comparison
What tokenised t-bills cost you
Your inputs update the cost column. The independent ranking stays fixed.
The annual management fee on your balance. Excludes performance fees, spreads and any redemption charge.
RankProviderBest fitScoreYour cost
1
FRFranklin Templeton BENJI (FOBXX)A real 1940 Act money fund at a $20 min...Top ranked
Genuine 1940 Act protections — rare in this categoryTrade-off: US investors only — not offered in Canada, the EU or the EEA
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
3 more assessed and ranked below — none of them hidden for commercial reasons.
Ranking blindCommercial terms excludedDated primary sourcesCrypto products are high risk. Check the provider is authorised where you live before you deposit.
Ranked on 4 published criteria weighted 30/28/24/18, which set goal alignment — 30 of the 86 points. The rest: regional access 20, evidence depth 18, ease of use 10, institutional trust 8. Profile match is shown in breakdowns but carries no weight.
Audit
Infrastructure
Methodology
2026.09.15
published 2026-09-16
Providers tracked
980+
across 119 categories
Last verified
2026-09-14
newest dated pricing or sentiment read
Named on the roster
2 people
managing directors · 6 automated processes
Decision guide
What matters most before choosing in this category
The best tokenised T-bill depends first on whether you are allowed to hold it. Eligibility carries the heaviest weight for an uncomfortable reason: most products in this category exclude the reader entirely by jurisdiction, investor class or minimum, and a yield you cannot access is not a yield. After that, what separates them is the legal claim — a registered fund share, an offshore fund share and a subordinated note issued by an SPV are three different instruments wearing the same wrapper — and whether redemption is a contractual right or a buffer the issuer may withdraw.
What matters most before choosing in this category
The best tokenised T-bill depends first on whether you are allowed to hold it. Eligibility carries the heaviest weight for an uncomfortable reason: most products in this category exclude the reader entirely by jurisdiction, investor class or minimum, and a yield you cannot access is not a yield. After that, what separates them is the legal claim — a registered fund share, an offshore fund share and a subordinated note issued by an SPV are three different instruments wearing the same wrapper — and whether redemption is a contractual right or a buffer the issuer may withdraw.
What is your jurisdiction and investor class, and does this product actually admit you?
Are you a retail buyer, an accredited investor, or an institution — and what is your ticket size?
Do you need a contractual redemption right, or is a buffer allowance acceptable?
Current editor lead
Expert review and scoring weights
FR
Franklin Templeton BENJI (FOBXX)Data checked Sep 2026
A real 1940 Act money fund at a $20 minimum — US only
BENJI is the widest-held product in this category (1,124 holders) for one reason: it is the only 1940 Act registered money market fund here with a $20 entry. One token equals one share of the Franklin OnChain U.S. Government Money Fund, with full Investment Company Act protections that every offshore fund and SPV note in this category lacks. Net expenses are 0.20% — but that includes a contractual 0.02% waiver expiring 31 July 2027, so model 0.22% beyond that date. The trade-off: US investors only, retail access runs solely through the Benji app in select states, and tokens move only between Franklin-allowlisted wallets, so 'onchain' buys record-keeping efficiency, not composability.
Best forGenuine 1940 Act protections — rare in this category
Main tradeoffUS investors only — not offered in Canada, the EU or the EEA
Verify before signupCheck state availability before onboarding.
Methodology
How this category is reviewed
Reviewed on who can actually buy it, legal claim quality, redemption reality, and total fee load.
The order on this page is the published ranking for this category. Every criterion, weight and source behind it is on the methodology page.
Frequently asked
Questions people ask before choosing tokenised t-bills
What actually pays a tokenised T-bills, and can it stop?
Short-dated government debt pays it - the underlying is Treasury bills, and the yield is the interest those bills earn less the wrapper fees. It can stop for the ordinary reasons: rates fall, the fund gates or winds down, or the issuer suspends the share class. What it is NOT is a rate the platform sets or guarantees, and where a product advertises a figure without naming the instrument behind it, this ranking scores the silence rather than the number.
Why can I not buy most of these?
Because most of this market is sold under securities exemptions that admit only professional, accredited or institutional buyers, and eligibility is scored here as its own axis rather than mentioned as a footnote. Who can actually buy it is the first criterion on the page for that reason: a product you cannot legally hold is not a better product for you, however well it scores on fees or redemption
What matters most when choosing a tokenised T-bill?
Whether you can legally hold it, and what the claim actually is. A registered fund share, an offshore fund share and a subordinated note are not equivalent however similar the marketing reads.
Not financial advice · For informational purposes only · Always do your own research
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