Tokenised T-bills evaluated across who can actually buy them, legal claim quality, redemption reality, and total fee load.
Ranked here: tokenised T-bills, tokens that let you earn T-bill yield onchain. Not ranked here: products ranked as money-market funds instead, other than JTRSY, ranked as both, products whose primary market has wound down, and infrastructure institutions build on, not a product a reader opens.
FR
#1 of 7 · published ranking
Franklin Templeton BENJI (FOBXX)
81ChainChoice Score
4199
Why it leads
Franklin Templeton BENJI (FOBXX) scores higher than everything else in this ranking on its legal claim.
Show the arithmetic
Best in this ranking on legal claim (10/10; next 9/10)
Cost
$20 your cost/yr · Your balance: $10k
ReviewedNext review by Published Methodology v2026.11.1
How this page is reviewed
Reviewed means every product ranked on this page was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
No provider can pay for a position in this table. The code that computes this order cannot read which links carry a referral code, and every build proves it. Every score below rebuilds from the published criteria.Ranking v2026.11.1 · 4 criteria · 7 products · same inputs, same order
How we review · 7 ranked of 16 assessed · 4 criteria · 0 sponsor weight
How we review
7ranked
16assessed
4criteria
0sponsor weight
Recommendation first, comparison only if needed.
Reviewed and rechecked on the current cycle.
Commercial relationships disclosed before clickout.
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
Legal claim — 10/10Trade-off: US investors only — not offered in Canada, the EU or the EEA
81score
your cost/yr
Check availability for your country
Franklin Templeton BENJI (FOBXX) · franklintempleton.com. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
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.
2
WIWisdomTree WTGXXSEC-registered money fund at a $1 minim...
Legal claim — 9/10Trade-off: US investors only — no non-US access
77score
your cost/yr
Check availability for your country
WisdomTree WTGXX · wisdomtree.com. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
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
Circle USYCLargest tokenised Treasury onchain — an...
Legal claim — 6/10Trade-off: US persons cannot buy it at ANY size (Reg S)
70score
-Not published
Check availability for your country
Circle USYC · circle.com. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
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.
4
Ondo OUSG24/7 instant redemption — inherited fro...
Redemption — 8/10Trade-off: Requires accredited investor AND qualified purchaser status ($5M+ test)
69score
-Not published
Check availability for your country
Ondo OUSG · ondo.finance. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
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.
5
Janus Henderson Anemoy Treasury Fund (JTRSY)S&P-rated BVI fund — 30 holders, 500k m...
Janus Henderson Anemoy Treasury Fund (JTRSY) · app.rwa.xyz. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
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.
6
OpenEden TBILLMoody’s-rated BVI fund — but the queue...
Legal claim — 4/10Trade-off: True one-year round-trip cost is about 0.45%, not the 0.35% headline
59score
your cost/yr
Check availability for your country
OpenEden TBILL · docs.openeden.com. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
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.
1 more assessed and ranked below — none of them hidden for commercial reasons.
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 (constant here), ease of use 10, institutional trust 8. Profile match is shown in breakdowns but carries no weight.
How you can lose money here, and what the ranking scores
Insolvency failure: the firm or issuer that owes you cannot pay.
Scored by Legal claim quality · 28% (Franklin Templeton BENJI (FOBXX) 10/10, WisdomTree WTGXX 9/10, Circle USYC 6/10)
Regulatory failure: no licence where you are, or a forced market exit.
Scored by Who can actually buy it · 30% (Franklin Templeton BENJI (FOBXX) 8/10, WisdomTree WTGXX 8/10, Circle USYC 3/10)
Exit failure: you cannot get out at par, on time, or with what is yours.
Scored by Redemption reality · 24% (Franklin Templeton BENJI (FOBXX) 6/10, WisdomTree WTGXX 6/10, Circle USYC 6/10)
Not assessed by this ranking: Contract failure, Control failure, Custody failure, Information failure. A high place says nothing about these; the Methodology tab says what each means.
Also scored, as cost, quality or a summary of several families: Total fee load (18%).
Audit
Infrastructure
Methodology
2026.11.1
published 10 November 2026
Providers tracked
860+
across 121 categories
Last verified
3 November 2026
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 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 engine lead
The #1 overall and the scoring weights
FR
Franklin Templeton BENJI (FOBXX)Data checked Nov 2026
A real 1940 Act money fund at a $20 minimum — US only
A real 1940 Act money fund at a $20 minimum — US only. Strongest on legal claim quality (10/10): Each BENJI token is a share of the Franklin OnChain U.S. Government Money Fund, a government money market fund under Rule 2a-7 of the Investment Company Act of 1940 (SEC file 811-23471), so holders keep full registered-fund protections. Weakest on redemption reality (6/10): Redemptions are typically processed by the next business day, only on business days, and may take up to seven days if immediate payment would harm the fund; there is no instant or weekend redemption path. Published price: Franklin's FOBXX summary prospectus dated 1 August 2026 (franklintempleton.com, 9001-PSUM, read 3 November 2026): "Management fees" "0.15%", "Other expenses" "0.07%", "Total annual Fund operating expenses" "0.22%", a "Fee waiver and/or expense reimbursement" of…
Best forLegal claim — 10/10
Main tradeoffUS investors only — not offered in Canada, the EU or the EEA
Verify before signupFranklin's FOBXX summary prospectus dated 1 August 2026 (franklintempleton.com, 9001-PSUM, read 3 November 2026): "Management fees" "0.15%", "Other expenses" "0.07%", "Total annual Fund operating expenses" "0.22%", a "Fee waiver and/or expense reimbursement" of "-0.02%", and "Total annual Fund operating expenses after fee waiver and/or expense reimbursement" "0.20%". The waiver holds the ratio at 0.20% "until July 31, 2027"; model 0.22% after that unless it is extended. Distribution and service (12b-1) fees: "None"; the full prospectus says shares "are offered without a sales charge". Minimum: "The minimum initial purchase for most accounts is $20, although you may be subject to a higher investment minimum" (the full prospectus lists Stellar $20 up to Ethereum $5,000,000).
Weighted criteria
Who can actually buy it30%
Legal claim quality28%
Redemption reality24%
Total fee load18%
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 the yield on 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.
Reviewed3 November 2026Method4 criteriaCategorytokenised_tbills
Not financial advice · For informational purposes only · Always do your own research
