A press release titled, "Franklin OnChain U.S. Government Money Fund Assigned 'AAAm' Principal Stability Fund Rating," tells us, "S&P Global Ratings ... said it assigned its 'AAAm' principal stability fund rating (PSFR) to the Franklin OnChain U.S. Government Money Fund. Our assignment of the 'AAAm' PSFR is based on our assessment of the creditworthiness of the fund's investments and counterparties, the investments' maturity structure, and management's ability and policies to maintain the fund's stable net asset value. We review pertinent fund information and portfolio reports weekly as part of our surveillance process for PSFRs." (Note: To those attending our Money Fund Symposium this week, we hope you're enjoying the show! Attendees and Crane Data Subscribers may access the MFS Conference Materials here.)
The statement says, "Franklin Advisers Inc. is the fund's investment adviser, with Western Asset Management Co. LLC appointed as the subadviser responsible for day-to-day investment management. We have conducted a rigorous review of this management structure, using our analysis of Western Asset's existing rated money market funds."
It explains, "Our assessment includes a comprehensive evaluation of Western Asset's management and organization, credit research and analysis, risk management, and compliance. Its established investment frameworks and historical performance underscore its strength as an investment manager and its ability to execute the fund's objectives."
S&P writes, "The Franklin OnChain U.S. Government Money Fund utilizes blockchain technology to record share ownership via the BENJI token. Unlike with traditional finance U.S. Treasury funds, BENJI's units are issued as tokens on blockchains through a proprietary blockchain-integrated system. This system utilizes features of traditional book-entry form recorded on one or more public blockchain networks."
They state, "The fund's other service providers include: Shareholder servicing and transfer agent Franklin Templeton Investor Services LLC, which also acts as the dividend-paying agent and has full control of all fund and shareholder records; Subadministrator and custodian JPMorgan Chase Bank N.A.(AA-/Stable/A-1+); Independent registered public accounting firm (auditor) PricewaterhouseCoopers LLP; and Distributor Franklin Distributors LLC, the principal underwriter in the continuous public offering of the fund's shares."
S&P also tells us, "BENJI is the world's first U.S.-registered money market fund to use a public blockchain as its official system of record, launched in April 2021 on the Stellar network. The fund is a diversified, open-end management investment company, organized under Delaware statutory trust on Aug. 2, 2019, and is registered with the SEC. The fund is intended exclusively for U.S. residents."
They add, "The fund's investment goal is to provide investors with high current income consistent with the preservation of capital and liquidity, while attempting to maintain a stable $1.00 share price. The fund invests at least 99.5% of its total assets in government securities, cash, and repurchase agreements collateralized fully by government securities or cash. As of May 31, 2026, the fund had total net assets of $813.5 million."
Finally, S&P says, "The fund's tokenized supply is distributed across multiple blockchains to increase adoption and streamline access. The Stellar network is the primary ledger, accounting for approximately 70% of the supply, followed by the Base network with approximately 7%. The remaining supply is diversified across Polygon, Aptos, Avalanche, Arbitrum, Ethereum, and Solana, with no single network--aside from Stellar--holding more than 7% of the total supply. Regardless of the underlying network, the transfer agent retains unilateral control over the blockchain-integrated system, including the ability to maintain record accuracy, remediate errors, and limit the transferability of shares."
For more on Tokenized Money Market Funds, see these recent Crane Data News stories: "Moody's Rates BlackRock BUIDL and Fidelity USD Digital Liquidity AAA" (5/20/26), "JPMAM Launches 2nd Tokenized MMF" (5/14/26), "BlackRock Files for Tokenized MMFs" (5/11/26), "Northern Talks Tokenization, Deposits" (4/22/26), "Earnings: JP Morgan Talks AI Cash Allocation Tool; BNY on Tokenization" (4/20/26), "Invesco to Manage SuperState Tokenized USTB; Weekly MF Port Holdings" (3/25/26), "OMFIF on Tokenised Money Funds" (3/18/26), "Federated's Donahue Talks Tokenized Money Funds; Yields Dip to 3.47%" (3/17/26), "Northern Trust A.M. Launches Tokenized Treasury Digital Enabled Shares" (3/3/26), "BNP Paribas Debuts Tokenized MMF" (2/23/26), "Western Adds Tokenized MMF Class" (1/14/26), "Boston Fed Paper Examines Vulnerabilities of MM ETFs, Tokenized MMFs" (1/7/26), "More from Irish Funds' Tokenization Paper; Decrypt Explains Stablecoins" (12/29/25), "JPMAM Liquidity Insight: Tokenization Transforming Money Market Funds" (12/24/25), "Amundi Tokenises Shares of EUR MMF" (12/22/25), "JP Morgan Launches Tokenized MMF, My OnChain Net Yield Fund (MONY)" (12/17/25), "Bank for International Settlements Primer on Tokenized Money Funds" (12/2/25), "TD Securities Writes on Stablecoins, Tokenized Money Funds, Digital" (11/5/25), "NY Fed Blog Says Money Funds Dominate Tokenization To Date; Stability?" (9/25/25), "IMMFA on Tokenization of MMFs in Europe; Tether USDT; Fidelity Digital" (9/22/25), and "BNY's LiquidityDirect Portal Announces Plans to Tokenize Money Funds" (7/24/25).
