Franklin Templeton's tokenized funds added $532.4 million in market value over the past 30 days, outperforming both Spiko and Re over the same period, according to available data.
Recent momentum
The pace accelerated near the end of the month. In the seven days ending November 2, 2026, the firm added $151.8 million in tokenized fund market cap. MidasRWA came in second over that week with a gain of $78.3 million, meaning Franklin Templeton's weekly haul was nearly double that of its closest competitor.
Most of this activity runs through BENJI, a token that represents shares in the Franklin OnChain U.S. Government Money Fund, which trades under the ticker FOBXX. A version also circulates as sgBENJI.
Assets and infrastructure
By late 2026, Franklin Templeton's digital assets under management reached $3.6 billion. Approximately $2.5 billion of that sits in tokenized money market funds.
BENJI runs primarily on the Stellar blockchain, which Franklin Templeton selected as its main home for the fund. The firm has been expanding, though: its expansion onto the XRP Ledger has drawn over $150 million in new inflows. The research also points to partnerships with companies like Uber around 24/7 trading and settlement use cases.
In August 2026, Franklin Templeton received an SEC no-action letter allowing its traditional mutual funds and ETFs to use BENJI tokens as cash positions or collateral. A no-action letter is the SEC saying it will not pursue enforcement if the firm does what it described. It is not a blanket approval, but it lets a conventional fund treat a token as cash—a notable shift for an agency long wary of anything on-chain.
A crowded field
Tokenized US government money market and Treasury products were estimated at around $38 billion earlier in 2026.
Spiko has been one of the strongest challengers. Its SAFO fund reached $2.38 billion in assets under management by late October 2026, putting SAFO ahead of BlackRock's BUIDL over the same period.
Spiko's SAFO figure and Franklin Templeton's approximately $2.5 billion in tokenized money market funds sit in the same general range. That makes the 30-day growth comparison more than a vanity metric: the leaders are close enough that monthly flows can reshuffle the rankings.
Re also trailed Franklin Templeton over the 30-day window. MidasRWA, meanwhile, was the nearest competitor on the seven-day count.
