OCB — Quality Rating · Tokenized treasuries
BENJI Quality Rating
BENJI (Franklin Templeton) scores 89/100 on OnChain Benchmark's RWA Quality Rating — rated Verified Capital (methodology v1.6, as of Oct 11, 2026).
Latest onchain read Oct 11, 2026
Updated daily
Quality score
89
of 100 · Verified Capital
Dimensions measured
4
of 4
Outstanding supply
$707.42M
as of Oct 11, 2026
Chains
7
with measured supply
Why BENJI scores 89
The biggest gap in BENJI's score is how concentrated its ownership is.
Each dimension's score is multiplied by its weight and summed: 89.30 of a possible 100, rounded to 89.
Composite
89 / 100
| Dimension | Score |
|---|---|
Holder Concentration Ownership is concentrated: the top 10 holders across seven of its eight chains own 69.8% of the free float on those chains. Upgrade factorA wider holder base, with the top 10 owning 50% or less (25). | 22 / 25 |
Redemption Liquidity Redemption runs through the fund's NAV facility; the top score also needs a deep onchain market alongside it. Upgrade factorOnchain liquidity of at least 0.5% of supply (24 of 25). | 21 / 25 |
Structural Trust An admin can upgrade the contract without a timelock, controlled by a standard multisig (such as 3-of-5). Upgrade factorA timelock on contract upgrades. | 23 / 25 |
Disclosure Quality The holdings are confirmed by daily regulated filings rather than checked against an independent price source. | 24 / 25 |
OCB Instrument
Outstanding supply
OCB Instrument
Rating history
Key facts
Issuer, rubric and methodology
- Issuer
- Franklin Templeton
- Asset class
- Tokenized treasuries
- Rubric
- RWA Quality Rating
- Methodology
- v1.6
- Last scored
- Oct 11, 2026
- What it is
- Tokenized share of a U.S. government money market fund.
Chains
Share of measured supply by chain
With measured supply
7
| Chain | Share of measured supply |
|---|---|
| Stellar | 66.4% |
| Base | 8.5% |
| Ethereum | 6.8% |
| Arbitrum | 6.8% |
| Avalanche | 4.9% |
| Polygon | 4.6% |
| Aptos | 2.1% |
Evidence
Verified facts behind the rating
A sample of the verified facts behind BENJI’s score. The full diligence trail is in the terminal.
Facts shown
3
| Dimension | Finding | Verified |
|---|---|---|
| Holder Concentration | Sole mint recipient for BENJI token. 0 outgoing transactions. All BENJI supply is held in this address — Franklin Templeton custody/distribution contract, not a retail holder. | Jun 1, 2026 |
| Disclosure Quality | Franklin Templeton Trust files monthly N-MFP3 for FOBXX (S000067043). Extracts AUM, NAV, 7-day yield, WAM/WAL, stable price per share. 6 filings ingested in 6-month smoke test — 100% match rate to S000067043. | May 31, 2026 |
| Disclosure Quality | The contract's admin is an individual wallet — no publicly verified contract source. proxiableUUID (item 21) confirmed upgradeable upgrade pattern. A single individual wallet controls upgrades. | May 31, 2026 |
Cite this rating
Reference BENJI’s rating
Every rating carries its methodology version and a stable permalink, so a citation stays accurate after a later rescoring run.
OnChain Benchmark (2026). BENJI Quality Rating: 89/100 (Verified Capital), as of Oct 11, 2026. Methodology v1.6. https://onchainbenchmark.com/instruments/benji
OnChain Benchmark (2026) 'BENJI Quality Rating', OnChain Benchmark, Verified Capital, 89/100, methodology v1.6. Available at: https://onchainbenchmark.com/instruments/benji (Accessed: Oct 11, 2026).
@misc{ocb_benji_2026,
author = {{OnChain Benchmark}},
title = {{BENJI Quality Rating}},
year = {2026},
note = {89/100, Verified Capital, methodology v1.6},
url = {https://onchainbenchmark.com/instruments/benji}
}The interactive terminal shows every verified fact behind BENJI's rating — the dimension-by-dimension breakdown, scoring history, outstanding supply, anomalies, and the complete evidence trail with sources.