BENJI

Franklin OnChain U.S. Government Money Fund

Issued by Franklin Templeton Trust

Overall risk score78.1

Smart Contract Security

70

Executive Summary

bench3.ai assessed the identified BENJI public execution surfaces across Ethereum, Polygon, Arbitrum, Avalanche, Base, Stellar, Solana and Aptos. The work addressed deployed identity, authorization and transfer restrictions, privileged issuance and settlement, cross-network request handling, non-EVM control configuration, and the public relationship between token balances and the Franklin OnChain U.S. Government Money Fund. [E01-E07]

Assessment conclusion

No reportable vulnerability was confirmed in the examined public-production scope. This is not a clean conclusion for Aptos: C01 remains an unconfirmed conditional candidate because the public record does not establish who controls the sole funded holder key. If a funded, unfrozen holder is independently controlled outside issuer custody, the validated vanilla-transfer path would bypass the custom shareholder registry. C01 is excluded from the confirmed-vulnerability total.

ClassificationRecorded result
Confirmed vulnerabilitiesCritical 0 | High 0 | Medium 0 | Low 0
Conditional candidates1; C01 on Aptos, verification pending and excluded from confirmed totals
Control observations2; privileged Solana upgrade authority and Stellar signer concentration

Material qualification

The private FTIS production worker, durable replay and finality store, post-scheduling freeze policy and reconciliation process were not available. Solana source/build correspondence is incomplete, and no authenticated end-to-end cross-network transfer was performed. These gaps constrain the opinion to the public components and recorded state described below. [E01-E04]

Market Data

Total Asset Value
$680.07M
7D Annualized Net Yield
3.76%

Overall assessment

78.1

BENJI represents shares in a registered U.S. government money market fund investing in government securities, cash and fully collateralized repos.

Rating details

Assessed

Asset scope

Franklin OnChain U.S. Government Money Fund and BENJI fund shares

Source dates to

Underlying assets

Portfolio risk

83.5

Fund or portfolio credit quality

80

Portfolio maturity

100

Currency mismatch

70

Non-sovereign concentration

75

Five-day portfolio liquidity

100

Custodian quality

86

Custodian institution

100

Custody records and asset controls

65

Token structure

Investor protection

82.5

Holder claim

100

Insolvency protection

65

Backing and reconciliation

82.5

Fund accounting and assurance

100

Token backing reconciliation

65

Redemption and Exit

82.5

Redemption timing

100

Exit performance and suspension

65

Counterparties

Legal standing

89.5

Holder vehicle regulation

100

Service-provider permissions

65

Operating history

25

Manager and registry operating history

25

Operations

65

Service continuity

65

Blockchain networks

Stellar, Polygon, Arbitrum, Avalanche, Aptos, Ethereum, Base, Solana

Sources