# Ketju research: Franklin OnChain Institutional Liquidity Fund (iBENJI)

- URL: https://riadefi.com/rejections/franklin-onchain-institutional/
- Research assessment: adverse
- Client selection: not considered
- Exposure: tokenized RWA
- Reviewed: 2026-09-24
- Next review: 2026-12-24

## Research summary

iBENJI is the token of Franklin Onchain Institutional Liquidity Fund Ltd., a private money fund that Franklin Advisers manages for institutions. It is not BENJI, the registered fund any client can buy for $20; it runs on the same contract code, and Franklin lists it beside BENJI on its contracts page. On 2026-09-24 there were 1.72 billion iBENJI at $1.00: 198 million on Ethereum and 1.52 billion on BNB Chain, a chain Ketju rejects.

The fund is for qualified purchasers. Its only public statement of terms is a Form D filed on 29 May 2025: Rule 506(b), the section 3(c)(7) exclusion, and a $5 million minimum. That filing reports no sales and has never been amended, though the fund now holds $1.72 billion. No offering memorandum, fact sheet, or redemption term is public, and the Form D and rwa.xyz disagree on where the fund is organized.

The assessment is adverse. Nothing in the fund suggests poor management; it is Franklin’s. But a client gains nothing from it that BENJI does not give under a prospectus, the terms cannot be read, most of the supply sits on a rejected chain, and the same three single keys that can replace BENJI’s code can replace this one’s.

## Observable review triggers

- Franklin publishes the fund’s offering memorandum or a terms page, and it states the claim, the record keeper, and redemption terms
- The fund files a Form D amendment that reports its sales and investors
- ROLE_TOKEN_OWNER moves from single keys to a multisig with a delay on both chains
- Most of the supply moves to a chain Ketju approves

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
Machine-readable index: https://riadefi.com/llms.txt · Content API: https://riadefi.com/content.json