BlackRock BUIDL or Franklin BENJI — how do the two biggest tokenized money market funds differ?
BUIDL (BlackRock / Securitize) yields ~3.59%, minimum $5M (institutional). BENJI (Franklin Templeton) yields 3.47%, minimum low (Benji app).
BUIDL (BlackRock, via Securitize) and BENJI (Franklin Templeton) are both tokenized US government money-market funds. They differ sharply in who they are for: BUIDL starts at millions for qualified purchasers, BENJI is a registered fund open to US retail through Franklin’s own app.
Figures from our live dataset · page generated 2026-10-11 · not investment advice
Side by side
| BUIDL | BENJI | |
|---|---|---|
| Where the yield comes from | US Treasuries / repos / cash | US government securities / repos |
| Risk (our label) | Low | Low |
| Custody | Self-custody (whitelisted) | Custodial (Benji app) |
| Liquidity | 24/7, instant redemption to USDC | Daily |
| KYC to mint with the issuer | KYC required | KYC required |
| KYC to buy on a market | Not stated | Not stated |
| KYC to redeem | Not stated | Not stated |
| Assets under management | $2.4B | $821M |
| Jurisdiction | BVI / US | USA |
| How to buy | Via Securitize (qualified purchasers) | Via Franklin Templeton's Benji app |
How to choose
For most individuals the question answers itself: BUIDL is built for institutions and qualified purchasers with a multi-million minimum, while BENJI is a registered fund that Franklin Templeton offers through its own app. Both invest in US government securities, so the yields are close. BUIDL is used mostly as a reserve and collateral asset by crypto firms; BENJI is closer to a money-market account for individuals.
More questions
Which of them can I buy without KYC?
None of them is stated as buyable without KYC.
Where does the yield come from?
BUIDL: US Treasuries / repos / cash. BENJI: US government securities / repos.
Which is the largest?
By size, BUIDL at $2.4B, followed by BENJI at $821M. Size is not safety, but a larger product usually means a deeper market to sell into.
How risky are they?
BUIDL: Low. BENJI: Low. The risk label is ours, in plain language, and is explained on each token page.
Are these yields fixed?
2 of 2 are variable: the rate moves with markets and is not guaranteed. The figures on this page were last checked on 2026-08-25.