# RWA daily update — 2026-06-24

## Lesson topic
Tokenized fund shares: the token can be a transfer/recordkeeping layer, but the fund’s prospectus, NAV process, transfer agent and redemption rules still define the investor’s real claim.

## Sources checked

1. SEC EDGAR submissions — Franklin Templeton Trust / Franklin OnChain U.S. Government Money Fund  
   URL: https://data.sec.gov/submissions/CIK0001786958.json  
   Accessed: 2026-06-24  
   Extracted facts:
   - SEC EDGAR identifies the registrant as Franklin Templeton Trust.
   - Recent filings include Franklin OnChain U.S. Government Money Fund materials, including N-MFP3, N-CSR and 497/497K filings.
   - The filing list confirms this is a registered fund disclosure trail, not just a marketing page or social-media claim.

2. SEC EDGAR — Franklin Templeton Trust supplement dated April 24, 2026 to the Franklin OnChain U.S. Government Money Fund summary prospectus, prospectus and SAI  
   URL: https://www.sec.gov/Archives/edgar/data/1786958/000165558926000578/c497k.htm  
   Accessed: 2026-06-24  
   Extracted facts:
   - The filing names Franklin OnChain U.S. Government Money Fund as the fund.
   - The supplement discusses peer-to-peer transfer of shares and says scheduled transfers requested through the Benji mobile app are processed at the fund’s next NAV calculation time on the date of the scheduled transfer.
   - The filing says the fund’s transfer agent allocates intraday yield between transferor and transferee based on how long each held the transferred shares during the NAV cycle.
   - The filing states the fund calculates NAV on days when both the NYSE and Federal Reserve Bank of New York are open.

3. SEC EDGAR — Franklin OnChain U.S. Government Money Fund annual shareholder report, period ended March 31, 2026  
   URL: https://www.sec.gov/Archives/edgar/data/1786958/000113322826008451/fousgmf-efp24660_ncsr.htm  
   Accessed: 2026-06-24  
   Extracted facts:
   - The annual shareholder report identifies the product as Franklin OnChain U.S. Government Money Fund [FOBXX].
   - The report points investors to Franklin Templeton regulatory fund documents and gives shareholder-report cost information.
   - The filing shows net assets of approximately $843.8 million at March 31, 2026 in the extracted financial table. This is a reported figure in a filing, not a real-time assets-under-management estimate.

4. Franklin Templeton official fund page — Franklin OnChain U.S. Government Money Fund / FOBXX  
   URL: https://www.franklintempleton.com/investments/options/mutual-funds/products/29386/SINGLCLASS/franklin-onchain-u-s-government-money-fund/FOBXX  
   Accessed: 2026-06-24  
   Retrieval note:
   - The page loaded, but much of the public content is served through site JavaScript. It was treated as a product-page confirmation lead; the SEC filings above were used for the lesson’s controlling facts.

## No-hype summary
Franklin’s on-chain money fund is a useful RWA case because the token story is not separate from the fund-law story. The interesting part is not merely that an app or blockchain label exists; it is that the official fund disclosure still talks about NAV calculation times, transfer-agent processing, intraday yield allocation and regular regulatory filings. For learners, this keeps the hierarchy straight: a tokenized fund interest should be read through the prospectus, shareholder reports, transfer-agent mechanics, custody, eligible-investor rules and redemption terms. The token may improve transfer records or peer-to-peer workflow, but it does not erase the need to understand what the fund owns, when NAV is struck, who records ownership and what happens if a transfer request misses an operating window.

## Practical watch phrase
"Is this token the legal fund share, a record of the fund share, or just an app/platform wrapper around a fund process?"

## Editorial caveats
- Educational only; not investment advice or a recommendation to buy, hold or redeem any fund.
- EDGAR filings are authoritative for the fund disclosure trail, but they still require investor/professional review for current terms and suitability.
- A tokenized fund share is not automatically instant liquidity, guaranteed yield, deposit insurance, or freedom from transfer restrictions.