BlackRock BUIDL vs Franklin Templeton BENJI

BlackRock BUIDL and Franklin Templeton BENJI both operate in the tokenized-treasury space, but they take fundamentally different approaches to how your bitcoin is held. The scores are close — BlackRock BUIDL at 80/100 (B+) and Franklin Templeton BENJI at 77/100 (B+). When the gap is this narrow, the details matter: custody model, single points of failure, and the fine print on fees.

Where Each Platform Wins

Custody and security — the most heavily weighted category in our methodology at 35% — tilts 6 points toward BlackRock BUIDL (88 vs. 82). BlackRock BUIDL eliminates single points of failure in its custody architecture, while Franklin Templeton BENJI relies on a model where one compromised entity could put your bitcoin at risk. Franklin Templeton BENJI stands out on ease of use (75 vs. 65), reflecting Franklin Templeton BENJI's user experience and onboarding flow.

The Custody Question

Here's the key difference: BlackRock BUIDL has no single point of failure (Multi-Institution (BNY Mellon + Securitize)), while Franklin Templeton BENJI does (SEC-Registered Fund (Franklin Templeton)). This matters because a single-point-of-failure model means one compromised entity — whether through a hack, insolvency, or government action — could result in total loss of funds. History has proven this risk is not theoretical. FTX, Celsius, and BlockFi all represented single points of failure for their users.

Bottom Line

BlackRock BUIDL edges out Franklin Templeton BENJI by 3 points. It's a close call, and the right choice depends on your specific situation — how much bitcoin you're holding, how often you need access, and whether you prioritize largest tokenized treasury fund ($2.5b+). blackrock as asset manager, securitize as tokenization agent, bny mellon as custodian. daily nav. multi-chain deployment across 7 networks. over first sec-registered fund to use public blockchain for share tracking. franklin onchain us government money fund accessible via the benji app. $700m+ aum. stellar and ethereum deployment.. Keep in mind these platforms target different audiences — BlackRock BUIDL is built for accredited investors & institutions, while Franklin Templeton BENJI serves retail & institutional. One thing to watch with Franklin Templeton BENJI: single asset manager controls fund operations. on-chain component is share tracking, not direct asset custody. minimum investment for direct access..