Franklin Templeton Adds $150 Million in Tokenized Fund Shares to XRP Ledger

What to Know

• Franklin Templeton added about $150 million in shares of its tokenized money-market fund to the XRP Ledger.
• The move brought the fund’s XRP Ledger total to nearly 193 million shares worth about $200 million, based on the transaction share price.
• The XRP Ledger balance rose from about 48 million sgBENJI shares before Thursday to nearly 193 million after the subscriptions.
• All sgBENJI shares on the XRP Ledger remain in a single wallet.
• The receiving wallet and Franklin Templeton’s issuing account authorize the same eight signing addresses, with any two able to approve a transaction.
• Each of the two recorded subscriptions was for $75 million and carried a separate reference code.
• The fund invests in short-term dollar debt and money-market instruments, including government paper, commercial paper and bank deposits.
• Franklin Templeton’s XRP Ledger settings allow the issuer to approve holdings, freeze balances and recover tokens.
• It remains unclear whether the single wallet represents one investor, multiple clients, an omnibus structure or another custody arrangement.

Franklin Templeton Expands Tokenized Fund Footprint on XRP Ledger

Franklin Templeton has added about $150 million in shares of its tokenized money-market fund to the XRP Ledger, marking a significant expansion of the fund’s presence on the network. The transactions lifted the fund’s XRP Ledger balance to nearly 193 million sgBENJI shares, up from about 48 million before Thursday. At the $1.039 share price recorded in the transactions, the position is worth about $200 million.

The update is another notable development in the market for tokenized real-world assets, where traditional fund products are increasingly being represented on public or permissioned blockchain infrastructure. In this case, the tokenized shares are tied to the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, a product designed to hold short-term dollar debt and money-market instruments.

The increase came through two subscription entries, each tied to a $75 million cash subscription. The fund’s issuing account recorded the subscription receipts on Wednesday, and two share batches followed on Thursday at 02:58 and 04:13 UTC. Each batch contained just over 72,184,793 shares, with matching receipt codes and a $1.039 share price.

Single Wallet Now Holds the Entire XRP Ledger Balance

A key feature of the transaction activity is the concentration of the XRP Ledger holdings. Every new share went to one wallet, and that wallet now holds the entire sgBENJI token balance on the network. The number of wallets holding sgBENJI on the XRP Ledger stayed at one even after Thursday’s transactions nearly quadrupled the number of shares on the network.

The wallet’s structure has drawn attention because it shares the same eight authorized signing addresses as Franklin Templeton’s issuing account. Any two of those signing addresses can jointly approve a transaction. That configuration does not, by itself, establish whether the wallet belongs to a single investor, an omnibus account, a custodian-controlled structure or another arrangement used for fund administration.

In traditional fund and brokerage infrastructure, it is common for brokers, custodians or platform operators to hold assets for multiple clients in one account while tracking beneficial ownership separately. A single on-chain wallet can therefore represent more than one economic owner if off-chain records identify the underlying investors. In this case, the identity of the investor or investors behind the subscriptions has not been disclosed.

What sgBENJI Represents

Each sgBENJI token represents a share of the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The fund invests in short-term dollar debt and money-market instruments, including government paper, commercial paper and bank deposits. Returns accumulate through the share price rather than through a separate token distribution mechanism described in the transaction records.

Money-market funds are typically designed to provide exposure to short-duration, high-quality instruments. In tokenized form, these products aim to combine conventional fund mechanics with blockchain-based transfer and recordkeeping features. For market participants, the attraction often lies in faster settlement potential, programmable controls and the possibility of using fund shares in digital asset market infrastructure, subject to eligibility and issuer rules.

The fund’s XRP Ledger implementation includes important permissioning features. Holding sgBENJI directly on the XRP Ledger requires Franklin Templeton’s approval. The issuer’s settings also allow it to freeze balances and recover tokens. Those controls are consistent with a regulated fund model in which the issuer must be able to maintain investor eligibility, comply with transfer restrictions and manage administrative corrections.

Tokenized Asset Rankings on XRP Ledger

RWA.xyz ranks Franklin Templeton second in its XRP Ledger table of tokenized asset platforms. Ripple’s RLUSD stablecoin is listed ahead of it at about $930 million, while Ondo is listed behind it at $185 million. Franklin Templeton’s position on the XRP Ledger is listed at about $193 million, matching the share count at a dollar each.

The recorded transaction share price of $1.039 puts the value of the XRP Ledger position nearly $8 million higher than a dollar-per-share reading. That difference highlights how token counts and fund net asset values can diverge when a share price moves above a simple one-dollar reference point. For tokenized money-market products, the token balance alone may not fully describe the value of the position unless the applicable share price is also considered.

The growth of Franklin Templeton’s sgBENJI footprint adds to the broader competition among tokenized asset issuers. Stablecoins, tokenized Treasury products and on-chain money-market funds are increasingly being evaluated as settlement instruments, yield-bearing collateral and cash-management tools within digital asset venues. XRP Ledger’s role in this market remains closely watched because of its association with payment-focused blockchain use cases and institutional settlement discussions.

Investor Details Remain Undisclosed

The subscription records do not reveal the investors, the funding source or whether the subscriptions are connected to existing holdings on Stellar, the other blockchain used by the fund. That leaves important questions unanswered for market observers trying to determine whether the new XRP Ledger balance reflects a single large allocation, a platform-level omnibus account or aggregated demand from several clients.

Franklin Templeton’s fund documents describe a register that combines blockchain entries with records held outside the network. Those records include information linking wallet addresses on the distributed ledger to real-world identities. This type of structure allows an issuer to use blockchain-based records while still maintaining investor identity and ownership information in a controlled administrative framework.

The wallet concentration may therefore be less unusual than it appears at first glance, depending on the custody and recordkeeping arrangement behind it. Still, the fact that every sgBENJI share on the XRP Ledger is held in one wallet is important because it means on-chain distribution remains narrow for now. Wider distribution would likely require additional approved wallets or transfers from the current address to other eligible holders.

Franklin Templeton, DBS and Ripple Context

Franklin Templeton and DBS announced the fund’s Singapore-authorized structure in November 2025 with a $20 minimum investment. The product was initially available to wealth and accredited clients, with retail access expected in early 2026. That structure placed the fund inside a regulated distribution framework while also connecting it to tokenized fund operations.

The September 2025 agreement with Ripple outlined plans for eligible DBS Digital Exchange clients to switch between sgBENJI and RLUSD. DBS also said it would explore lending against the fund tokens. These plans point to a broader strategy in which tokenized money-market fund shares could serve not only as investment products but also as instruments used in trading, liquidity management and collateralized activity.

For the XRP Ledger ecosystem, the latest addition strengthens the network’s visibility in the tokenized real-world asset market. The nearly 193 million sgBENJI shares now recorded on the network represent a larger institutional footprint, even though the shares remain concentrated in one wallet. Market participants will likely watch whether the balance begins to move into additional approved addresses or remains held in the current structure.

Why the Signing Structure Matters

The shared signing configuration between the receiving wallet and Franklin Templeton’s issuing account is a notable operational detail. Both accounts authorize the identical eight signing addresses, and any two can jointly approve a transaction. Multi-signature arrangements are commonly used to reduce single-key risk, distribute operational control and create approval thresholds for sensitive movements.

In a regulated tokenized fund setting, multi-signature controls can support governance, custody and administrative oversight. However, the use of the same signer set for both the issuer account and the receiving wallet may also raise questions among technical traders and blockchain analysts about the relationship between the accounts. It could suggest a tightly controlled administrative wallet, but it does not prove the economic identity of the holder or holders.

The important distinction is between control and beneficial ownership. On-chain signing authority shows who can approve transactions from a wallet, while beneficial ownership may be recorded through fund registers, brokerage records or custodian books. Without additional disclosure, the wallet’s legal and economic role cannot be determined solely from the XRP Ledger entries.

Implications for XRP Ledger and Tokenized Finance

The nearly quadrupled sgBENJI balance underscores how quickly tokenized asset values can change when large subscriptions are posted on-chain. A small number of institutional transactions can materially alter rankings and network-level totals, especially when the assets are concentrated in permissioned products rather than widely distributed retail tokens.

For XRP Ledger supporters, the development adds a prominent traditional asset manager’s fund shares to the network’s real-world asset activity. For institutional observers, it offers another example of how regulated financial products can use blockchain rails while preserving issuer controls such as approval, freezing and recovery. That balance between open ledger visibility and permissioned compliance remains central to the evolution of tokenized finance.

The next market focus is likely to be distribution. If additional approved wallets begin holding sgBENJI, it may suggest broader client-level usage or platform integration. If the entire balance remains in one address, market participants may continue to view the XRP Ledger position as primarily an issuer-controlled or omnibus-style holding until further evidence clarifies the arrangement.

Frequently Asked Questions (FAQs)

What did Franklin Templeton add to the XRP Ledger?

Franklin Templeton added about $150 million in shares of its tokenized money-market fund to the XRP Ledger, increasing the network’s sgBENJI balance to nearly 193 million shares.

How much is the XRP Ledger sgBENJI position worth?

At the $1.039 share price recorded in the transactions, the nearly 193 million sgBENJI shares are worth about $200 million. RWA.xyz lists the position at about $193 million using a dollar-per-share view.

Why is the single wallet important?

All sgBENJI shares on the XRP Ledger are held in one wallet. It remains unclear whether that wallet represents one investor, multiple clients, an omnibus account or another custody structure.

What does sgBENJI represent?

Each sgBENJI token represents a share of the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which invests in short-term dollar debt and money-market instruments.

What assets does the fund invest in?

The fund invests in short-term dollar debt and money-market instruments, including government paper, commercial paper and bank deposits.

Can anyone hold sgBENJI directly on the XRP Ledger?

Holding sgBENJI directly on the XRP Ledger requires Franklin Templeton’s approval. The issuer’s settings also allow balances to be frozen and tokens to be recovered.

How were the new shares created on-chain?

Two subscription receipts were recorded, each tied to a $75 million cash subscription. Two batches of just over 72,184,793 shares followed at 02:58 and 04:13 UTC Thursday.

How does Franklin Templeton rank on XRP Ledger tokenized assets?

RWA.xyz ranks Franklin Templeton second in its XRP Ledger table of tokenized asset platforms, behind Ripple’s RLUSD stablecoin at about $930 million and ahead of Ondo at $185 million.

What remains unknown about the transactions?

The investors, funding source and any connection to existing holdings on Stellar remain undisclosed. It is also unclear whether the single wallet represents one investor or several clients.