Key Takeaways
- • Franklin Templeton added about $150 million in shares of its tokenized money market fund, the Franklin OnChain U.S. Dollar Short-Term Money Market Fund (sgBENJI), to the XRP Ledger, lifting its XRPL holdings to nearly 193 million shares worth about $200 million at a $1.039 share price.
- • All sgBENJI shares on the XRP Ledger sit in a single wallet that shares its eight authorized signing addresses with Franklin's issuing account, and it is unclear whether that wallet represents one investor or several clients.
- • Two $75 million cash subscriptions recorded on Wednesday were followed by two Thursday batches of just over 72.18 million shares each, per CoinDesk's review of ledger records; the investors and funding source remain undisclosed.
- • Per RWA.xyz, Franklin ranks second among tokenized asset platforms on the XRP Ledger, behind Ripple's RLUSD stablecoin at about $930 million and ahead of Ondo at $185 million.
- • Franklin had not responded to CoinDesk's questions on whether the wallet is an omnibus account as of Saturday morning in Asia.
Summary
Franklin Templeton added about $150 million worth of shares in its tokenized money market fund to the XRP Ledger on Thursday, October 24, 2026, with all new shares credited to one wallet that now holds the fund's entire token balance on the network. According to CoinDesk's review of ledger records, the wallet holds 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 roughly $200 million, which is nearly $8 million above the figure RWA.xyz lists based on a one-dollar-per-share conversion.
The transactions followed two subscription receipts written by Franklin's issuing account on Wednesday, each recording a $75 million cash subscription with its own reference code. Two batches of just over 72,184,793 shares were then issued at 02:58 and 04:13 UTC Thursday. The receipts do not disclose the investors, the funding source, or any connection to existing holdings on Stellar, the other blockchain the fund uses.
The wallet and Franklin's issuing account authorize the same eight signing addresses, and any two can jointly approve a transaction. Holding sgBENJI directly on the XRP Ledger requires Franklin's approval, and the fund's settings allow the issuer to freeze balances and recover tokens. The fund invests in short-term dollar debt and money-market instruments, including government paper, commercial paper and bank deposits, and returns accumulate in the share price. It is a Singapore-domiciled vehicle structured with DBS and announced in November 2025 with a $20 million minimum investment... minimum investment of $20, initially available to wealth and accredited clients with retail access expected in early 2026.
Franklin's fund documents describe a register that links blockchain entries to off-chain records, including information that ties wallet addresses to real-world identities. Brokers and custodians commonly hold shares for many clients in a single account, but CoinDesk noted that whether this wallet is an omnibus account or serves a single investor remains unresolved. Franklin had not responded to CoinDesk's questions about the account structure, the number of investors behind the subscriptions, or whether underlying clients will receive tokens at separate addresses.
The activity comes under a September 2025 agreement with Ripple outlining plans for eligible DBS Digital Exchange clients to switch between sgBENJI and RLUSD, with DBS also exploring lending against the fund tokens. The number of wallets holding sgBENJI on the XRP Ledger remained at one after Thursday's transactions.
The transactions followed two subscription receipts written by Franklin's issuing account on Wednesday, each recording a $75 million cash subscription with its own reference code. Two batches of just over 72,184,793 shares were then issued at 02:58 and 04:13 UTC Thursday. The receipts do not disclose the investors, the funding source, or any connection to existing holdings on Stellar, the other blockchain the fund uses.
The wallet and Franklin's issuing account authorize the same eight signing addresses, and any two can jointly approve a transaction. Holding sgBENJI directly on the XRP Ledger requires Franklin's approval, and the fund's settings allow the issuer to freeze balances and recover tokens. The fund invests in short-term dollar debt and money-market instruments, including government paper, commercial paper and bank deposits, and returns accumulate in the share price. It is a Singapore-domiciled vehicle structured with DBS and announced in November 2025 with a $20 million minimum investment... minimum investment of $20, initially available to wealth and accredited clients with retail access expected in early 2026.
Franklin's fund documents describe a register that links blockchain entries to off-chain records, including information that ties wallet addresses to real-world identities. Brokers and custodians commonly hold shares for many clients in a single account, but CoinDesk noted that whether this wallet is an omnibus account or serves a single investor remains unresolved. Franklin had not responded to CoinDesk's questions about the account structure, the number of investors behind the subscriptions, or whether underlying clients will receive tokens at separate addresses.
The activity comes under a September 2025 agreement with Ripple outlining plans for eligible DBS Digital Exchange clients to switch between sgBENJI and RLUSD, with DBS also exploring lending against the fund tokens. The number of wallets holding sgBENJI on the XRP Ledger remained at one after Thursday's transactions.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.