Key Takeaways
- • Franklin Templeton issued approximately $150 million in tokenized money-market fund shares (sgBENJI) on the XRP Ledger across two transactions on October 22, 2026, lifting the network's sgBENJI balance from roughly 48 million to nearly 193 million shares.
- • At the $1.039 share price recorded in the transactions, the XRPL position is valued at nearly $200 million, according to Coinpaper's reporting.
- • All newly issued shares went to a single XRPL wallet that already held Franklin Templeton's prior allocation, and CoinDesk's October 24 investigation found that wallet shares eight authorized signing addresses with its issuing account.
- • The underlying investors behind the consolidated position remain undisclosed, though institutional custodians commonly hold assets for multiple clients in one account.
- • The issuance follows Franklin Templeton's September 2025 agreement with DBS Bank and Ripple to develop tokenized fund trading and potential lending services.
Summary
Franklin Templeton has added approximately $150 million in tokenized money-market fund shares to the XRP Ledger (XRPL), nearly quadrupling the fund's presence on the blockchain. The latest issuance brings the network's total to approximately 193 million sgBENJI shares, valued at nearly $200 million using the $1.039 share price recorded in the transactions, according to Coinpaper.
The transactions consisted of two separate $75 million cash subscription receipts recorded on October 21, followed by two batches of roughly 72.18 million sgBENJI shares issued on October 22. Each sgBENJI token represents an interest in the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which invests in short-term government debt, commercial paper, bank deposits and other money-market instruments. The position places Franklin among the largest tokenized asset platforms on XRPL, behind Ripple's RLUSD stablecoin.
The most notable feature of the transactions is that all newly issued tokens went to the same wallet that already held Franklin Templeton's previous XRPL allocation. CoinDesk's October 24 investigation found that this wallet and Franklin's issuing account share eight authorized signing addresses, with any two required to approve transactions. Coinpaper notes that this does not necessarily mean a single investor owns the full position, since institutional custodians frequently hold assets for multiple clients through consolidated accounts. The identity and number of underlying investors remain undisclosed. The fund's structure also differs from unrestricted cryptocurrencies: Franklin Templeton must authorize token holders and can freeze or recover tokens under applicable controls.
The issuance follows Franklin Templeton's September 2025 agreement with DBS Bank and Ripple to develop tokenized fund trading and potential lending services. Under that DBS announcement, eligible investors would be able to exchange sgBENJI for RLUSD through DBS Digital Exchange, and the bank proposed exploring loans backed by tokenized fund shares. Franklin Templeton is also developing tokenized collateral arrangements with cryptocurrency trading platforms, and the expansion builds on its earlier tokenized fund activity in Asian markets and broader institutional crypto strategy.
The transactions consisted of two separate $75 million cash subscription receipts recorded on October 21, followed by two batches of roughly 72.18 million sgBENJI shares issued on October 22. Each sgBENJI token represents an interest in the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which invests in short-term government debt, commercial paper, bank deposits and other money-market instruments. The position places Franklin among the largest tokenized asset platforms on XRPL, behind Ripple's RLUSD stablecoin.
The most notable feature of the transactions is that all newly issued tokens went to the same wallet that already held Franklin Templeton's previous XRPL allocation. CoinDesk's October 24 investigation found that this wallet and Franklin's issuing account share eight authorized signing addresses, with any two required to approve transactions. Coinpaper notes that this does not necessarily mean a single investor owns the full position, since institutional custodians frequently hold assets for multiple clients through consolidated accounts. The identity and number of underlying investors remain undisclosed. The fund's structure also differs from unrestricted cryptocurrencies: Franklin Templeton must authorize token holders and can freeze or recover tokens under applicable controls.
The issuance follows Franklin Templeton's September 2025 agreement with DBS Bank and Ripple to develop tokenized fund trading and potential lending services. Under that DBS announcement, eligible investors would be able to exchange sgBENJI for RLUSD through DBS Digital Exchange, and the bank proposed exploring loans backed by tokenized fund shares. Franklin Templeton is also developing tokenized collateral arrangements with cryptocurrency trading platforms, and the expansion builds on its earlier tokenized fund activity in Asian markets and broader institutional crypto strategy.
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