Franklin Templeton has added about USD 150 million in tokenized money market fund shares to the XRP Ledger (XRPL), bringing the network's balance to nearly 193 million sgBENJI tokens.
The new shares went to a single wallet, which already held the fund's existing XRPL balance. However, public records do not identify whether the wallet serves one investor or several clients.
Franklin Templeton Records Two USD 75 Million Subscriptions
Franklin Templeton's issuing account recorded two cash subscription receipts on October 21, each worth USD 75 million. The records carried separate reference codes, allowing the subsequent share issuances to be matched with the subscriptions.
On October 22, the issuer transferred two batches of just over 72.18 million sgBENJI shares. The transactions occurred at 02:58 and 04:13 UTC and recorded a price of USD 1.039 per share. Together, they added about 144.37 million tokens.
Before the transactions, the network held roughly 48 million sgBENJI shares. The total then rose to nearly 193 million. At the recorded share price, the balance was worth approximately USD 200 million. However, the transaction records do not identify the subscribers or their funding sources.
One Wallet Holds All sgBENJI Shares on XRP Ledger
All sgBENJI shares issued on XRPL remain in one receiving wallet. The account shares eight authorized signing addresses with Franklin Templeton's issuing account. Any two of those addresses can jointly approve a transaction.
However, shared signing authority does not establish who owns the fund shares. A custodian may hold tokens for several investors in one wallet while maintaining separate client records. Alternatively, one investor could hold the entire balance.
Franklin Templeton has not publicly confirmed either arrangement. The records do not establish whether the subscriptions came from new investors or existing shareholders on Stellar, another network supporting sgBENJI.
Meanwhile, Franklin retains control over who can hold the tokens. The issuer can approve wallet access, freeze balances and recover tokens under the asset's settings.
Franklin Templeton Ranks Second Among XRPL Tokenized Asset Platforms
RWA.xyz ranks Franklin Templeton second among tokenized asset platforms on the XRP Ledger. Ripple's RLUSD stablecoin leads at approximately USD 930 million, while Ondo follows Franklin at about USD 185 million.
The platform values Franklin's XRPL position at roughly USD 193 million using approximately USD 1 per token. However, the USD 1.039 price recorded in Thursday's transactions places the same balance closer to USD 200 million. The increase follows broader growth in the XRP Ledger's real-world asset market.
Each sgBENJI token represents a share in the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The fund invests in short-term dollar debt, government securities, commercial paper and bank deposits. Investment earnings accumulate in the share price.
DBS and Ripple Expand sgBENJI Trading and Lending Plans
In September 2025, Franklin Templeton, DBS and Ripple announced plans to support sgBENJI trading alongside RLUSD on DBS Digital Exchange. The agreement targeted accredited and institutional investors seeking to exchange stablecoins for tokenized fund shares.
DBS said it would 'explore helping clients unlock liquidity' by using sgBENJI as collateral. The proposal covered bank financing and arrangements involving other lenders. However, the announcement did not confirm that those lending services were already operating.
Franklin Templeton has separately expanded its tokenized fund services through a Bybit collateral partnership and distribution arrangements with HashKey in Asia.
In June 2026, DBS confirmed that it had listed sgBENJI alongside RLUSD, allowing eligible customers to exchange the two assets through its digital exchange.
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