Key Points

• Franklin Templeton issued $150 million in tokenized fund shares
• XRP Ledger The valuation of the fund's holdings is close to $200 million.
• One wallet holds the entire balance of sgBENJI tokens.

Franklin Templeton has added approximately $150 million in tokenized money market fund shares on XRP Ledger. As large financial institutions expand their use of digital assets, this move has nearly quadrupled the fund's presence on this blockchain.

The latest issuance brought the total number of sgBENJI shares on that network to approximately 193 million. Calculated at the price of $1.039 per share recorded in the transactions, its value is close to 200 million US dollars.

However, according to a survey on October 24th by CoinDesk, all of these shares are still currently held in the same XRPL wallet, which has raised questions from the outside world about how many investors actually possess these tokenized assets.

Franklin Templeton added $150 million through two XRP Ledger transactions

On October 21, Franklin Templeton recorded two cash subscriptions totaling $75 million each, and subsequently on October 22, it issued two batches of sgBENJI tokens, amounting to approximately 72.18 million in total.

These transactions increased the token balance on the network from approximately 48 million to nearly 193 million tokens.

Each sgBENJI token represents a portion of the equity registered under Franklin OnChain U.S. Dollar Short - Term Money Market Fund in Singapore. This fund invests in short-term government debt, commercial paper, bank deposits, and other money market instruments.

This development follows Franklin Templeton's previous expansion into tokenized funds. That earlier expansion brought integrated blockchain investment products to the Asian financial markets.

This also continues the broader institutional cryptocurrency strategy of this asset management company.

After the balance increased, Franklin has become one of the largest tokenized asset platforms on XRPL, second only to the RLUSD stablecoin of Ripple.

Why does one wallet hold nearly 200 million US dollars worth of fund shares?

What is most unusual about these transactions is that all the newly issued tokens ended up in the same wallet, which previously already held Franklin Templeton’s existing allocation on XRPL.

According to the review of CoinDesk, it was found that this wallet shares 8 authorized signature addresses with Franklin's issuing account, and any transaction requires approval from any two of these addresses.

This arrangement does not necessarily mean that a single investor holds all of the approximately $200 million in positions. Institutional custodians often hold assets on behalf of multiple clients by consolidating accounts.

However, the identities and numbers of the underlying investors have not yet been disclosed.

The structure of this fund also differs from that of unregulated cryptocurrencies. Franklin Templeton is required to authorize token holders and may freeze or recover tokens under applicable control mechanisms.

As financial companies develop regulated tokenized investment infrastructure, similar institutional arrangements are becoming increasingly common.

How Franklin Templeton's expansion is connected to Ripple and RLUSD

Prior to this latest issuance, Franklin Templeton reached an agreement in September 2025 with DBS Bank and Ripple to develop tokenized fund trading and potential lending services.

According to DBS Bank's initial announcement, eligible investors will be able to exchange sgBENJI for RLUSD through DBS Digital Exchange. The bank also proposed to explore loans secured by tokenized fund shares.

This move reflects an increasing interest among institutions to connect traditional securities with blockchain settlement infrastructure.

Earlier research on the tokenization of XRPL emphasized that the network's role in the on-chain representation of government debt is expanding.

Another cross-border settlement pilot involving Ripple, MasterCard, Ondo, and JPMorgan Chase demonstrated how tokenized fund transactions can be connected to existing bank channels.

Franklin Templeton is also working with cryptocurrency trading platforms to develop tokenized collateral arrangements.