Franklin Templeton adds $150 million in fund shares to XRP Ledger

Franklin Templeton added $150 million in tokenized money market fund shares to the XRP Ledger earlier Friday. A single wallet received all the newly issued shares and holds the fund's entire token balance on the network. The wallet contains nearly 193 million sgBENJI shares, compared with about 48 million before Thursday. The transactions recorded a price of $1.039 per share, valuing the balance at about $200 million.

Ledger records show that the receiving wallet and Franklin's issuing account authorize the same eight signing addresses. Any two of those addresses can approve a transaction together. Franklin's issuing account recorded two subscription receipts on Wednesday, each documenting a $75 million cash subscription with a distinct reference code. Two issuances of just over 72,184,793 shares each followed on Thursday at 02:58 and 04:13 UTC. Each issuance included the corresponding receipt code and priced shares at $1.039. The receipts do not identify the investors, the funding source or any relationship to existing holdings on Stellar, another blockchain used by the fund.

RWA.xyz places Franklin second among tokenized asset platforms on the XRP Ledger. Ripple's RLUSD stablecoin leads with about $930 million, while Ondo follows Franklin with $185 million. RWA.xyz values Franklin's XRP Ledger position at about $193 million, equivalent to valuing each share at one dollar. The share price recorded on Thursday values the position nearly $8 million above that amount.

Each sgBENJI token corresponds to one share in the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The fund buys short-term dollar debt and money-market instruments, including government securities, commercial paper and bank deposits. Investment returns increase the share price. Direct ownership of sgBENJI on the XRP Ledger requires approval from Franklin. The issuer's settings also permit Franklin to freeze balances and recover tokens.

Brokers and custodians commonly use a single account to hold shares for multiple clients while maintaining separate ownership records. Franklin's fund documents describe a register that combines blockchain entries with off-network records linking wallet addresses to real-world identities. Whether the receiving wallet serves one investor or several investors remains unclear. Franklin had not responded by Saturday morning in Asia to questions about whether the wallet is an omnibus account, how many investors funded the subscriptions, and whether investors or custodians will receive tokens at separate addresses.

Franklin and DBS announced the fund's Singapore-authorized structure in November 2025, setting the minimum investment at $20. The fund initially served wealth and accredited clients, with retail availability expected in early 2026. Franklin and DBS outlined plans in a September 2025 agreement with Ripple to let eligible DBS Digital Exchange clients exchange sgBENJI for RLUSD and vice versa. DBS also said DBS would explore lending secured by the fund tokens.

Thursday's transactions increased the XRP Ledger's sgBENJI share count to nearly four times the previous level. The number of wallets holding sgBENJI remained one.