Franklin Templeton has added about $150 million worth of shares in its tokenized money-market fund to the XRP Ledger, nearly quadrupling the fund’s holdings on the blockchain. The entire balance now sits in one wallet, whose control structure is shared with the asset manager’s issuing account.
The transactions involve sgBENJI, the blockchain representation of a share in the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. According to CoinDesk, two subscriptions recorded on Thursday each involved $75 million in cash and resulted in slightly more than 72.18 million new shares.
The additions lifted the number of sgBENJI shares on the XRP Ledger from roughly 48 million to nearly 193 million. At the $1.039 share price recorded in the transactions, the network-based holdings were worth about $200 million. The fund’s tokens on the XRP Ledger remain concentrated in a single wallet, meaning the number of holders did not increase even as the number of shares rose sharply.
How the transactions were recorded
Franklin’s issuing account entered two subscription receipts on the ledger on Wednesday. Each receipt included a $75 million cash subscription and a separate reference code. The corresponding batches of shares were then issued at 02:58 and 04:13 UTC on Thursday, with each batch linked to one of those receipt codes.
The receiving wallet and Franklin Templeton’s issuing account have the same eight authorized signing addresses. Any two of those addresses can approve a transaction, based on CoinDesk’s review of ledger records. This gives the issuer a direct role in authorizing movements involving the fund’s XRP Ledger holdings.
The receipts do not identify the investors, the source of the funds or whether the new subscriptions are connected to holdings maintained on Stellar, another blockchain used by the fund. Franklin had not responded by Saturday morning in Asia to questions from CoinDesk about whether the wallet is an omnibus account, how many investors supplied the money or whether clients or their custodians would eventually receive tokens in separate wallets.
A single wallet does not necessarily mean there is only one investor. Brokers and custodians commonly hold assets for multiple clients in one account while maintaining separate ownership records internally. Franklin’s fund documents describe a register that combines blockchain entries with off-chain records, including information connecting wallet addresses with real-world identities. The available ledger data therefore does not establish whether the wallet belongs to one investor or represents several clients.
What sgBENJI represents
Each sgBENJI token represents a share of Franklin’s Singapore-domiciled money-market fund. The portfolio invests in short-term U.S. dollar debt and money-market instruments, including government securities, commercial paper and bank deposits. Rather than distributing returns as a separate payment, the fund reflects them through changes in its share price.
The fund’s holdings on the XRP Ledger are subject to issuer controls. Franklin must approve direct holding of sgBENJI on the network, and the fund’s settings allow it to freeze balances or recover tokens. These features distinguish the product from an unrestricted digital asset that can be transferred without an issuer’s involvement.
RWA.xyz ranks Franklin second in its XRP Ledger table for tokenized-asset platforms. Ripple’s RLUSD stablecoin is listed at about $930 million, while Ondo is listed at roughly $185 million. RWA.xyz places Franklin’s XRP Ledger position at about $193 million when shares are valued at approximately $1 each; applying the $1.039 transaction price produces a value nearly $8 million higher.
Franklin and DBS announced the Singapore-authorized structure in November 2025. The fund initially targeted wealth and accredited clients and had a minimum investment of $20, with retail access expected in early 2026. In a September 2025 agreement with Ripple, the companies outlined plans allowing eligible DBS Digital Exchange clients to switch between sgBENJI and RLUSD. DBS also said it would explore lending against the fund tokens.
Current market picture
Moneyiar market data at 07:59 on October 24, 2026, showed XRP at $1.2835353415, down 2.87% over 24 hours and 1.78% over seven days. Other tracked assets were also lower: NEAR Protocol was $4.5707417475, down 7.19% in 24 hours and 10.32% over seven days; Ethereum Name Service was $5.3722224941, down 4.13% and 4.89%, respectively.
EDGE was priced at $0.3138070472 at 07:59, down 8.12% over 24 hours but up 1.81% over seven days. These market figures describe the prices and changes of the associated digital assets; they do not represent the value of sgBENJI, whose recorded fund share price was $1.039 in the transactions described above.
