Franklin Templeton Consolidates $150M in Fund Shares on the XRP Ledger

Franklin Templeton has added around $150 million in tokenized money market fund shares to the XRP Ledger, with the entire issuance sent to one wallet. Two subscription transactions recorded on Thursday nearly quadrupled the fund’s token supply on the blockchain.

The wallet now holds all sgBENJI shares issued on XRPL. A review of ledger records by CoinDesk found that the wallet and Franklin Templeton’s issuing account use the same eight authorized signing addresses. Any two of these signers can jointly approve transactions.

The wallet’s holdings increased from approximately 48 million shares to nearly 193 million. At the recorded price of $1.039 per share, the position is worth close to $200 million.

According to RWA.xyz, Franklin Templeton ranks second among tokenized asset platforms on the XRP Ledger. Ripple’s RLUSD stablecoin leads with approximately $930 million, while Ondo follows with around $185 million.

The sgBENJI token represents a share in Franklin OnChain U.S. Dollar Short-Term Money Market Fund, a Singapore-domiciled product investing in short-term dollar assets such as government securities, commercial paper and bank deposits. Returns accumulate through changes in the fund’s share price.

Two $75 Million Subscriptions Drive the Increase

Franklin Templeton’s issuing account posted two subscription receipts to XRPL on Wednesday, each recording a $75 million cash investment and carrying a separate reference code.

On Thursday, two corresponding batches containing slightly more than 72.18 million shares each were recorded at 02:58 and 04:13 UTC. Both transactions included matching receipt codes and showed a share price of $1.039.

The records do not disclose the investors’ identities, the origin of the funds or whether the subscriptions relate to existing holdings on Stellar, the other blockchain supporting the fund.

RWA.xyz values Franklin Templeton’s XRP Ledger position at approximately $193 million using a price of about $1 per share. Applying the $1.039 price shown in the transactions raises the valuation by nearly $8 million.

Why Are All the Tokens Concentrated in One Wallet?

Financial brokers and custodians commonly hold assets for multiple clients in a single account while tracking each client’s ownership separately in their internal records.

Franklin Templeton’s fund documents describe a registration system that combines blockchain entries with off-chain information. This includes records linking wallet addresses on the distributed ledger to the real-world identities of their owners.

It remains unclear whether the wallet belongs to one investor or operates as an omnibus account for several clients.

CoinDesk asked Franklin Templeton whether the address serves as an omnibus wallet, how many investors funded the subscriptions and whether the tokens would eventually move to separate addresses controlled by investors or custodians. The firm had not responded by Saturday morning in Asia.

Franklin Templeton Expands Its XRPL Strategy

Franklin Templeton and DBS announced the fund’s Singapore-authorized structure in November 2025, setting a minimum investment of $20. The product initially targeted wealth management and accredited investors, with retail access expected in early 2026.

A September 2025 agreement with Ripple outlined plans to enable eligible DBS Digital Exchange clients to exchange sgBENJI shares for RLUSD. DBS also said it would examine lending options backed by the tokenized fund shares.

Investors must obtain Franklin Templeton’s approval to hold sgBENJI directly on XRPL. The issuer also retains the ability to freeze balances and recover tokens.

Thursday’s transactions almost quadrupled the fund’s token supply on the XRP Ledger, but the number of wallets holding sgBENJI remained at just one.