Franklin Templeton adds $150 million sgBENJI to XRP Ledger

Franklin Templeton added $150 million of shares in its tokenized money-market fund to the XRP Ledger this week, all of them into a single wallet. That wallet now holds the fund's entire token balance on the network, CoinDesk's review of ledger records found.

The $150 million came in two $75 million cash subscriptions recorded Wednesday, each under its own reference code. Two batches of just over 72,184,793 sgBENJI shares followed at 02:58 and 04:13 UTC on Thursday, each matching a receipt code at a $1.039 share price. The wallet grew from about 48 million shares to nearly 193 million, worth roughly $200 million at that price.

For advisors whose clients hold tokenized cash, the ownership evidence sits with the intermediary rather than the token. Franklin's fund documents describe a register that combines blockchain entries with records held outside the network, including information linking wallet addresses to real-world identities, CoinDesk reported. A client holding sgBENJI through a broker or custodian is recorded in that firm's books, not in a distinct address on the XRP Ledger. The due-diligence question is which register governs a redemption before an onchain cash sleeve is treated as self-custodied.

The holding wallet and Franklin's issuing account authorize the identical eight signing addresses, and any two of them can jointly approve a transaction, CoinDesk's ledger review found. The same signer set controls both the issuance side and the holder side of this position.

CoinDesk could not determine whether the wallet holds one investor's shares or several. Franklin had not responded to its questions about whether the address is an omnibus account, how many investors funded the subscriptions and whether tokens will be delivered to separate addresses, the report said. The receipts do not identify the investors, the funding source or any link to holdings on Stellar, the fund's other blockchain.

Each token represents a share of the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which holds short-term dollar debt and money-market instruments and accumulates returns in the share price. Franklin and DBS announced the Singapore-authorized structure in November 2025 with a $20 minimum, initially for wealth and accredited clients. The September 2025 agreement with Ripple outlined plans for eligible DBS Digital Exchange clients to switch between sgBENJI and RLUSD, CoinDesk reported. Franklin ranks second on RWA.xyz's XRP Ledger table behind Ripple's RLUSD at about $930 million and ahead of Ondo at $185 million, giving it roughly a fifth of RLUSD's book.