Franklin Templeton has expanded its tokenized money market fund presence on the XRP Ledger by adding around $150 million in fund shares, with all newly issued tokens deposited into a single wallet. Two subscription transactions recorded on Thursday nearly quadrupled the fund’s token supply on the network.
The wallet now holds the entire sgBENJI token balance issued on XRPL. A CoinDesk review of ledger data found that the wallet and Franklin Templeton’s issuing account share the same eight authorized signing addresses, with any two able to approve transactions jointly.
The wallet’s holdings climbed from roughly 48 million shares to nearly 193 million. At the $1.039 share price shown in the transaction records, the position is worth approximately $200 million.
RWA.xyz places Franklin Templeton second among tokenized asset platforms on the XRP Ledger. Ripple’s RLUSD stablecoin leads with about $930 million, while Ondo follows with roughly $185 million.
The sgBENJI token represents a share in Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which is domiciled in Singapore. The fund invests in short-term dollar-denominated instruments, including government debt, commercial paper and bank deposits. Returns are reflected in the fund’s share price.
Two $75 Million Subscriptions Nearly Quadruple XRPL Holdings
Franklin Templeton’s issuing account recorded two subscription receipts on the XRP Ledger on Wednesday. Each receipt represented a $75 million cash subscription and included a distinct reference code.
Two corresponding batches, each containing slightly more than 72.18 million shares, appeared on Thursday at 02:58 and 04:13 UTC. Both transactions carried matching receipt codes and listed a share price of $1.039.
The ledger data does not disclose the investors involved, the origin of the funds or whether the subscriptions are linked to existing holdings on Stellar, the other blockchain used by the fund.
RWA.xyz values Franklin Templeton’s XRP Ledger position at approximately $193 million using a share price of around $1. Applying the $1.039 price recorded in the transactions places the value nearly $8 million higher.
Why Are All Shares Held in One Wallet?
It is common for brokers and custodians to hold investments for multiple clients in a single account while maintaining separate records of each client’s beneficial ownership.
Franklin Templeton’s fund documents describe a registration process that combines on-chain entries with off-chain records. These records include information linking blockchain wallet addresses to the real-world identities of their owners.
It remains unclear whether the wallet holding the sgBENJI supply belongs to a single investor or serves as an omnibus account representing multiple investors.
CoinDesk asked Franklin Templeton whether the wallet is an omnibus account, how many investors funded the subscriptions and whether tokens would eventually be distributed to separate addresses controlled by investors or their custodians. The company had not responded by Saturday morning in Asia.
Franklin Templeton Expands Its Tokenization Strategy
Franklin Templeton and DBS announced the fund’s Singapore-authorized structure in November 2025, setting a minimum investment of $20. The product was initially designed for wealth management and accredited clients, with retail access expected in early 2026.
In a separate agreement announced with Ripple in September 2025, Franklin Templeton and DBS outlined plans to let eligible DBS Digital Exchange customers exchange sgBENJI shares for RLUSD. DBS also said it would explore lending products backed by the tokenized fund shares.
Directly holding sgBENJI on the XRP Ledger requires approval from Franklin Templeton. The issuer retains controls that allow it to freeze token balances and recover tokens.
Thursday’s subscriptions significantly increased the fund’s XRPL token supply, bringing it close to four times its previous level. However, the number of wallets holding sgBENJI on the network remained at one.
