Franklin Templeton adds $150M of fund tokens to XRP Ledger

Franklin Templeton has nearly quadrupled the size of its tokenized money market fund on the XRP Ledger, adding about $150 million of new shares in two subscriptions this week. CoinDesk traced the transactions on-chain and found that every new token landed in a single wallet.

What moved on the ledger

The shares belong to the Franklin OnChain U.S. Dollar Short-Term Money Market Fund, a Singapore-domiciled fund whose XRP Ledger tokens trade under the name sgBENJI. It holds short-term dollar debt such as government paper, commercial paper and bank deposits, and its yield shows up as a rising share price rather than as payouts.

• On Wednesday, Franklin's issuing account wrote two subscription receipts, each for a $75 million cash subscription.
• On Thursday, two matching batches of just over 72.18 million shares were issued at 02:58 and 04:13 UTC, both at a share price of $1.039.
• The receiving wallet went from about 48 million to nearly 193 million shares, worth roughly $200 million at that price.

Data site RWA.xyz now ranks Franklin as the second-largest tokenized-asset issuer on the XRP Ledger, behind Ripple's RLUSD stablecoin at about $930 million and ahead of Ondo at $185 million. If the idea of putting a fund on a blockchain is new to you, our guide to tokenized stocks and other real-world assets explains how the structure works.

One wallet, eight signers

The unusual detail is custody. The wallet holding the whole XRPL balance authorises the same eight signing addresses as Franklin's issuing account, and any two of them can approve a transaction, according to CoinDesk's review of the ledger. Franklin's fund documents also allow it to approve, freeze or recover holdings on the ledger, and describe an investor register that links wallet addresses to real identities off-chain.

That set-up is common in traditional finance, where brokers and custodians hold shares for many clients in one omnibus account. But the receipts do not say who the investors are, where the cash came from, or whether the money is connected to the fund's holdings on Stellar, the other blockchain it uses. CoinDesk said Franklin had not answered its questions by Saturday morning in Asia.

Why it matters for XRPL

Franklin and Singapore bank DBS launched this fund structure in November 2025 with a $20 minimum investment. A September 2025 agreement with Ripple set out plans for eligible DBS Digital Exchange clients to switch between sgBENJI and RLUSD, and DBS said it would explore lending against the fund tokens. A $150 million top-up is a sign that institutional money is starting to use the ledger, which has also been busy with bank integrations of RLUSD and a delayed validator vote on a lending fix.