Franklin Templeton Adds $150 Million in Shares to Its Tokenized Fund on XRPL
Key Facts
Franklin Templeton added $150 million in shares of a tokenized money market fund to the XRP Ledger on Friday, October 23, 2026, according to a CoinDesk report. All the new shares went to a single wallet in a transaction that the report said lifted sgBENJI’s on-chain balance to about 193 million shares. The balance was about 48 million shares before Thursday’s transactions, meaning it nearly quadrupled after the addition. These figures show the increase in the token’s on-chain balance, but do not mean that Franklin’s total holdings in tokenized funds rose by the same amount. The transaction did not involve buying company shares, but adding interests in a money market fund.
The network recorded two transfers, each containing slightly more than 72,184,793 shares, at 02:58 and 04:13 UTC on Thursday, October 22. The shares were priced at $1.039 in both transactions, which carried identical receipt tokens, according to CoinDesk. Applying that price to the balance of about 193 million shares, the publication estimated the shares in the wallet were worth about $200 million. That estimate reflects the value of the entire balance at the price recorded in the transactions, not the value of the new addition alone. The details of the two transfers and their price help distinguish the number of shares recorded on-chain from their estimated dollar value.
The wallet holding sgBENJI shares uses the same eight signing addresses as Franklin Templeton’s issuance account. Any two of those addresses can jointly approve a transaction, according to CoinDesk’s review. But subscription receipts do not disclose the identities of the investors who received the new shares or the source of funds used to finance the subscriptions. They also do not show whether the transactions are linked to the fund’s existing holdings on the Stellar network, another network used by the fund. CoinDesk said Franklin had not responded by Saturday morning in Asia to its questions about whether the wallet was an omnibus account and how many investors funded the subscriptions.
sgBENJI represents an interest in the Singapore-registered Franklin OnChain U.S. Dollar Short-Term Money Market Fund, according to the report. The fund invests in short-term dollar-denominated debt and money market instruments, including government and commercial paper and bank deposits. Its returns accrue in the share price, according to CoinDesk’s description of the fund. This makes the token a digital representation of an interest in a fund that invests in cash instruments, rather than a share in a publicly listed company. A May 2026 report by staff of the U.S. Securities and Exchange Commission also included the Franklin OnChain U.S. Government Money Fund among the tokenized money market funds it identified.
The transaction comes amid a partnership announced by DBS, Franklin Templeton and Ripple on September 18, 2025, to develop trading and lending solutions for accredited investors and institutions using tokenized money market funds and stablecoins on XRPL. Ripple’s announcement said eligible DBS clients would be able to swap RLUSD for sgBENJI tokens to rebalance portfolios around the clock and within minutes, while earning yield during periods of volatility. The announcement said XRPL was selected for its speed, efficiency and low transaction costs. The chief executive of DBS Digital Exchange said digital asset investors need solutions suited to an asset class that operates around the clock and across borders. The plans set out a stated use for tokens in institutional trading, but do not by themselves establish that all those services have gone live.
The partnership said DBS would also explore using sgBENJI tokens as collateral to obtain credit through repurchase transactions or third-party platforms where DBS holds the collateral on behalf of the lender. The announcement described this as a potential way to provide clients with liquidity, not a service already in operation. The step is part of a broader plan to swap a stablecoin for an interest in a money market fund and then explore whether the tokenized interest could be used in credit arrangements. In the partnership announcement, Ripple said eligible clients could rebalance their portfolios "around the clock and within minutes" while earning yield. The share addition reported by CoinDesk remains separate from the partnership announcement, and the report does not disclose whether the investors in the single wallet will use these solutions.