Franklin Templeton added about $150 million in shares of its tokenized money market fund to the XRP Ledger earlier Friday, pushing the network’s total sgBENJI balance to nearly 193 million shares. At the $1.039 share price recorded in the transactions, that stake is worth close to $200 million. Every newly issued share was sent to a single wallet, which now holds the fund’s entire token balance on XRPL.
CoinDesk’s review of ledger records found that the receiving wallet and Franklin’s issuing account authorize the same eight signing addresses. Any two of those signers can jointly approve a transaction.
The wallet now holds nearly 193 million sgBENJI shares, up from about 48 million before Thursday. Using the $1.039 share price shown in the ledger entries, the position is worth about $200 million.
Two $75 million subscriptions drove the increase
On Wednesday, Franklin’s issuing account wrote two subscription receipts onto the ledger. Each one recorded a $75 million cash subscription and carried its own reference code.
Two batches of just over 72,184,793 shares followed at 02:58 and 04:13 UTC on Thursday. Each batch carried a matching receipt code and the same $1.039 share price.
Those transactions nearly quadrupled the number of sgBENJI shares on the XRP Ledger. The number of wallets holding any of the tokens stayed at one.
One wallet holds all XRPL shares, but ownership is unclear
All sgBENJI shares on the XRP Ledger remain in a single wallet. CoinDesk said it is unclear whether that address represents one investor or several clients held through an omnibus structure.
The subscription receipts do not disclose the investors, the funding source, or any connection to existing holdings on Stellar, the other blockchain used by the fund.
The report noted that brokers and custodians routinely hold shares for many clients in one account while tracking beneficial ownership separately outside that account.
Franklin’s fund documents describe a register that combines blockchain entries with records held off-chain, including information that “links the wallet addresses of the entries on the distributed ledger to their real-world identities.”
Even so, whether this specific wallet represents one investor or several remains unresolved.
RWA.xyz places Franklin second on XRPL
RWA.xyz ranks Franklin second in its XRP Ledger table of tokenized asset platforms. Ripple’s RLUSD stablecoin leads at about $930 million, while Ondo follows at about $185 million.
RWA.xyz lists Franklin’s XRP Ledger position at about $193 million, matching the share count at $1 each. Using Thursday’s recorded share price, the value comes in nearly $8 million higher.
Fund structure and investment scope
Each token represents a share of the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The fund invests in short-term dollar debt and money-market instruments, including government paper, commercial paper and bank deposits. Returns accumulate in the share price.
Franklin and DBS announced the fund’s Singapore-authorized structure in November 2025 with a $20 minimum investment. It was initially made available to wealth and accredited clients, with retail access expected in early 2026.
A September 2025 agreement involving Franklin, DBS and Ripple outlined plans for eligible DBS Digital Exchange clients to switch between sgBENJI and RLUSD. DBS also said it would explore lending against the fund tokens.
Issuer retains approval, freeze and recovery powers
Holding sgBENJI directly on XRPL requires Franklin’s approval. The fund’s settings on the network also allow the issuer to approve holdings, freeze balances and recover tokens.
CoinDesk asked Franklin whether the wallet is an omnibus account, how many investors funded the subscriptions, and whether those investors or their custodians will receive tokens in separate addresses. The firm had not responded as of Saturday morning in Asia.
