On September 18, 2025, Ripple announced a strategic partnership with DBS Group Holdings Ltd. and Franklin Templeton to deliver innovative trading and lending solutions for accredited and institutional investors. The framework leverages tokenized money market funds on the XRP Ledger blockchain and stablecoins such as Ripple USD (RLUSD), offering a more stable alternative for portfolio diversification compared to highly volatile cryptocurrencies like bitcoin and ethereum.
Bringing sgBENJI to DBS Digital Exchange
Under the collaboration, Franklin Templeton will make its tokenized money market fund, sgBENJI, available on DBS Digital Exchange. Eligible investors can trade RLUSD for sgBENJI tokens, allowing for 24/7 portfolio rebalancing within minutes while earning yield during periods of volatility. Ripple stated: "With this setup, eligible DBS clients can trade RLUSD for sgBENJI tokens, enabling them to rebalance their portfolios into a relatively stable asset 24/7 and within minutes, while earning yield during periods of volatility."
Liquidity and Collateral Expansion
DBS is evaluating the use of sgBENJI as collateral for credit—either through repurchase agreements with the bank or via third-party lending channels where DBS acts as custodian. This positions tokenized funds as both a risk-mitigating and income-generating tool for institutional portfolios, further integrating digital assets into traditional finance infrastructure.
Franklin Templeton Anchors sgBENJI on XRP Ledger
To strengthen the tokenization ecosystem, Franklin Templeton will tokenize sgBENJI on the XRP Ledger, a public and enterprise-grade blockchain. Ripple noted: "Adding the XRP Ledger to Franklin Templeton’s existing line-up of blockchains strengthens interoperability across networks, enabling greater accessibility across different chains and participants in the blockchain ecosystem." Ripple executives characterized the integration as a milestone in bringing institutional-grade efficiency and liquidity to onchain finance.
Risk Considerations and Market Impact
While the initiative underscores growing confidence in blockchain adoption by traditional institutions, DBS cautioned clients to carefully evaluate their risk appetite before making crypto-related investments. The partnership represents a deepening synergy between traditional financial giants and blockchain enterprises, setting a new standard for institutional-grade asset tokenization and paving the way for broader adoption of stablecoin-based financial products.
This collaboration not only enhances the utility of RLUSD but also demonstrates how established asset managers and banks are embracing blockchain technology to offer innovative, regulated financial services. As tokenization continues to gain traction, the Ripple-DBS-Franklin Templeton framework could serve as a blueprint for future institutional-grade on-chain finance solutions.