Franklin Templeton XRP Ledger Addition Reaches $150 Million in sgBENJI Shares

Franklin Templeton issued approximately $150 million in new shares of its tokenized Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund on the XRP Ledger on October 22, 2026. The transaction involved two cash subscriptions of $75 million each, recorded on-chain at 02:58 UTC and 04:13 UTC.

Details of the Franklin Templeton XRP Ledger Issuance

Subscription receipts appeared on the issuer’s account on October 21. Each batch consisted of roughly 72.18 million shares priced at $1.039 per share. Both batches transferred to a single wallet that now holds the entire XRPL balance of nearly 193 million sgBENJI tokens, equivalent to about $200 million at the recorded price.

The receiving wallet and the fund’s issuing account share the same eight authorized signing addresses, with any two required to approve transactions. Off-chain records link wallets to investor identities. Franklin Templeton retains authority to authorize holders, freeze tokens, or recover them if needed.

Before this issuance the XRPL balance stood at approximately 48 million shares. Post-issuance data from RWA.xyz places Franklin Templeton second among tokenized-asset issuers on the ledger, behind Ripple’s RLUSD and ahead of Ondo. The fund’s total net assets across networks reached $75.29 million as of September 30, 2026.

Fund Mechanics and XRPL Background

sgBENJI tokens represent shares in a money market fund that invests in short-term U.S. dollar debt instruments including government securities, commercial paper, and bank deposits. Returns accrue through increases in the share price rather than separate distributions. The product launched in Singapore in November 2025 through a structure with DBS Bank and carries a $20 minimum investment for wealth and accredited clients. It also operates on the Stellar network.

A September 2025 partnership between DBS, Ripple, and Franklin Templeton allows eligible clients to swap sgBENJI for RLUSD on the DBS Digital Exchange and examine use as collateral. The XRP Ledger addition expands distribution options while maintaining the same underlying assets and risk profile.

sgBENJI pairs trade against RLUSD rather than XRP, so the issuance produced no direct price movement in XRP, which traded near $1.28 on the reporting day. Franklin Templeton had not issued an official public statement on the transaction as of October 25, 2026.

Context for Institutional Crypto Adoption and RWA Tokenization

The $150 million addition illustrates continued growth in tokenized real-world assets on public ledgers. XRPL now hosts roughly $193 million in Franklin Templeton tokenized shares, contributing to broader settlement and custody experiments by asset managers. Similar activity appears on other networks, yet XRPL’s low fees and fast finality attract institutional testing for money market products.

Further on-chain distribution across multiple wallets or additional subscriptions and redemptions will clarify whether the single-wallet holding represents one investor or an omnibus account. Market participants monitor such flows for signs of wider integration between tokenized funds and stablecoin ecosystems such as RLUSD.

Asset managers continue to evaluate interoperability between XRPL and Stellar for cross-network transfers and collateral management. These steps align with regulatory interest in tokenized instruments that maintain existing compliance controls while operating on permissionless infrastructure.