Franklin Templeton, one of the world’s largest asset managers, has significantly increased its use of blockchain technology by adding about $150 million worth of tokenized money-market fund shares to the XRP Ledger (XRPL). This move nearly quadruples the firm’s presence on the network as financial institutions accelerate their adoption of digital assets.
Tokenized fund issuance reaches $200 million on XRPL
The latest activity brings the total circulating supply of sgBENJI tokens on the network to roughly 193 million shares. Based on the $1.039 price per share stated in recent transactions, this valuation equates to nearly $200 million of tokenized assets managed through XRPL.
Franklin Templeton executed two $75 million cash subscription receipts on October 21, subsequently minting two batches of around 72.18 million sgBENJI shares the following day. The resulting surge in tokenized shares expanded the network’s balance from approximately 48 million to almost 193 million shares in less than 48 hours.
Each sgBENJI token corresponds to a unit interest in the Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which is domiciled in Singapore. The fund allocates its assets across short-dated government securities, commercial paper, bank deposits, and other money market instruments.
Franklin Templeton’s ongoing blockchain initiatives aim to broaden its portfolio of regulated digital investment products, especially in Asia, and reinforce its institutional crypto strategy.
This rise in tokenized assets positions Franklin behind only Ripple’s RLUSD stablecoin as one of the largest asset platforms now present on the XRP Ledger.
| Asset | Token Supply | Network | Issuer |
|---|---|---|---|
| sgBENJI | 193 million | XRP Ledger | Franklin Templeton |
| RLUSD | Largest on XRPL | XRP Ledger | Ripple |
Concentration in a single wallet raises transparency questions
Despite the substantial on-chain activity, all sgBENJI tokens are currently consolidated in a single XRP Ledger wallet. CoinDesk reported that this wallet already held Franklin Templeton’s previous allocations and continues to house the entire $200 million in tokenized funds.
An analysis revealed that the wallet and Franklin’s issuing account share eight authorized signing addresses, with the wallet’s settings requiring the approval of any two signers for transactions. This structure is commonly used by institutional custodians to manage assets on behalf of multiple clients through consolidated accounts.
Although the assets are in one wallet, the arrangement does not confirm whether the holdings belong to a single investor or are split among several, as institutional accounts often aggregate client holdings.
The identities and the number of underlying investors in this fund have not been disclosed. Franklin Templeton retains the authority to approve new token holders and can freeze or reclaim tokens in line with regulatory standards, unlike permissionless cryptocurrencies that allow unrestricted transfers.
Such controlled structures are becoming increasingly prominent as financial firms develop regulated frameworks for digital asset management.
XRPL partnerships and the path to regulated digital securities
Franklin Templeton’s expansion on XRPL follows a strategic agreement signed in September 2025 with DBS Bank and Ripple. The partnership is focused on facilitating tokenized fund trading and future lending services tailored to institutions.
The arrangement allows qualified investors to swap sgBENJI tokens for RLUSD on the DBS Digital Exchange, while DBS also plans to explore issuing loans backed by tokenized fund shares. These efforts form part of a growing movement to bridge traditional financial securities with blockchain-based settlement systems.
Studies on XRPL tokenization have highlighted the growing importance of the network in representing tokenized government debt and regulated digital assets.
A recent settlement pilot involving Ripple, Mastercard, Ondo, and JPMorgan further demonstrated the capability of tokenized asset flows to interact with established financial infrastructure. In addition, Franklin Templeton is currently working on tokenized collateral arrangements with several crypto trading platforms.
Mini dictionary: Franklin Templeton is a global investment management firm overseeing trillions in assets across mutual funds, ETFs, and digital products, with an increasing focus on blockchain-based solutions for institutional clients.
The initiative demonstrates increased institutional interest in connecting traditional securities to blockchain settlement mechanisms, as asset managers and banks explore technology-driven investment solutions.
