Key takeaways Franklin Templeton issues $150 million in tokenized shares XRP Ledger fund holdings approach $200 million valuation One wallet holds the entire sgBENJI token balance Franklin Te
Franklin Templeton has added approximately $150 million in tokenized money-market fund shares to the XRP Ledger, nearly quadrupling the fund's presence on the blockchain as major financial institutions expand their use of digital assets.
The latest issuance brings the network's total to approximately 193 million sgBENJI shares, valued at nearly $200 million using the $1.039 share price recorded in the transactions.
However, according to CoinDesk's October 24 investigation, all the shares remain in a single XRPL wallet, raising questions about how many investors actually hold the tokenized assets.
Franklin Templeton Adds $150M in Two XRP Ledger TransactionsFranklin Templeton recorded two separate $75 million cash subscription receipts on October 21, followed by two batches of approximately 72.18 million sgBENJI shares on October 22.
The transactions increased the network's token balance from roughly 48 million to nearly 193 million shares.
Each sgBENJI token represents an interest in the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which invests in short-term government debt, commercial paper, bank deposits and other money-market instruments.
The development follows Franklin Templeton's earlier tokenized fund expansion, which brought blockchain-integrated investment products into Asian financial markets.
It also builds on the asset manager's broader institutional cryptocurrency strategy.
The increased balance places Franklin among the largest tokenized asset platforms on XRPL, behind Ripple's RLUSD stablecoin.
Why Does One Wallet Hold All $200M in Fund Shares?The most unusual aspect of the transactions is that all newly issued tokens went to the same wallet already holding Franklin Templeton's previous XRPL allocation.
CoinDesk's examination found that the wallet and Franklin's issuing account share eight authorized signing addresses, with any two required to approve transactions.
That arrangement does not necessarily mean one investor owns the entire $200 million position. Institutional custodians frequently hold assets for multiple clients through consolidated accounts.
However, the identity and number of underlying investors remain undisclosed.
The fund's structure also differs from unrestricted cryptocurrencies. Franklin Templeton must authorize token holders and can freeze or recover tokens under applicable controls.
Similar institutional arrangements are becoming more common as financial companies develop regulated tokenized investment infrastructure.
How Franklin Templeton's Expansion Connects to Ripple and RLUSDThe latest issuance follows Franklin Templeton's September 2025 agreement with DBS Bank and Ripple to develop tokenized fund trading and potential lending services.
Under the original DBS announcement, eligible investors would be able to exchange sgBENJI for RLUSD through DBS Digital Exchange. The bank also proposed exploring loans backed by tokenized fund shares.
The initiative reflects growing institutional interest in connecting traditional securities with blockchain settlement infrastructure.
Earlier XRPL tokenization research highlighted the network's expanding role in representing government debt.
A separate cross-border settlement pilot involving Ripple, Mastercard, Ondo and JPMorgan demonstrated how tokenized fund transactions could connect with established banking rails.
Franklin Templeton is also developing tokenized collateral arrangements with cryptocurrency trading platforms.
