Franklin Templeton has added roughly $150 million in tokenized money market fund shares to the XRP Ledger, sending all the newly issued tokens to a single wallet. Two subscription transactions recorded Thursday nearly quadrupled the fund’s token holdings on the network.
The receiving wallet now contains the entire supply of Franklin Templeton’s sgBENJI shares issued on XRPL. CoinDesk’s review of ledger records found that the wallet and the fund’s issuing account share the same eight authorized signing addresses. Any two of those addresses can jointly authorize a transaction.
The wallet’s balance surged from about 48 million shares to nearly 193 million. At the recorded price of $1.039 per share, the holdings are valued at approximately $200 million.
Data from RWA.xyz ranks Franklin Templeton second among tokenized asset platforms on the XRP Ledger. Ripple’s RLUSD stablecoin leads the ranking with roughly $930 million, followed by Franklin Templeton and then Ondo, with approximately $185 million.
Each sgBENJI token represents a share in the Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which is based in Singapore. The fund invests in short-term dollar-denominated assets, including government securities, commercial paper and bank deposits. Investment returns are reflected in the share price.
$150 Million in Subscriptions Boost sgBENJI Supply
Franklin Templeton’s issuing account posted two subscription receipts to the XRP Ledger on Wednesday. Each documented a $75 million cash subscription and carried a unique reference code.
On Thursday, two matching batches of slightly more than 72.18 million shares were recorded at 02:58 and 04:13 UTC. Both transactions included corresponding receipt codes and showed a share price of $1.039.
The records do not reveal who made the subscriptions, where the funds originated or whether the transactions are connected to existing holdings on Stellar, the other blockchain used by the fund.
RWA.xyz lists Franklin Templeton’s XRPL position at around $193 million when valuing the shares at approximately $1 each. Using the transaction price of $1.039 places the position nearly $8 million higher.
Why Does One Wallet Hold the Entire XRPL Supply?
Financial intermediaries often consolidate investments belonging to multiple clients into a single account while keeping separate records of each client’s ownership.
Franklin Templeton’s fund documentation describes a registration system that combines blockchain records with information maintained outside the network. This includes data linking wallet addresses recorded on the distributed ledger to the identities of their real-world owners.
It is not yet clear whether the wallet represents a single investor or holds shares on behalf of several clients through an omnibus arrangement.
CoinDesk asked Franklin Templeton whether the wallet is an omnibus account, how many investors participated in the subscriptions and whether the tokens will eventually be transferred to separate investor or custodian addresses. The firm had not responded by Saturday morning in Asia.
Franklin Templeton’s Wider XRPL Plans
Franklin Templeton and DBS announced the fund’s Singapore-authorized structure in November 2025, with a minimum investment of $20. The fund initially targeted wealth management and accredited investors, while retail access was expected in early 2026.
An agreement announced with Ripple in September 2025 outlined plans to let eligible DBS Digital Exchange clients exchange sgBENJI shares for RLUSD. DBS also said it would explore lending services backed by the tokenized fund shares.
Investors need Franklin Templeton’s approval to hold sgBENJI directly on the XRP Ledger. The issuer also retains the ability to freeze balances and recover tokens.
Thursday’s transactions nearly quadrupled the number of sgBENJI shares on XRPL, but the network still recorded only one wallet holding the fund’s tokens.
