Franklin Templeton Puts $150 Million More of Its Tokenized Fund on XRP Ledger

Franklin Templeton has put another roughly $150 million of its tokenized money-market fund shares on the XRP Ledger, turning a relatively small deployment into one of the network’s largest real-world-asset positions almost overnight.

The important distinction is that this was not a $150 million purchase of XRP. It was an issuance of sgBENJI, a token representing shares in the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, recorded on XRPL.

CoinDesk reported that two $75 million subscription receipts were written to the ledger before two batches of just over 72.18 million shares were issued at a recorded price of $1.039 apiece.

The receiving wallet now holds nearly 193 million sgBENJI shares, up from about 48 million before the new issuance. At that recorded price, the position is worth roughly $200 million.

All of those shares remain in one wallet. That sounds like one enormous investor, but the public record does not establish that.

Institutional custodians often pool assets in an omnibus account while recording beneficial ownership elsewhere. The wallet also uses the same set of eight authorized signers as Franklin Templeton’s issuing account, with two signatures needed to approve a transaction.

The ledger makes the issuance and movement easier to audit, but the fund remains an issuer-controlled financial product. Direct holders need Franklin Templeton’s approval, and the issuer retains controls that can freeze or recover tokens.

Ripple previously described the broader plan with Franklin Templeton and DBS: eligible investors would be able to trade between sgBENJI and Ripple’s RLUSD stablecoin, while DBS explored using the tokenized fund shares as collateral. The latest issuance gives that plan substantially more on-chain scale.

The timing also matters because the XRP Ledger has just worked through a period of slower ledger closes. XRP Ledger Operations said the network was no longer experiencing those occasional slowdowns after publication of a recommended configuration.

The XRP Ledger is no longer experiencing those occasional slower ledger closes following the publication of the recommended xrpld configuration.

We are continuing to prepare a dot release for the community to address the behavior observed. https://t.co/e40CdIAJ92

— XRP Ledger Operations (@XRPLOperations) October 22, 2026

Validators have also been advancing a cleanup amendment tied to the current software release, another useful piece of context for institutions putting regulated assets on the network.

FixCleanup3_4_0 is back in activation on the XRP Ledger. One vote dropped and reset the counter.

Two additional votes were added by other validators @daniel_wwf and @aesthetes_art to secure it above the threshold needed, thank you! pic.twitter.com/1L3nb4f76t

— Vet (@Vet_X0) October 21, 2026

The clearest takeaway is not that $150 million suddenly flowed into XRP. A major asset manager has dramatically expanded the amount of a regulated fund represented on XRP Ledger.

What remains unknown is whether that single wallet serves one investor or many clients—and whether the shares will stay concentrated or begin moving through the trading and collateral channels Franklin Templeton, DBS and Ripple have been building.

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