Franklin Templeton added $150 million (USD) in shares of its tokenized money market fund to the XRP Ledger, all placed in a single wallet. The move nearly quadrupled the fund's token count on the network and shows institutions still prefer concentrated custody over scattering tokens across many wallets.
What actually happened
On Wednesday, Franklin's issuing account wrote two subscription receipts onto the XRP Ledger, each recording a $75 million (USD) cash subscription, according to CoinDesk. Two matching batches of just over 72,184,793 shares arrived at 02:58 and 04:13 UTC Thursday, each priced at $1.039 per share. The receiving wallet now holds nearly 193 million sgBENJI shares, up from about 48 million before the transactions, worth close to $200 million (USD). RWA.xyz data, cited by CoinDesk, ranks Franklin second among tokenized asset issuers on the XRP Ledger, behind Ripple's RLUSD stablecoin at about $930 million (USD) and ahead of Ondo at $185 million (USD). The wallet shares eight signing addresses with Franklin's issuer account. Any two addresses can jointly approve a transaction.
How we got here
Franklin Templeton and DBS announced the fund's Singapore-authorized structure in November 2025, setting a $20 (USD) minimum investment. Wealth and accredited clients got initial access, with retail availability expected in early 2026. A September 2025 agreement between Franklin, Ripple and DBS outlined plans letting eligible DBS Digital Exchange clients switch between sgBENJI and RLUSD, Ripple's stablecoin. DBS also said it would explore lending against the fund's tokens. The fund invests in short-term dollar debt, government paper, commercial paper and bank deposits, with returns accumulating in the share price rather than paid as dividends. Franklin already issues the same fund on the Stellar blockchain, giving it a multi-chain tokenization strategy years before this XRP Ledger expansion.
Why this matters for you
For XRP Ledger builders, this signals growing institutional comfort with the network for regulated, tokenized cash products, even as custody stays concentrated rather than distributed. For holders of RLUSD or Ondo tokens, Franklin's jump to nearly $200 million (USD) tightens competition for assets on the ledger. For everyday users, direct access remains gated: Franklin's approval, freeze and recovery powers mean these wallets behave more like permissioned bank accounts than open crypto wallets. For custodians and brokers, the single-wallet structure shows a workable model for serving many clients without separate on-chain addresses for each, at least for now.
The bigger question
If the largest tokenized fund positions on a public ledger sit inside single, issuer-controlled wallets, how much does the blockchain itself still matter to the end investor? Does real financial inclusion require visible, separate wallets per holder, or is shared custody with off-chain records enough?
What to watch
Franklin has not confirmed whether retail access to sgBENJI has launched in 2026 as earlier planned. Watch for Franklin's response to unanswered questions about the wallet's ownership structure. Also watch XRP Ledger tokenized asset rankings on RWA.xyz, where Franklin's share could keep climbing toward RLUSD's lead.
