Franklin Templeton Adds $150 Million in Fund Shares to XRP Ledger

Two $75 Million Subscriptions

Franklin Templeton added about $150 million worth of shares in its tokenized money market fund to the XRP Ledger this week, nearly quadrupling the fund's footprint on the network behind XRP. The XRP price eased 3.3% over the past 24 hours, according to our live monitoring, so the mint landed on a soft tape rather than a rally. On-chain records show the fund's issuing account wrote two subscription receipts onto the ledger on October 21, each recording a $75 million cash subscription and carrying its own reference code. One of the two receipts is still readable on a block explorer. Two batches of just over 72,184,793 sgBENJI shares followed at 02:58 and 04:13 UTC on October 22, each matched to a receipt code at a recorded price of $1.039 per share, tying the mint directly to the recorded cash. Every new token went into a single wallet, whose wallet address begins rDvuE3, and nothing moved to any other address. That address held roughly 48.33 million shares before Thursday; it now carries close to 193 million, the fund's entire balance on the network, and the number of wallets holding any sgBENJI stayed at exactly one through the whole sequence. At the transaction price the position is worth about $200 million, roughly $8 million above the $193 million figure RWA.xyz lists for the issuer, because the data provider counts shares at a flat dollar. Each sgBENJI token represents one share of the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The vehicle invests in short-term dollar debt and money-market instruments, including government paper, commercial paper and bank deposits, with returns accruing in the share price. The receipts leave the investors, the funding source and any connection to the fund's parallel Stellar deployment undisclosed.

Eight Signers, One Wallet

Account settings on the ledger show the receiving crypto wallet has disabled its master key and can move funds only through multisignature approval, an arrangement built for institutional custody. Its eight authorized signing addresses are identical to the eight set on Franklin's issuing account, and any two of them can jointly approve a transaction, a configuration visible in the wallet's on-chain record. No single key can spend from either account, the same security logic that pushes custodians toward hardware wallets holding keys offline. Whether the address serves one investor or pools shares for many clients is not disclosed. Brokers and custodians routinely hold fund shares for multiple clients in one account and track ownership separately outside the chain, and Franklin's fund documents describe a register that combines ledger entries with records linking wallet addresses to real-world identities. The issuer had not publicly confirmed the account's structure or the number of funding investors as of Saturday morning in Asia. RWA.xyz ranks Franklin second in its table of tokenized asset platforms on the ledger, behind Ripple's RLUSD stablecoin at about $930 million and ahead of Ondo at $185 million. The fund was structured in Singapore with DBS and launched in November 2025 with a $20 minimum investment, open first to wealth and accredited clients, with retail access expected in early 2026. A September 2025 agreement with Ripple set out plans for DBS Digital Exchange clients to switch between sgBENJI and RLUSD, the stablecoin built for payments and PayFi settlement, while DBS said it would explore lending against the fund tokens. Holding sgBENJI directly on the ledger requires Franklin's approval, and the issuer's settings allow it to freeze balances and recover tokens. As of October 24, the receiving address was also the only one holding any sgBENJI on the network.

Reading the Single-Wallet Structure

Two things follow from the receipts. First, the single-wallet concentration and the shared signer set mean the 193 million share count measures issuance plumbing rather than holder breadth; it describes one custody relationship, and any future split of tokens out to separate client addresses would be the real distribution signal. Second, tokenized cash is accumulating on a ledger that already carries roughly $930 million of RLUSD, and asset managers are building exposure through several channels at once. Franklin's own spot XRP ETF took a $3.55 million net inflow on October 23, and XRP Ledger payment volume jumped 119.6% to 770.6 million XRP over a 24-hour window. Whether the next subscription rounds stay concentrated in one address will show how broad institutional distribution on the network has become.