Franklin Templeton Moves $150 Million in Tokenized Assets to XRP Ledger

Franklin Templeton has expanded its presence on the XRP Ledger (XRPL), adding approximately $150 million in tokenized money market fund shares. The transactions increased the fund’s holdings on the blockchain to nearly 193 million shares, valued at approximately $200 million.

The expansion followed two major subscriptions on October 22, nearly quadrupling the fund’s previous balance of 48 million shares. However, all newly issued tokens entered a single wallet, raising questions about the ownership and custody structure.

Two Major Transactions Expand XRP Ledger Holdings

According to CoinDesk, Franklin Templeton recorded two subscription receipts worth $75 million each on October 21. The corresponding token issuances occurred the following day at 02:58 and 04:13 UTC.

Each transaction involved approximately 72.18 million sgBENJI shares at a recorded price of $1.039 per share. Together, the transactions significantly increased Franklin Templeton’s tokenized asset holdings on XRPL.

The sgBENJI tokens represent shares in the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The fund invests in short-term dollar-denominated instruments, including government securities, commercial paper, and bank deposits.

Single Wallet Raises Custody Questions

Despite the substantial increase in tokenized shares, the number of wallets holding sgBENJI on XRP Ledger remains unchanged at one.

Blockchain records show that the receiving wallet shares eight authorized transaction signers with Franklin Templeton’s issuing account. Any two authorized signers can jointly approve transactions.

However, the wallet’s ownership structure remains undisclosed. It could represent one institutional investor or a custody arrangement serving multiple clients.

Franklin Templeton also maintains administrative controls over the tokens. These include approving holdings, freezing balances, and recovering assets when necessary.

Tokenization Strengthens Institutional Blockchain Adoption

The expansion highlights growing institutional interest in tokenizing traditional financial instruments through blockchain networks.

Franklin Templeton now ranks among the largest tokenized asset platforms operating on XRP Ledger. Its approximately $200 million position places it behind Ripple’s RLUSD stablecoin, which holds roughly $930 million on the network.

The development also builds on Franklin Templeton’s collaboration with Ripple and DBS. Their previously announced plans include enabling eligible institutional clients to exchange tokenized fund shares for RLUSD.

While the transactions strengthen XRPL’s role in real-world asset tokenization, questions remain about the investors behind the subscriptions and whether the tokens will eventually move into separate wallets.