Franklin Templeton XRP Ledger: $150M sgBENJI Move

Franklin Templeton moved $150M of its tokenized money market fund to the XRP Ledger, concentrating nearly 193M sgBENJI shares in a single wallet.

Franklin Templeton's XRP Ledger activity has just become far more noteworthy. The asset manager moved $150 million of subscriptions for its tokenized money market fund onto the XRP Ledger, and every new share ended up in one wallet. That single address now holds almost 193 million sgBENJI shares, compared with roughly 48 million before Thursday. The Franklin Templeton XRP Ledger move stands out because the entire inflow landed in a single address.

What happened

On Wednesday, Franklin Templeton's issuing account wrote two subscription receipts to the XRP Ledger. Each receipt logged a $75 million cash subscription with its own reference code. Two batches of slightly more than 72,184,793 shares then arrived at 02:58 and 04:13 UTC on Thursday, each tied to a receipt code at a recorded share price of $1.039. The calculation comes to roughly $150 million in new subscriptions.

Prior to this week, the wallet held approximately 48 million shares. Following the two Thursday batches, it held almost 193 million. At the $1.039 share price recorded in those transactions, the position is worth roughly $200 million. The wallet and Franklin's issuing account authorize the same eight signing addresses, and any two of them can approve a transaction together.

Whether that wallet belongs to a single investor or to several is still not known. Franklin's fund documents set out a register that merges blockchain entries with off-network records, including data that ties wallet addresses to real-world identities. Brokers and custodians commonly keep shares for many clients in one account while tracking individual ownership separately. CoinDesk asked Franklin whether the wallet is an omnibus account, how many investors funded the subscriptions, and whether tokens will be sent to separate addresses; as of Asia morning hours on Saturday, the firm had not replied.

Why the Franklin Templeton XRP Ledger move matters

Every sgBENJI token stands for a share of the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The fund puts money into short-term dollar debt and money-market instruments, such as government paper, commercial paper and bank deposits, with returns building up in the share price. Stellar, another blockchain, is also used.

For anyone following tokenized real-world assets, the concentration is significant. Transactions on Thursday pushed the count of sgBENJI shares on the XRP Ledger to almost four times its previous level, but the number of wallets holding any shares remained at one. RWA.xyz shows the Franklin Templeton XRP Ledger position at roughly $193 million, which lines up with the share count at a dollar apiece. The share price recorded on Thursday places its value almost $8 million higher.

In RWA.xyz's XRP Ledger tokenized asset platform table, Franklin sits second, trailing Ripple's RLUSD at about $930 million and ahead of Ondo at $185 million.

Some structural details are worth knowing. Holding sgBENJI directly on XRPL needs Franklin's approval, and issuer settings permit balances to be frozen and tokens recovered. That is standard for regulated tokenized funds, but it means the token is not a bearer asset in the way many crypto holders assume.

Market reaction

XRP is trading at $1.28, down 3.01% over the past 24 hours, on volume of about $1.18 billion and a market capitalization near $80.9 billion. The price action does not suggest the market treated the $150 million subscription as a major catalyst. That is not surprising: tokenized fund flows are institutional plumbing, not speculative fuel. The bigger story is what the flow says about where regulated money-market products are being issued and settled.

What to watch next

In November 2025, Franklin and DBS unveiled the fund's Singapore-authorized structure, with a $20 minimum investment. At first it was offered to wealth and accredited clients, and retail access was anticipated in early 2026. A September 2025 agreement with Ripple set out plans for eligible DBS Digital Exchange clients to move between sgBENJI and RLUSD, and DBS said it would look into lending against the fund tokens.

Three developments are worth tracking:

Whether Franklin confirms the single wallet is an omnibus account and whether tokens will be split into separate addresses.
Whether the $150 million is new money or a migration of existing holdings from Stellar, which the receipts do not disclose.
Whether retail access in early 2026 brings a broader set of wallet holders onto the XRP Ledger rather than one concentrated address.

The risk case cuts both ways. If the wallet represents one large investor, the ledger's on-chain metric is a single data point that could reverse quickly. If it represents many clients under a custodian, the concentration understates actual adoption while raising operational questions about how redemptions and transfers would be handled.

FAQ

What is sgBENJI?

sgBENJI is the tokenized share class of the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. Each token stands for a share, and the fund puts money into short-term dollar debt and money-market instruments, with returns building up in the share price.

Why did Franklin Templeton move $150 million to the XRP Ledger?

The public record shows two $75 million subscription receipts written to the ledger and matching share batches at a $1.039 price. Franklin has not disclosed the investors, the funding source, or whether the money is connected to existing holdings on Stellar.

How does the single-wallet concentration affect sgBENJI holders?

That means on-chain metrics show one holder even though the underlying ownership could be spread across many clients of a broker or custodian. Holding sgBENJI directly on XRPL needs Franklin's approval, and issuer settings permit balances to be frozen and tokens recovered.

Market snapshot

Prices at the time of writing (Oct 24, 2026 08:10 UTC).

XRP (XRP): $1.28 — 24h -3.01%

Trade XRP now →

Franklin Templeton XRP Ledger Move Hits $150M