Franklin Templeton has added approximately $150 million worth of shares in its tokenized money market fund to the XRP Ledger, nearly quadrupling the fund’s token balance on the network while leaving all the shares concentrated in a single wallet. The transactions bring the total number of shares recorded on the ledger to nearly 193 million, with a value of approximately $200 million based on the latest transaction price.
The additions were recorded through two subscription transactions submitted by Franklin’s issuing account. Each represented a $75 million cash subscription, followed by a batch of just over 72.18 million sgBENJI shares. The transactions carried matching reference codes, while the recorded share price of $1.039 placed the combined value of the XRP Ledger holdings close to $200 million.
The receiving wallet and Franklin Templeton’s issuing account share the same eight authorized signing addresses, according to ledger records reviewed in the supplied report. Any two of those addresses can jointly authorize a transaction. This arrangement establishes a close technical relationship between the wallet and the issuer, although it does not establish who ultimately owns the shares or whether the wallet represents one investor or multiple clients.
The fund’s XRP Ledger holdings increased from approximately 48 million shares to nearly 193 million following the transactions. Despite that expansion, the number of wallets holding sgBENJI on the network remained at one. The concentration raises questions about how the fund’s investors are represented onchain and whether the wallet functions as a consolidated account for multiple beneficial owners.
The tokens represent shares in the Franklin OnChain U.S. Dollar Short-Term Money Market Fund, a Singapore-domiciled vehicle investing in short-term dollar-denominated debt and money market instruments. Its holdings include government securities, commercial paper and bank deposits. Returns accumulate through changes in the share price rather than through a separate distribution of yield-bearing tokens.
Tokenized money market funds aim to combine traditional financial instruments with blockchain-based recordkeeping and settlement. By representing fund shares as digital tokens, issuers can make ownership records and transfers available through distributed ledger infrastructure while retaining the underlying fund’s conventional investment structure.
However, the number of visible blockchain addresses does not necessarily correspond to the number of investors. Brokers, custodians and financial institutions frequently hold assets in omnibus accounts, maintaining separate records of each client’s beneficial ownership outside the blockchain. Franklin’s fund documentation describes a register that combines distributed ledger entries with offchain records linking wallet addresses to real-world identities.
Consequently, the single-wallet structure does not prove that one investor controls the entire position economically. The identities of the subscribers, the source of their funding and any relationship between the new holdings and the fund’s positions on other blockchains remain undisclosed in the supplied report. Franklin Templeton had not responded to questions about whether the wallet is an omnibus account or how many investors participated in the subscriptions at the time described.
The XRP Ledger has become one venue for the expansion of tokenized real-world assets. According to RWA.xyz data cited in the report, Franklin’s position ranked second among tokenized asset platforms on the network, behind Ripple’s RLUSD stablecoin, which was valued at approximately $930 million, and ahead of Ondo at around $185 million. The figures highlight the growing presence of both tokenized investment products and stablecoins in blockchain-based financial markets.
Franklin Templeton and DBS announced the fund’s Singapore-authorized structure in November 2025, with a minimum investment of $20. The product initially targeted wealth and accredited investors, with broader retail access expected in early 2026. A separate agreement announced in September 2025 outlined plans for eligible DBS Digital Exchange clients to exchange sgBENJI and RLUSD, while DBS also said it would explore lending arrangements secured by the fund tokens.
Despite the potential for greater accessibility, sgBENJI remains subject to issuer controls. Holding the tokens directly on the XRP Ledger requires Franklin’s approval, and the issuer’s settings permit balances to be frozen and tokens to be recovered. These controls can support compliance and asset recovery, but they also mean the tokens do not operate as fully permissionless assets.
The latest subscriptions therefore illustrate both the expansion and the structural limitations of tokenized finance. Franklin Templeton’s fund has significantly increased its XRP Ledger footprint, but the single-wallet arrangement leaves the underlying distribution of ownership unclear. Understanding whether the account represents one investor or a collection of clients will be important for interpreting the concentration of assets and assessing how the fund’s blockchain infrastructure is being used.
