Franklin Templeton Adds About $150M sgBENJI Shares to XRP Ledger
By Crypto Wire
October 24, 2026
Franklin Templeton put roughly $150 million more of its tokenized money-market fund onto the XRP Ledger, and every new share landed in the same receiving wallet that already held the fund’s XRPL balance. CoinDesk’s ledger review, published in the early hours of October 24, traces two $75 million cash subscription receipts written by Franklin’s issuing account on October 21, then two matching share batches on October 22 at 02:58 and 04:13 UTC. Each batch delivered just over 72,184,793 sgBENJI tokens at a recorded $1.039 share price. The XRPL float jumped from about 48 million shares to nearly 193 million — roughly $200 million at that print — all still sitting in one address.
sgBENJI represents shares in the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, a vehicle that invests in short-term dollar debt and money-market instruments such as government paper, commercial paper, and bank deposits, with returns accruing in the share price rather than a separate yield token. The product is not a free-float collectible: only issuer-approved wallets can receive the asset, and Franklin can approve, freeze, or recover balances on-ledger. Product materials describe a share register that pairs blockchain entries with off-chain identity links. The fund already runs on Stellar as well as XRPL; CoinDesk notes the new receipts do not disclose whether the subscribers are new capital, top-ups, or related to existing Stellar holdings.
Concentration is the desk fact that matters for settlement readers. After the two batches, Bithomp-style distribution reads show about 192.7 million shares outstanding on XRPL in a single wallet (often truncated rDvuE3…uVE2 in secondary write-ups), with two other authorized holder addresses carrying zero balances. That wallet and Franklin’s issuing account share the same eight authorized signing addresses; any two must jointly approve a transaction. Shared signers do not prove beneficial ownership — the address could be a single large subscriber or an omnibus custodial bucket with off-chain sub-ledgers — and CoinDesk reported Franklin did not respond to questions about which model applies. For RWA desks, that gap is the story: the on-chain float quadrupled, but public ledger data still will not tell a collector who can redeem or how client-level custody is sliced.
Against broader XRPL tokenized-asset rankings, the move is material. RWA.xyz ranks Franklin second on its XRPL table of tokenized platforms, behind Ripple’s RLUSD stablecoin near $930 million and ahead of Ondo near $185 million, per CoinDesk’s comparison at publish time. Scale context from secondary desks puts Franklin’s September 30 factsheet net assets near $75.29 million across networks; two $75 million subscriptions in one day roughly double that headline float if there were no offsetting redemptions. Treat those cross-checks as attributed market color, not a Franklin press release — the primary beat remains the subscription receipts and matched share issuances CoinDesk reconstructed from the ledger.
This print sits next to, but does not replace, earlier RWA rails on 8bitcrypto. J.P. Morgan’s MONY / JLTXX Solana access (11028), HashKey’s HFOL Class A earn listing (11034), and the Magicians uRWA policy-interface draft (11101) are separate threads: custody venue, exchange earn product, and token↔policy ABI. Franklin’s XRPL jump is a live share-count and wallet-concentration event on a permissioned money-market token, not a new marketplace listing or a draft ERC. Keep it separate from RLUSD settlement-liquidity beats such as Ripple–Arf (10991) — those measure stablecoin rails, not money-market share minting into one multi-sig wallet.
What collectors and settlement desks can actually use today is narrow. The shares are live on XRPL at the reported balances; transfers still require issuer allowlisting; freeze and recovery powers remain with the issuer; and the single-wallet concentration means secondary depth, if any appears, will not look like a diversified holder set until Franklin or a custodian discloses client structure. Watch for a second receiving wallet lighting up, a public redemption path that shows beneficial holders, or an official Franklin note naming whether the $150 million is one subscriber or omnibus. Until then, treat the ~193 million share XRPL balance as a verified issuance print with unresolved ownership opacity.
Utility check: The $150 million subscription path and ~193 million sgBENJI XRPL balance are live on-ledger facts — shares issued, priced, and held — but beneficial ownership of the single wallet remains undisclosed, so treat the float as settled issuance with pending clarity on who can actually redeem or transfer under the issuer’s gates.
Bottom line: Franklin Templeton issued about $150 million in sgBENJI money-market shares onto the XRP Ledger in two matched batches, lifting the network balance to nearly 193 million shares — all still in one multi-sig wallet with undisclosed beneficial ownership.
Disclaimer: This article is provided for informational and educational purposes only. It does not constitute financial, investment, legal, or trading advice. The NFT market is highly volatile, and past performance is not indicative of future results. Readers should conduct their own research and consult qualified professionals before making any decisions related to digital assets. The cover image for this article may have been created using artificial intelligence (AI).
