Franklin Templeton’s tokenized U.S. Treasury Fund, sgBENJI, has grown to $192.698 million on the XRP Ledger (XRPL).
This recent increase has made sgBENJI the largest distributed real-world asset (RWA) on the network, excluding stablecoins, as tokenization continues to gain ground across the XRP ecosystem.
The XRPL has seen strong growth in real-world asset tokenization this year, with more financial products moving onto the network. The latest development involves Franklin Templeton’s sgBENJI fund.
Franklin Templeton’s sgBENJI Expands on the XRP Ledger
For context, Franklin offers the sgBENJI U.S. Treasury Fund through the Franklin Templeton Benji Investments division, regulated by Singaporean authorities. The product represents a share of the Franklin OnChain U.S. Dollar Short-Term Money Market Fund.
Although Franklin Templeton launched the asset in 2025, data from RWA.xyz shows that it became available on the XRP Ledger in late July 2026.
The fund currently operates on two blockchain networks: the XRP Ledger and Stellar. It first launched on Stellar in September 2025 before expanding to the XRPL on July 28, 2026, nearly a year later.
When it first appeared on the XRPL, its value on the network stood at $9.71, while the value held on Stellar was $30.164 million.
The fund’s value continued to fluctuate across both networks. By Sept. 11, its value on the XRP Ledger climbed to $48.33 million, while the figure on Stellar fell to $24.95 million.
This marked the first time the XRPL overtook Stellar in sgBENJI value held on each network. At the time, the fund’s combined value across both blockchains had reached $73.28 million.
XRPL Value Surges to $192.698 Million in One Day
The fund’s growth accelerated on Oct. 22, when its combined value across the two networks reached $231.18 million.
Of this amount, the XRP Ledger accounted for $192.698 million, marking an increase of $144.368 million in just one day. Meanwhile, sgBENJI’s value on Stellar rose to $38.49 million, an increase of $11.55 million. These figures show that the XRPL now holds more than 83% of the fund’s total on-chain value.
The latest increase has made sgBENJI the largest distributed real-world asset on the XRPL, excluding stablecoins. The network’s total distributed asset value, excluding stablecoins, stands at $641.17 million, with sgBENJI accounting for about 56% of that amount.
However, the ranking changes when stablecoins are included. Under this measure, sgBENJI ranks as the second-largest distributed asset on the XRP Ledger, behind Ripple’s RLUSD stablecoin, which has a value of $929.8 million.
sgBENJI Leads XRPL’s RWA Growth Over 30 Days
Data from RWA.xyz also shows that sgBENJI is the fastest-growing real-world asset on the XRPL over the past 30 days. Its value increased by 298.7% during that period, while its share of the network’s distributed RWA market, including stablecoins, rose by 303.8% to 11.96%.
Meanwhile, other U.S. Treasury products are also available on the XRP Ledger.
These include Ondo’s Short-Term US Government Bond, worth $185.348 million on the network; Aviva Investors’ US Dollar Liquidity Fund, valued at $50 million; Guggenheim Treasury Services DCP, worth $40.3 million; and the OpenEden TBILL Vault, valued at $20.9 million.
Overall, the XRP Ledger now holds $439 million in U.S. Treasury debt. This represents more than 68% of the network’s total distributed RWA value of $641.17 million, excluding stablecoins.
However, when measured against the broader RWA market on the XRPL, which stands at $5.381 billion excluding stablecoins, U.S. Treasury debt accounts for about 8%.
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