Franklin Templeton issued $150 million in new fund shares on XRP Ledger on October 22, roughly double the fund’s September assets, and every share landed in one wallet.
Key Takeaways
- Two $75 million subscriptions issued on October 22
- XRPL wallet now holds 192.7 million shares
- Fund reported $75.29 million net assets September 30
- Wallet and issuer share eight authorized signers
CoinDesk’s ledger review, published October 24, traced the issuance to two cash subscription receipts that Franklin’s issuing account wrote onto the ledger on October 21.
From 48 million shares to 192.7 million in two batches
About 48 million sgBENJI shares sat on XRPL before the issuance. Two batches of roughly 72.18 million shares followed at 02:58 and 04:13 UTC, each matched to its subscription receipt and priced at $1.039.
Bithomp’s distribution data shows 192.7 million shares outstanding, all in one address, worth about $200.2 million at the transaction price. Two other addresses are authorized to hold the token and carry zero balances.
Against the fund as a whole, the new money is large. Franklin’s September 30 factsheet lists total net assets of $75.29 million across every network the fund uses, Stellar included.
How large is the wallet’s slice of the fund?
Fund net assets, September 30$75.29M
Subscriptions issued October 22+ $150M
Rough fund total≈ $225M
XRPL wallet value≈ $200M (about 89%)
The estimate assumes no other subscriptions or redemptions since September 30. Flows on other networks would not show on XRPL.
CoinDesk reported that Franklin now ranks second among XRPL tokenized-asset issuers on RWA.xyz, behind Ripple’s RLUSD stablecoin at about $930 million and ahead of Ondo at $185 million. As with XRPL’s wider tokenized-asset totals, the ranking reflects recorded value, and in Franklin’s case a single wallet supplies all of it.
One set of keys on both sides of the issuance
The funded wallet and Franklin’s issuing account list the same eight signing addresses, and any two of them can approve a transaction, according to CoinDesk. The keyholders who issue sgBENJI on XRPL can therefore also move the shares they issued.
Two arrangements fit that pattern. Franklin or its transfer agent could run the wallet for many clients and track each stake off the chain, a common setup among brokers and custodians. The wallet could also belong to one large investor whose account Franklin operates.
The fund’s register is designed in two layers. A Project Guardian industry report hosted by the Monetary Authority of Singapore describes sgBENJI tokens as evidence of fund shares, with shareholder identities kept in internal systems linked to the blockchain entries. Franklin also controls access to the token: holding sgBENJI on XRPL requires its approval, and the token’s settings let the issuer freeze balances and recover shares.
CoinDesk asked Franklin whether the wallet is an omnibus account, how many investors funded the subscriptions and whether they will receive shares in separate addresses. Franklin had not responded by Saturday morning in Asia.
The yield case and the DBS trading plan
The shares belong to the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which holds short-term dollar debt such as government paper, commercial paper and bank deposits. Returns build up in the share price. The factsheet shows a 3.57% one-year return after fees, a 0.20% expense ratio and a $1.04 net asset value for the A (acc) USD class, consistent with the October 22 price. The fund does not buy XRP.
Franklin, DBS and Ripple also set out a trading use for the shares. In a September 2025 agreement, DBS Digital Exchange said it would list sgBENJI alongside RLUSD so eligible clients could swap between the two around the clock. DBS added that it would explore letting clients pledge the shares as collateral, through repo deals with the bank or loans from third-party platforms.
The ledger data fits either a trading or a holding explanation. A venue offering fast swaps would need shares on hand, and a large block in a Franklin-administered wallet could serve that role. One or a few institutions could also have bought $150 million of a dollar money fund for its yield, with no plan to trade it. Because swaps on an exchange’s internal books need not appear as XRPL transfers, a wallet with no outgoing movement fits both readings.
Cash comes out on the fund’s schedule
| Route to cash | Speed | Limit |
|---|---|---|
| Redeem with the fund | Normally within seven business days; 4:30 p.m. Singapore cutoff | Possible 10% daily cap per share class |
| Swap on DBS Digital Exchange | Minutes, around the clock, paid in RLUSD | Eligible DBS clients only |
| Sell to another investor | As fast as the buyer settles | Buyer needs a Franklin-approved wallet |
| Borrow against shares | Set by the lender | DBS said it would explore this |
Under Franklin’s September 2026 Product Highlights Sheet, the seven-day window starts once a request is received and accepted, and requests that miss the cutoff generally roll to the next dealing day.
The daily cap matters because of how concentrated the XRPL position is. If the wallet’s shares sit in a class close to the fund’s total size, a full redemption would exceed one day’s limit many times over, and the fund could spread the payout across many dealing days. The cap is discretionary, and there is no sign it has been used.
Three disclosures that would fill the gaps
- The October 31 factsheet, due in November, should show whether fund assets rose by close to the full $150 million or whether redemptions elsewhere offset part of it.
- Any balance appearing in the two authorized but empty XRPL addresses would show shares moving to separate holders.
- DBS figures on sgBENJI swaps or collateral use would show whether the trading plan accounts for any of the $200 million.
This article is provided for informational purposes only and does not constitute financial or investment advice. Tokenized funds carry investment risks and remain subject to eligibility, transfer and redemption requirements.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets – crypto first, then everything else.
It started in 2016 with Bitcoin. Like most people at the time, he didn’t fully understand it – so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can’t properly understand one without the other.
What drives him is straightforward: he wants to know why something is happening, not just that it’s happening. Most market coverage stops at the headline – price up, price down, here’s a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn?
He holds a degree in Tourism from New Bulgarian University – not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That’s probably why he hasn’t stopped.
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