Global asset management giant Franklin Templeton significantly expanded its footprint on the XRP Ledger, adding $150 million worth of shares in its tokenized money market fund in a series of transactions that were fully funneled into a single receiving wallet.
The move, executed through a pair of substantial subscriptions, has effectively quadrupled the fund’s token balance on the high-speed network. According to a detailed review of public ledger records, the newly minted shares went straight to one designated wallet, which now holds the entirety of the fund’s circulating token supply on the XRP Ledger network.
The wallet in question shares its authorized signers directly with the fund’s issuing account. Ledger records show that both the issuing account and the receiving wallet authorize the exact same eight signing addresses, with any two of those designated signers required to jointly approve a transaction. This tight administrative control underscores the institutional-grade security protocols governing the tokenized asset transfer.
Following the latest capital injection, the wallet holds nearly 193 million sgBENJI shares, a sharp increase from the roughly 48 million shares it held prior to the transactions. Based on the $1.039 share price recorded during the execution of the subscriptions, the total value of the holdings in that single wallet sits at approximately $200 million.
Market tracking data from RWA.xyz currently ranks Franklin Templeton second in its XRP Ledger table of tokenized asset platforms. The firm’s position places it just behind Ripple’s RLUSD stablecoin, which boasts a market capitalization of about $930 million on the network, and comfortably ahead of Ondo, which stands at $185 million.
Each sgBENJI token represents a direct fractional share of the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The underlying fund is designed to invest in a conservative portfolio of short-term dollar-denominated debt and money-market instruments. This portfolio includes high-quality government paper, commercial paper, and secured bank deposits, with investment returns continuously accumulating directly into the appreciating share price.
The momentum behind the expansion began earlier in the week. On Wednesday, Franklin Templeton’s issuing account recorded two separate subscription receipts directly onto the public ledger. Each receipt documented a $75 million cash subscription and was tagged with its own unique reference code, laying the operational groundwork for the share issuance that followed.
Two batches of just over 72.184 million shares each were subsequently issued at 02:58 and 04:13 UTC, respectively. Each batch carried a matching receipt code and reflected the consistent $1.039 share price established by the fund’s daily valuation metrics.
Despite the transparency of the public ledger, the specific identities of the underlying investors remain shielded. The transaction receipts leave the ultimate funding sources, the investors themselves, and any potential connections to existing holdings on Stellar—the alternative blockchain utilized by the fund—entirely undisclosed.
Data providers like RWA.xyz initially list Franklin Templeton’s XRP Ledger position at roughly $193 million, which aligns closely with the raw share count based on a baseline dollar valuation. However, when factoring in Thursday’s officially recorded share price of $1.039 per unit, the actual market value of the holdings is pushed nearly $8 million higher.
Why One Wallet
The consolidation of such a massive capital allocation into a single wallet has drawn attention from market observers, though financial industry practices offer a clear operational explanation. Brokers, asset custodians, and financial intermediaries routinely hold shares on behalf of numerous individual clients within a single overarching account, relying on internal sub-accounting systems to track individual ownership separately.
Official documents associated with Franklin Templeton’s Singapore-domiciled fund outline a hybrid register framework. This framework combines on-chain blockchain entries with traditional off-network records, maintaining detailed information designed to link the digital wallet addresses appearing on the distributed ledger with their verified, real-world institutional identities.
Despite these established administrative frameworks, it remains unclear whether this specific receiving wallet represents a single institutional investor, an omnibus account housing multiple clients, or a dedicated holding vehicle managed by a custodian.
Inquiries submitted to Franklin Templeton regarding whether the address functions as an omnibus account, how many distinct investors provided capital for the twin subscriptions, and whether those end investors or their respective custodians will eventually receive tokens distributed to separate individual addresses, remained unanswered as of early Saturday morning in Asia.
The institutional vehicle itself represents a significant cross-border collaboration. Franklin Templeton and DBS announced the fund’s Singapore-authorized structure back in November 2025, establishing an accessible entry point with a $20 minimum investment threshold. While the fund was initially rolled out primarily for wealth management clients and accredited investors, broader retail access has been anticipated.
The expansion also builds upon a strategic agreement struck between Ripple and Franklin Templeton in September 2025. That agreement outlined comprehensive plans to enable eligible clients of the DBS Digital Exchange to seamlessly switch between sgBENJI tokens and Ripple’s RLUSD stablecoin. Furthermore, DBS signaled intentions to explore innovative financial services, including offering lending facilities backed against the fund tokens as collateral.
Operating within a regulated framework, holding sgBENJI directly on the XRP Ledger is not entirely open-access; it requires explicit approval from Franklin Templeton. The underlying smart contract and account settings also grant the issuer specific administrative powers, including the technical ability to freeze balances and recover tokens if required by compliance mandates or operational contingencies.
Thursday’s multi-million-dollar transactions have fundamentally altered the distribution profile of the asset on the network, nearly quadrupling the total volume of sgBENJI shares residing on the XRP Ledger. Yet, despite the massive influx of capital and the creation of millions of new tokens, the total number of distinct wallets holding any amount of the asset remains steadfastly at one.
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