PrefaceFranklin Templeton, the global asset manager, has put another $150 million of its tokenized money market fund on the XRP Ledger (XRPL). The token is called sgBENJI.According to CoinDesk, the adPrefaceFranklin Templeton, the global asset manager, has put another $150 million of its tokenized money market fund on the XRP Ledger (XRPL). The token is called sgBENJI.According to CoinDesk, the ad

Franklin Templeton Adds $150M in Tokenized sgBENJI to XRP Ledger: What It Means for XRP

#Industry Perspectives

XRP$1.3304+2.14%

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4$0.01253+10.59%

Author: Emmanuel Olamiye

2026/10/28 16:01

Preface

Franklin Templeton, the global asset manager, has put another $150 million of its tokenized money market fund on the XRP Ledger (XRPL). The token is called sgBENJI.According to CoinDesk, the addition raised the fund's balance on the network from about 48 million shares to nearly 193 million, worth about $200 million.

For XRP holders, the obvious question is whether this is good for the XRP price. The answer is more interesting than a simple yes or no. In this article, you will learn what sgBENJI is, why every share sits in one wallet, how the deal affects XRP, and what could matter next.

Key Takeaways

Franklin’s sgBENJI balance on the XRP Ledger nearly quadrupled, from about 48 million to about 193 million shares (roughly $200 million).
Two subscriptions were each recorded at $75 million, with shares priced at $1.039.
All sgBENJI on the XRP Ledger sits in a single wallet, and it is unclear whether that wallet represents one investor or many.
The fund holds short-term dollar instruments, so it is not a bet on XRP and direct demand for XRP is minimal.
Franklin ranks second among tokenized asset platforms on the network, behind Ripple’s RLUSD stablecoin at about $930 million.
XRP did not rally, with reports showing it slipping about 3% in the 24 hours after the news while the wider crypto market was under pressure.

1. What did Franklin Templeton add to the XRP Ledger?

About $150 million of shares in its tokenized money market fund (sgBENJI), through two subscriptions of about $75 million each.

The key numbers:

Amount added: about $150 million in sgBENJI shares
Subscriptions: two, each recorded at $75 million in cash
Shares issued: just over 72 million per batch, at $1.039 per share
Total on XRPL: nearly 193 million shares, worth about $200 million
Number of holding wallets: one, unchanged

Source:CoinDesk, based on ledger records.

2. What Is sgBENJI? The Tokenized Money Market Fund Explained

sgBENJI is a token that represents shares in the Franklin Onchain U.S. Dollar Short-Term Money Market Fund, which is based in Singapore. A money market fund is a low-risk style of investment that holds short-term debt. This one invests in short-term dollar instruments, including government paper, commercial paper and bank deposits. Returns build up in the share price rather than being paid out, which fits the $1.039 price recorded in the transactions.

Tokenized simply means each fund share is recorded as a digital token on a blockchain, so it can be issued, tracked and moved on a ledger. This is one example of the trend known as real-world asset (RWA) tokenization. If the idea is new to you, read MEXC's guide toreal-world assets (RWA) or itsbeginner explainer on RWAs.

Two details matter:

It is a permissioned token. CoinDesk reports that holding sgBENJI on the XRPL requires Franklin's approval, and the issuer's settings allow it to freeze balances and recover tokens. This is very different from a free-floating coin like XRP.
It was built for institutions first. Franklin and Singapore's DBS announced the fund's structure in November 2025 with a $20 minimum investment. It was initially open to wealth and accredited clients, with retail access expected in early 2026.

The fund also uses another blockchain, Stellar, so the XRP Ledger is one of two networks it runs on.

3. What Happened: Franklin Templeton's $150M Move on the XRP Ledger

According to CoinDesk's review of ledger records, Franklin's issuing account wrote two subscription receipts onto the ledger on Wednesday, October 21. The new shares followed in two batches in the early hours of Thursday, October 22 (UTC). Reports published on October 24 then spread the story, which is why some outlets show different dates.

How big is this for the fund?

BigGo Finance estimated the fund's total assets at roughly $225 million after the subscriptions, starting from $75.29 million at the end of September. That would put about 89% of the fund on the XRP Ledger. It assumes no other flows, so treat it as a rough estimate rather than a reported figure.

4. Why Is All of It in One Wallet?

The single wallet is the detail that has drawn the most attention. It has a few possible explanations.

CoinDesk found that the wallet and Franklin's issuing account use the same eight signing addresses, and any two of them can approve a transaction. That means the wallet is closely tied to the issuer. On its own, that does not show a single investor owns everything.

Brokers and custodians routinely hold shares for many clients in one account and track each person's ownership separately. Franklin's fund documents also describe a register that combines blockchain entries with records kept off the network, including information linking wallet addresses to real-world identities. In that setup, the on-chain balance would show how much of the fund is staged on the ledger, not who owns it.

What is still unknown: whether it is an omnibus account, how many investors funded the subscriptions, and whether they or their custodians will later receive tokens in separate addresses. Franklin has not formally announced the deposit, and CoinDesk said it had asked the firm and had not received a reply when it published. Until that is answered, the number of real shareholders is unclear.

5. What It Means for XRP: Does Franklin Templeton Help the XRP Price?

5.1. Direct demand for XRP is small

The fund does not buy XRP. XRP's role is as the network's fuel: every account on the XRP Ledger needs a small XRP reserve, and each transaction burns a tiny fraction of XRP as a fee.24/7 Wall St. notes that moving millions of dollars of fund shares costs about the same as moving one dollar, so sgBENJI creates little direct demand for XRP.

DBS's setup also pairs the fund with Ripple's stablecoin, so investors can buy and redeem using dollars or dollar tokens rather than XRP. Their September 2025 agreement with Ripple outlined plans for eligible clients to switch between sgBENJI and RLUSD.

If you want the details on fees and supply, see MEXC's guide onwhether XRP burns coins and what the burn rate means.

5.2. The indirect benefits are real, but slower

Even without direct buying, there are reasons the news may help over time:

Credibility: A large, regulated asset manager choosing the XRPL is a vote of confidence in the network. Traders Union analyst Anton Kharitonov said institutional activity supports XRP's credibility, though he also pointed to overbought technical signals and subdued price action.
More activity on the ledger: More tokenized assets can mean more transactions, accounts and liquidity.
A stronger stablecoin ecosystem: Liquidity pairs such as sgBENJI and RLUSD can bring more users onto the network.

None of these is guaranteed to lift the price, and the effects are hard to measure.

5.3. Why XRP didn't rally

On October 24, Coinotag and 24/7 Wall St. both reported XRP down roughly 3% in the previous 24 hours. 24/7 Wall St. added that XRP was down about 16% over the past month. By October 25, XRP was trading near $1.30, according to CoinDesk's live ticker, but this can change quickly.

Part of the reason is the wider market.CoinDesk reported that crypto was under weekend pressure, with Bitcoin sliding below $80,000 on news of U.S. evacuations in the Middle East. When the whole market is falling, a single piece of positive news often cannot offset it. You can check Bitcoin's latest context in MEXC'sguide to what Bitcoin is.

6. XRP Ledger's Growing Role in Tokenized Real-World Assets

Franklin's move fits a broader pattern on the XRPL. Per CoinDesk, citing RWA.xyz:

RLUSD (Ripple's stablecoin): about $930 million, the largest tokenized asset on the network
Franklin Templeton: about $193 million to $200 million, in second place
Ondo: about $185 million, listed just behind Franklin

The XRPL supports issued assets and a built-in decentralized exchange. It went live in 2012, and MEXC'sXRP Ledger beginner's guide covers how it works and how it differs from XRP the coin. In short, XRP is the digital currency, and the XRP Ledger is the blockchain it runs on.

7. What are the Risks?

Unclear ownership: We do not yet know how many investors are behind the one wallet.
Issuer control: Franklin can approve, freeze or recover tokens. That is common for regulated products, but it is not the open model many crypto users expect.
Not a crypto price driver: Buying XRP is not the same as holding sgBENJI. Do not treat this news as a direct reason to buy XRP.
Investment risk: Money market funds are low-risk but not risk-free, and they are not a guaranteed return.
Limited access: The fund was designed for wealth and accredited clients first, so check eligibility before assuming you can buy it.
Volatility: XRP can move sharply with the broader crypto market, regardless of institutional news.

This article is for education only and is not financial advice. Do your own research or speak to a licensed advisor before investing.

8. What to Watch Next in XRP News

Franklin's reply: whether it explains the one-wallet structure and who funded the subscriptions
New wallets: if sgBENJI starts appearing in separate addresses, that would show real distribution to end investors
RLUSD links: progress on exchanging sgBENJI for RLUSD for eligible clients
Ripple's Swell 2026 conference: scheduled for October 27 to 29 in New York, where more institutional news may emerge
More issuers: other asset managers choosing the XRPL for tokenized funds
XRP price action: whether it holds near $1.30 as broader crypto sentiment changes

Conclusion

Franklin Templeton's $150 million addition is a meaningful vote of confidence in the XRP Ledger as a place for regulated, tokenized finance. It nearly quadrupled the fund's presence and moved Franklin into second place on the network.

But for XRP the coin, the story is more modest. The fund does not buy XRP, demand for the token is minimal, and the market has not rewarded the news so far. The real value is long-term: more institutions, more assets and more activity on the ledger. The next signals to watch are whether Franklin explains the single wallet and whether more issuers follow.

Want to follow XRP as the news develops?Buy XRP on MEXC or learn how tobuy crypto with a debit or credit card. Review the risks before you invest.

Frequently Asked Questions (FAQ)

1. What is sgBENJI?

sgBENJI is a token that represents shares in the Franklin OnChain U.S. Dollar Short-Term Money Market Fund, a Singapore-domiciled fund run by Franklin Templeton. The fund invests in short-term dollar debt and money-market instruments, such as government paper, commercial paper and bank deposits, and returns build up in the share price (recorded at $1.039 in the October transactions). The token runs on the XRP Ledger and on Stellar, and holding it on the XRPL requires Franklin's approval.

2. How much did Franklin Templeton add to the XRP Ledger?

Franklin added about $150 million through two subscriptions of about $75 million each. The receipts were written to the ledger on October 21, followed by two batches of just over 72 million shares on October 22 (UTC). That lifted its balance from about 48 million to nearly 193 million shares, worth around $200 million at $1.039 per share. RWA.xyz shows about $193 million because it values each share at $1.

3. Does Franklin Templeton's move help the XRP price?

Not directly. The fund holds short-term dollar debt rather than XRP, and the DBS setup pairs it with Ripple's RLUSD stablecoin instead. XRP is used only for account reserves and tiny transaction fees, so moving millions of dollars of fund shares creates almost no direct demand. The possible benefits are indirect: more credibility, more activity on the ledger and more liquidity. These are long-term and hard to measure, and the price did not rally on the news.

4. Why is all sgBENJI on the XRP Ledger in one wallet?

All the sgBENJI on the XRPL sits in one wallet that shares eight signing addresses with Franklin's issuing account. This may be an omnibus, custodian-style account, which is common in traditional finance: one account holds shares for many clients while ownership is tracked separately. Franklin's fund documents describe a register that links wallet addresses to real-world identities. However, Franklin has not confirmed whether one investor or several are behind the wallet, so the number of real shareholders is still unknown.

5. Can anyone buy sgBENJI?

Not necessarily. Holding sgBENJI on the XRPL requires Franklin's approval, and the fund was first offered to wealthy and accredited clients through DBS in Singapore, with a $20 minimum investment. CoinDesk said retail access was expected in early 2026, but availability depends on your location and provider. Check with Franklin Templeton or an authorized platform for current terms. It is a regulated fund product, not an ordinary crypto token.

6. What is RLUSD, and how does it relate to this news?

RLUSD is Ripple's dollar-backed stablecoin and the largest tokenized asset on the XRP Ledger, at about $930 million, according to RWA.xyz data cited by CoinDesk. It matters here because Franklin, DBS and Ripple outlined plans in September 2025 for eligible DBS Digital Exchange clients to switch between sgBENJI and RLUSD. DBS also said it would explore lending against the fund tokens. Those plans could add liquidity around sgBENJI on the XRPL.

7. What does "tokenized" mean for a money market fund?

A tokenized fund share is a regular fund share recorded as a digital token on a blockchain instead of only in a traditional register. The token represents a claim on the real fund, whose assets are held off-chain, so its value comes from the fund and not from crypto market demand. Tokenization can make shares easier to issue, track and move, though sgBENJI still depends on the issuer's approvals and off-chain records. For more, read MEXC's guide toreal-world assets (RWA).

Disclaimer: This content is for informational purposes only and does not constitute financial, investment or legal advice. Crypto assets carry risk, including loss of capital. Do your own research and consult a qualified professional before making decisions. Data is based on public reports as of October 26, 2026 and may be revised.

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