DBS Group, Franklin Templeton, and Ripple have partnered to launch a tokenized money market fund, sgBENJI, utilizing the XRP Ledger (XRPL) and Ripple's regulated stablecoin RLUSD. This collaboration, announced on September 18, 2025, aims to provide institutional-grade yield solutions for accredited investors in Asia, enhancing liquidity and efficiency in digital asset markets.
The sgBENJI token represents shares in a tokenized U.S. dollar short-term money market fund and will be listed on the Singaporean exchange. Investors can instantly exchange sgBENJI for RLUSD, enabling seamless transitions into yield-bearing products during market volatility. The initiative includes plans for repo markets where sgBENJI tokens serve as collateral for short-term loans, mirroring traditional finance practices.
Lim Wee Kian, CEO of DBS Digital Exchange, emphasized that tokenized securities meet the demands of a borderless 24/7 asset class, injecting greater efficiency and liquidity into global financial markets. Franklin Templeton, with $1.5 trillion in assets, brings experience from previous tokenization efforts on blockchains like Stellar, while Ripple's XRPL handles high-volume transactions. RLUSD, with a market cap approaching $730 million, will act as the base currency for trading.
This partnership marks a significant step in regulated tokenized finance, potentially inspiring broader adoption of digital asset solutions in institutional investing.