Franklin Templeton has moved roughly $150 million of its tokenized money market fund onto the XRP Ledger, but the deposit did not translate into buying pressure for XRP. On-chain records show two subscriptions of 72,184,793 sgBENJI shares each were issued on October 22, lifting the XRP Ledger balance from about 48 million to nearly 193 million shares. At the $1.039 share price recorded in the ledger, the two batches are worth about $150 million, while the full position now sits near $200 million.
According to CoinDesk's ledger review, the issuance came through two cash subscription receipts written to the ledger on October 21. Franklin's September 30 factsheet listed total net assets of $75.29 million across all networks, so the new subscriptions appear to make the XRP Ledger wallet roughly 89% of the fund's estimated $225 million total, assuming no offsetting redemptions.
The funded wallet and Franklin's issuing account share the same eight signing addresses, and any two of them can approve a transaction. That means the entity controlling issuance can also move shares, and the entire sgBENJI supply currently sits in one address. Two other authorized addresses carry zero balances. Franklin has not yet clarified whether the wallet is an omnibus account, how many investors funded the subscriptions, or whether investors will receive shares in separate addresses.
sgBENJI represents shares in 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. The fund's 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. It does not buy XRP.
The reason XRP's price did not rally is structural. Under the September 2025 partnership between Franklin Templeton, DBS Digital Exchange and Ripple, sgBENJI trades against Ripple USD (RLUSD), not against XRP. Investors moving between a dollar stablecoin and a dollar-denominated money market fund use RLUSD as the settlement leg. XRP's role is limited to network fees and an account reserve. Because XRP Ledger transaction costs are fractions of a cent, settling two $75 million subscriptions requires about the same negligible XRP as settling two $1 transfers.
At the time of reporting, XRP was trading near $1.28, down about 2.9% over 24 hours, within a $1.27 to $1.32 daily range. Market cap stood around $80.8 billion with $1.2 billion in 24-hour volume. XRP remained down about 12.2% over 30 days but up 47.9% over the past year. Analysts noted $1.27 as first support and $1.32 as immediate resistance.
RWA.xyz now ranks Franklin as the second-largest tokenized asset issuer on the XRP Ledger, behind Ripple's RLUSD stablecoin at about $930 million and ahead of Ondo at about $185 million. DBS Digital Exchange has said it would list sgBENJI alongside RLUSD for eligible clients to swap around the clock, and it is exploring allowing the shares to be pledged as collateral through repo deals or third-party loans.
DBS Digital Exchange CEO Lim Wee Kian said the partnership demonstrates how tokenised securities can bring 'greater efficiency and liquidity in global financial markets.' Franklin Templeton's Roger Bayston described blockchain and tokenisation as unlocking 'powerful new use cases,' while Ripple's Nigel Khakoo emphasized seamless rebalancing between a stablecoin and a yield-generating money market fund.
Franklin has been extending the same fund across networks for over a year, with Bybit already accepting its tokenized money market fund shares as off-exchange collateral. For now, the deposit is best read as tokenization progress rather than direct XRP demand. Market participants are watching for signs of distribution into investor-controlled wallets and for collateral usage that names XRP or the XRP Ledger. The next potential catalyst is Ripple Swell in New York from October 27 to 29.
