Franklin Templeton adds $150M in sgBENJI shares to XRP Ledger, all to one wallet
In brief
- Two $75 million sgBENJI subscriptions added shares to the XRP Ledger on Thursday UTC.
- One wallet now holds nearly 193 million shares, up from about 48 million.
- The wallet authorizes the same eight signing addresses as Franklin's issuing account.
- Franklin hadn't told CoinDesk whether the wallet represents one investor or several.
Two receipts, two batches
On Wednesday, Franklin's issuing account wrote two subscription receipts onto the ledger, each recording a $75 million cash subscription with its own reference code. The shares came the next day. Two batches of just over 72,184,793 shares landed at 02:58 and 04:13 UTC Thursday, each carrying a matching receipt code and a $1.039 share price.
The receiving wallet now holds nearly 193 million sgBENJI shares (up from about 48 million before Thursday), per CoinDesk. At the $1.039 price recorded in the transactions, that's worth about $200 million.
The share count on the XRP Ledger nearly quadrupled. The number of wallets holding sgBENJI stayed at one.
RWA.xyz tells a slightly different story on value. It lists Franklin's XRP Ledger position at about $193 million, which prices each share at a dollar, so Thursday's recorded price puts the holdings nearly $8 million higher. RWA.xyz ranks Franklin second among tokenized asset platforms on the XRP Ledger, behind Ripple's RLUSD stablecoin at about $930 million and ahead of Ondo at $185 million.
Who's behind the wallet?
CoinDesk found the wallet and Franklin's issuing account authorize the identical eight signing addresses, and any two of them can jointly approve a transaction. The receipts don't disclose the investors, the funding source or any link to existing holdings on Stellar (the other blockchain the fund uses).
Brokers and custodians routinely hold shares for many clients in one account and track individual ownership separately. Franklin's fund documents describe a register that mixes on-chain and off-chain records:
Franklin’s fund documents describe a register combining blockchain entries with records held outside the network, including information “which links the wallet addresses of the entries on the distributed ledger to their real-world identities.”
Whether this particular wallet represents one investor or several isn't clear. CoinDesk asked Franklin how many investors funded the subscriptions and whether investors or their custodians would receive tokens in separate addresses. Franklin hadn't responded as of Saturday morning, Asia time.
What sgBENJI is
Each token represents a share of the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which invests in short-term dollar debt and money-market instruments, with returns building up in the share price. Franklin and DBS announced the Singapore-authorized structure in November 2025 with a $20 minimum investment. It opened first to wealth and accredited clients, and retail access was expected in early 2026.
A September 2025 agreement with Ripple laid out plans for eligible DBS Digital Exchange clients to switch between sgBENJI and RLUSD. Holding the token directly on the XRP Ledger requires Franklin's approval, and its settings let the issuer freeze balances and recover tokens.
Frequently asked questions
What is sgBENJI?
Each sgBENJI token represents a share of the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The fund invests in short-term dollar debt and money-market instruments, and its returns build up in the share price.
Who controls the wallet that received Franklin's $150 million in XRP Ledger shares?
CoinDesk found the wallet and Franklin's issuing account authorize the same eight signing addresses, and any two can jointly approve a transaction. Nobody has said whether it represents one investor or several. Franklin hadn't answered CoinDesk's questions as of Saturday morning, Asia time.
