Franklin Templeton Adds $150 Million in Fund Shares to XRP Ledger, Consolidating Holdings in a Single Wallet

Global asset management giant Franklin Templeton significantly expanded its footprint on the XRP Ledger (XRPL) on Friday, adding $150 million worth of shares from its tokenized money market fund. In a notable move, every newly issued share was directed to a single wallet, which now holds the entirety of the fund’s token balance on the network.

The substantial injection of capital came through two separate transactions executed on Thursday, which nearly quadrupled the fund’s total token count on the network. According to a review of ledger records, the receiving wallet and Franklin Templeton’s issuing account share the exact same set of eight authorized signing addresses. Under the security parameters of these accounts, any two of the designated signatories can jointly approve a transaction.

Following the latest transactions, the wallet now holds nearly 193 million sgBENJI shares, a dramatic increase from the roughly 48 million shares it held prior to Thursday. Calculated at the $1.039 share price recorded during the transactions, the total value of the wallet’s holdings sits at approximately $200 million.

Data from RWA.xyz ranks Franklin Templeton second in its XRP Ledger table of tokenized asset platforms. The firm currently trails behind Ripple’s RLUSD stablecoin, which boasts a market capitalization of about $930 million on the network, while sitting ahead of Ondo, which holds $185 million.

The underlying asset represented by these tokens is the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The fund is designed to invest in a diversified portfolio of short-term dollar debt and money-market instruments, encompassing government paper, commercial paper, and bank deposits. As the fund generates returns, these gains are accumulated directly into the share price rather than being distributed as separate dividends.

The expansion began in earnest on Wednesday, when Franklin Templeton’s issuing account recorded two subscription receipts on the ledger. Each receipt documented a $75 million cash subscription and was tagged with its own unique reference code. These initial filings paved the way for the subsequent token distributions that took place early Thursday morning.

Two separate batches, each consisting of just over 72.184 million shares, were issued at 02:58 and 04:13 UTC on Thursday. Each batch carried a matching receipt code and a documented share price of $1.039. Despite the scale of the capital influx, the records leave the identities of the investors, the underlying funding sources, and any potential connections to existing holdings on Stellar—the other blockchain utilized by the fund—largely undisclosed.

While RWA.xyz lists Franklin Templeton’s XRP Ledger position at approximately $193 million based on a simple share count, the specific share price recorded during Thursday’s transactions places the actual market value nearly $8 million higher.

Why One Wallet

The concentration of such a large capital allocation into a single wallet has drawn attention within the digital asset community, though financial industry practices offer standard explanations. Brokers, custodians, and institutional asset managers routinely hold shares for multiple clients within a single omnibus account, relying on internal record-keeping systems to track individual ownership separately.

Official documents provided by Franklin Templeton regarding the fund describe a register that combines blockchain entries with external records maintained off-the-network. This hybrid system includes documentation designed to link the wallet addresses of entries on the distributed ledger to their real-world identities.

Despite these structural disclosures, whether this specific wallet represents a single institutional investor or multiple underlying clients remains unclear. Inquiries sent to Franklin Templeton regarding whether the address functions as an omnibus account, how many individual investors funded the subscriptions, and whether those investors or their custodians will eventually receive tokens in separate addresses had not received a response as of Saturday morning in Asia.

The fund itself represents a collaborative financial structure. Franklin Templeton and DBS announced the Singapore-authorized framework for the fund in November 2025, establishing a modest $20 minimum investment threshold. While the product was initially made available exclusively to wealth and accredited clients, retail access was anticipated to roll out in early 2026.

The groundwork for broader utility was laid in September 2025, when Franklin Templeton and Ripple reached an agreement outlining plans for eligible clients on the DBS Digital Exchange to seamlessly switch between sgBENJI and Ripple’s RLUSD stablecoin. Furthermore, DBS signaled intentions to explore lending mechanisms backed against the fund tokens.

Operating within the XRP Ledger ecosystem requires adherence to specific compliance protocols. Holding sgBENJI directly on XRPL necessitates explicit approval from Franklin Templeton. Additionally, the administrative settings embedded within the issuer’s account allow the firm to freeze balances and recover tokens if required by regulatory or operational mandates.

Thursday’s transactions effectively quadrupled the volume of sgBENJI shares circulating 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 the asset remained unchanged at one.