Franklin Templeton Tokenizes U.S. Treasury Fund Worth $192M on XRP
RWA Signal Insight
U.S. TreasuriesFranklin Templeton’s sgBENJI U.S. Treasury Fund has reached $192.698 million in value on the XRP Ledger, establishing itself as the network's largest non-stablecoin real-world asset. This milestone follows a rapid surge in capital, with the fund's XRPL-based value increasing by over $144 million in a single day. Originally launched on the Stellar network in 2025, the fund expanded to the XRP Ledger in July 2026 and has since overtaken its Stellar counterpart in total assets held. The fund now accounts for approximately 56% of the XRP Ledger's total distributed RWA value, excluding stablecoins. This growth highlights the increasing institutional adoption of the XRP Ledger for tokenized government debt products. With $439 million in total U.S. Treasury debt now residing on the network, the XRPL is solidifying its position as a key infrastructure for institutional RWA distribution. The rapid expansion of sgBENJI underscores a broader trend of financial institutions diversifying their on-chain presence across multiple high-performance blockchains.
Key points
- sgBENJI reached $192.698 million on XRP Ledger, capturing 56% of non-stablecoin RWA market share.
- XRP Ledger now hosts $439 million in total U.S. Treasury debt across various institutional products.
- The fund's value on the XRP Ledger surged by $144.368 million in a single day.
- sgBENJI is the second-largest distributed asset on XRPL, trailing only Ripple's RLUSD stablecoin.
Background
Franklin Templeton’s sgBENJI is a tokenized version of the Franklin OnChain U.S. Dollar Short-Term Money Market Fund, designed to provide investors with exposure to U.S. Treasury securities on-chain. Managed by the firm's Benji Investments division, the product is regulated by Singaporean authorities and allows for the digital representation of fund shares. It functions by enabling investors to hold and transfer tokenized interests in a high-quality, liquid money market fund directly on distributed ledger technology.