Franklin Templeton Brings Tokenized Fund Product to XRP Ledger
Franklin Templeton has significantly expanded its presence on the XRP Ledger by issuing approximately $150 million in tokenized shares of its Singapore-domiciled money market fund, sgBENJI. This move quadrupled the fund's footprint on the network, bringing its total on-chain value to roughly $200 million based on a transaction price of $1.039 per share. The issuance was executed through two $75 million subscription transactions, with the resulting tokens routed to a single, highly controlled wallet requiring multi-signature authorization. This architectural setup reflects a broader institutional strategy to maintain strict regulatory compliance and risk mitigation while utilizing public blockchain infrastructure. The sgBENJI tokens represent direct ownership in a fund that invests in short-term U.S. dollar debt and money-market instruments. While the exact nature of the receiving wallet remains unverified, industry observers suggest it may function as an omnibus account for multiple institutional clients. This expansion underscores the growing role of the XRP Ledger as a hub for institutional RWA tokenization, supported by ongoing collaborations between Franklin Templeton, DBS, and Ripple.