Franklin Templeton’s sgBENJI, the token for shares in its Singapore-domiciled money market fund, added about $150 million of shares on the XRP Ledger this week, public ledger records show. All of them went to one wallet.
CoinDesk reported the inflow on 24 October. TSN checked the figures against the ledger itself. They hold up, with one exception: the timing.
In brief
- On 22 October, XRP Ledger records show two batches of 72.18 million sgBENJI shares, about $150 million at $1.039 a share, going to a single wallet.
- That wallet now holds all 192.7 million shares in issue, worth about $200 million, and uses the same eight signers as Franklin Templeton’s issuing account.
- Whether the wallet is an omnibus account is unclear, and Franklin had not responded to CoinDesk.
What the ledger shows
The sequence started on Wednesday 21 October at 07:38 UTC. Franklin’s issuing account, rwA8orrVtNPuBykRvQdDJzRDQbe7CuxCiR, created two receipt tokens. The metadata on each labels it a “SUBSCRIPTION_CASH Receipt – SGBENJI” for an amount of “75000000.00”, from the wallet rDvuE3MJoh7FtiWvF3qTYCgFQmtXkiuVE2. Each receipt carries a separate reference number. One unit of each was sent to that wallet. Both were later clawed back and destroyed.
On Thursday 22 October the issuer sent two payments of sgBENJI to the same wallet. The first, at 02:58 UTC, and the second, at 04:13 UTC, were each for 72,184,793.07 shares. Each payment’s memo records a net asset value of 1.0390 and the reference number of one of Wednesday’s receipts. At $1.039 a share, each batch is worth about $75.0 million, and the two together about $150 million.
CoinDesk said the shares were added “earlier Friday”. The ledger timestamps put both payments on Thursday.
A single holder, and shared keys
When TSN read the ledger on 24 October, the sgBENJI issuance had 192,698,409.62 shares outstanding. The receiving wallet held every one of them. Before Thursday it held about 48.3 million shares, most from a single payment on 10 September at a net asset value of 1.0346. At $1.039, the current holding is worth about $200 million. CoinDesk, citing RWA.xyz, put it at about $193 million.
The wallet is controlled by a multi-signature list of eight keys, any two of which can sign. The issuing account uses the same eight keys with the same two-signature threshold. The token’s settings require issuer approval to hold it and let the issuer lock it and claw it back.
Neither of these facts identifies the investor. CoinDesk said it is unclear whether the wallet is an omnibus account holding shares for several clients, and that Franklin Templeton had not responded to a request for comment as of Asia morning hours on Saturday.
The fund and the DBS link
Franklin’s own Stellar listing names the fund as the “Franklin OnChain U.S. Dollar Short-Term Money Market Fund”. In a September 2025 announcement, DBS, Franklin Templeton and Ripple said DBS Digital Exchange would list sgBENJI alongside Ripple’s RLUSD stablecoin, so eligible clients could swap between the two. They said Franklin would tokenise sgBENJI on the XRP Ledger, and that DBS would explore letting clients use the tokens as collateral, including for repo. The fund is a sub-fund of Franklin Templeton Investments VCC. CoinDesk said Franklin and DBS set out the structure in November 2025, with a $20 minimum.
On RWA.xyz’s figures, as reported by CoinDesk, Franklin now ranks second among real-world asset issuers on the XRP Ledger. It sits behind RLUSD, at about $930 million, and ahead of Ondo, at about $185 million.
TSN covered Franklin’s tie-up with Bybit to use tokenised money market fund shares as collateral in its September roundup. It also looked at CMCC Global’s tokenised hedge funds this week.
One wallet means one decision moved the total
The size of this week’s jump is striking. It is easier to read once the holder count is clear. A fund token with one holder grows when that holder subscribes, not because demand is spreading. The shared signer list adds a further layer. It suggests the wallet sits inside the same custody set-up as the issuer, which would fit an omnibus or platform account. It would equally fit a single institution whose keys Franklin’s set-up also manages. The ledger cannot tell those apart.
Cash-like on paper, permissioned in practice
The settings matter as much as the size. Required authorisation, locking and clawback make sgBENJI a permissioned instrument on a public chain. It is not a freely circulating token. Holders depend on the fund and on the issuer’s controls, as TSN’s guide to what backs a real-world-asset token explains. The receipt tokens show the subscription paperwork being written on-chain. They leave open who paid and how the cash arrived.
The ranking is a snapshot
Second place on the XRP Ledger rests on a single holder’s position. Until a second wallet appears in the holder list, the clearest test of sgBENJI’s reach is that number, which this week stood at one.
Sources
- Shaurya Malwa, “Franklin Templeton adds $150 million of money-market shares to XRP Ledger”, CoinDesk, 24 October 2026
- XRPScan, sgBENJI payment 3E6B3008…4E9F, 22 October 2026, 02:58 UTC
- XRPScan, sgBENJI payment CE009F25…DED1, 22 October 2026, 04:13 UTC
- XRPScan, holder wallet rDvuE3MJoh7FtiWvF3qTYCgFQmtXkiuVE2
- XRPScan, Franklin Templeton sgBENJI issuing account rwA8orrVtNPuBykRvQdDJzRDQbe7CuxCiR
- Franklin Templeton, stellar.toml listing for the Franklin OnChain U.S. Dollar Short-Term Money Market Fund
- Franklin Templeton Singapore, “DBS and Franklin Templeton to launch trading and lending solutions powered by tokenised money market funds and Ripple’s RLUSD stablecoin”, 18 September 2025
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- CMCC Global Tokenises Two Hedge Funds on Bitfinex Securities
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