Franklin Templeton has issued approximately $150 million of additional sgBENJI fund shares on the XRP Ledger, sharply increasing the tokenized money market fund’s network-specific balance. Two transactions on October 22 transferred a combined 144.37 million sgBENJI shares to the same XRPL wallet, lifting outstanding issuance on the network from roughly 48.33 million to 192.70 million shares.
The operation followed two $75 million subscription receipts recorded by Franklin’s issuing account one day earlier. The first on-chain receipt explicitly identifies a $75 million cash subscription, while the subsequent share transfers each delivered 72,184,793.07 sgBENJI at a recorded NAV of $1.0390. At that NAV, the two share batches represent approximately $150 million of newly issued fund interests rather than a $150 million purchase of XRP.
One Wallet Holds the Entire XRPL Balance
After the two transfers, the receiving address held approximately 192.70 million sgBENJI shares, equal to the outstanding balance of that issuance on XRPL. At the $1.0390 NAV recorded with the transactions, the position was worth roughly $200.2 million. The share count and dollar valuation are separate measurements, and neither represents Franklin Templeton’s total tokenized-fund assets across all blockchain deployments.
The concentration is notable but does not establish beneficial ownership. The receiving address uses a disabled master key and a signer list containing eight addresses, with signatures from any two required for authorization. Public ledger records therefore establish concentrated on-chain custody, not that one investor economically owns all 192.70 million shares. Franklin has not publicly identified whether the address represents a single investor, multiple clients or an omnibus arrangement.
The latest issuance substantially expands an existing deployment rather than introducing sgBENJI to XRPL for the first time. The fund had already moved into live issuance on the XRP Ledger with about 48.3 million shares previously outstanding. The October transactions nearly quadrupled the recorded XRPL share balance without demonstrating equivalent growth in holder count, secondary trading or DeFi liquidity.
sgBENJI represents shares of the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, whose stated objective is to generate current income while preserving capital and liquidity. The blockchain token represents an interest in the regulated fund rather than direct ownership of individual Treasury securities or other portfolio instruments. Franklin’s official fund information identifies the vehicle as a Singapore VCC sub-fund with USD as its base currency.
Issuer Controls Remain Built Into sgBENJI
The token retains institutional controls despite operating on a public blockchain. sgBENJI is configured as an XRPL Multi-Purpose Token with authorization, locking and clawback capabilities. Franklin can control which addresses are authorized to hold the asset and retains mechanisms to lock or recover tokens when required, characteristics consistent with regulated financial instruments rather than permissionless crypto assets.
That controlled architecture also fits Franklin Templeton’s broader tokenization strategy. Its blockchain-recorded fund shares have moved into off-exchange collateral arrangements and received defined regulatory relief for cash and collateral workflows. The common model preserves fund, custody and compliance controls while using blockchain infrastructure for ownership records, transfers and financial settlement.
XRPL is one part of that broader multichain strategy. Franklin, DBS and Ripple previously outlined plans for eligible institutional and accredited investors to exchange sgBENJI and RLUSD through DBS Digital Exchange and explore using the fund shares as collateral. Those announced trading and lending capabilities should remain separate from the October issuance itself, which confirms a larger on-chain fund balance but does not establish that the new shares have already been traded, pledged or deployed as collateral.
The development mirrors a broader move toward regulated funds spreading across multiple blockchain networks, but network presence alone is not equivalent to active usage. For sgBENJI, the clearest new fact is that roughly $150 million of additional fund shares now exists on XRPL, while distribution remains concentrated in a single publicly visible address.