Franklin Templeton’s tokenized money market fund infrastructure is now represented on the XRP Ledger through sgBENJI, extending the asset manager’s Benji platform onto another public blockchain. The deployment follows a partnership announced by DBS, Franklin Templeton and Ripple to connect the fund with Ripple’s RLUSD stablecoin for institutional trading and, potentially, collateralized lending. The development adds a live Franklin Templeton fund token to XRPL, but it should not be confused with a new network-wide launch of tokenized Treasuries. Franklin Templeton’s official announcement described the arrangement as targeting accredited and institutional investors through DBS Digital Exchange.
Onchain data provides evidence that the token itself has moved beyond the announcement stage. XRPL explorer Bithomp identifies sgBENJI as an MPT issued by Franklin Templeton Investments, created on July 23, 2026, with approximately 48.3 million units currently shown in circulation. sgBENJI represents shares in the Franklin OnChain U.S. Dollar Short-Term Money Market Fund rather than direct ownership of individual Treasury securities. The explorer currently shows only one holder and three authorized addresses, underscoring that live issuance does not yet imply broad onchain distribution.
Franklin Templeton’s $2.5B Figure Needs Context
Franklin Templeton’s wider tokenized-fund business is already substantial, but the headline numbers refer to different layers of the platform. RWA.xyz-derived September data places Franklin Templeton Benji Investments at roughly $2.5 billion across four tokenized Treasury assets, making it one of the larger tokenization platforms in the sector. That figure should not be attributed to a single BENJI token or to the amount deployed on XRPL.
The distinction is important because Franklin Templeton uses its Benji infrastructure across multiple products, jurisdictions and blockchain networks. BENJI associated with the Franklin OnChain U.S. Government Money Fund has recently been tracked around the $0.67 billion range, while sgBENJI is the XRPL-linked token associated with the separate U.S. Dollar Short-Term Money Market Fund used in the DBS arrangement. Platform AUM, fund AUM and the amount issued on an individual blockchain are therefore separate measurements and should not be combined. Franklin Templeton itself has described the broader Benji platform as a multichain tokenization and recordkeeping system.
XRPL was already developing a tokenized Treasury footprint before sgBENJI. Ripple’s June 2025 announcement documented Ondo Finance bringing OUSG to the network with subscriptions and redemptions supported through RLUSD. The Franklin Templeton deployment therefore expands an existing tokenized fixed-income stack rather than introducing Treasury-linked assets to XRPL for the first time.
Tokenized Funds Move Toward Collateral and Settlement
The more significant trend is how these products are being connected to financial workflows after issuance. Under the DBS arrangement, eligible clients are expected to be able to move between RLUSD and sgBENJI through DBS Digital Exchange, while a subsequent phase contemplates using sgBENJI as collateral for bank repo transactions or credit from third-party platforms. Those collateral functions were announced as planned capabilities and should not be treated as evidence of already established lending volume.
Franklin Templeton is pursuing the same broader model elsewhere. Its Benji-issued fund shares can now support off-exchange collateral arrangements at Bybit, while recent SEC relief for FOBXX expanded the ways blockchain-recorded fund shares can participate in defined collateral and cash-management workflows. The common direction is from tokenized ownership records toward operational uses in credit, treasury management and trading infrastructure.
That progression is unfolding inside a much larger RWA market, where tokenized assets have moved beyond $30 billion across Treasury products, private credit and other categories. For XRPL, sgBENJI provides concrete evidence of institutional token issuance, but the stronger measure of adoption will be distribution, trading, collateral balances and repeated settlement activity. A live token establishes infrastructure availability; it does not by itself demonstrate that the product has reached meaningful market scale on the ledger.