Franklin Templeton has deployed $150 million into its tokenized money market fund on the XRP Ledger, according to reporting by CoinDesk. The dual subscription transactions on Thursday nearly quadrupled the fund’s on-chain presence to approximately 193 million sgBENJI shares — worth roughly $200 million — but all holdings now reside within a single wallet address.
The concentration marks a notable development in the institutional adoption of real-world assets on XRP Ledger, even as it raises questions about fund structure and investor identity disclosure.
Consolidation Raises Operational Questions
Both $75 million subscriptions were executed Thursday morning, with 72.18 million shares issued at each transaction and priced at $1.039 per share. Every new sgBENJI token went to the same receiving wallet, which now holds the fund’s entire XRP Ledger balance.
What distinguishes this arrangement is the wallet’s configuration: it shares identical transaction signers with Franklin’s issuing account — all eight authorized addresses appear on both. Any two signers can jointly approve a transaction, giving Franklin direct operational control over the holdings.
Franklin’s fund documents acknowledge this structure through a dual-registry approach, combining blockchain entries with external records that “link the wallet addresses of the entries on the distributed ledger to their real-world identities.” Whether the wallet represents a single institutional investor or an omnibus account holding shares for multiple clients remains undisclosed. Franklin did not respond to requests for clarification on the account’s nature or the number of investors who funded Thursday’s subscriptions.
Rising Stature in XRP Ledger RWA Rankings
The expanded position elevates Franklin’s footprint on XRP Ledger substantially. RWA.xyz ranks the firm second among tokenized asset issuers on the network, trailing only Ripple’s RLUSD stablecoin at approximately $930 million and ahead of Ondo’s $185 million in holdings.
The Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund invests exclusively in short-term dollar debt instruments: government securities, commercial paper, and bank deposits. Returns accrue directly to the share price rather than being distributed separately.
Announced in November 2025 with a $20 minimum investment, the fund initially served wealth and accredited clients but was expected to open to retail investors in early 2026. Franklin’s September 2025 partnership with Ripple outlined plans for DBS Digital Exchange clients to switch seamlessly between sgBENJI and RLUSD. DBS also committed to exploring collateralized lending products using the fund tokens.
Issuer Controls and Custody Architecture
Franklin retains significant control mechanisms over the sgBENJI tokens on XRP Ledger. The fund’s settings permit the issuer to freeze individual balances and unilaterally recover tokens — features that distinguish blockchain-based fund shares from purely decentralized alternatives but align with traditional fund custody models.
Brokers and custodians routinely manage shares for multiple clients through single accounts, tracking beneficial ownership separately through internal registries. Whether Franklin’s undisclosed wallet follows this institutional custody pattern — and whether future subscriptions will flow to separate addresses — may become clearer as the fund scales and additional client capital enters the network.
Thursday’s subscription represented substantial momentum for XRP Ledger’s emerging real-world asset ecosystem. It also underscores a persistent challenge: the tension between blockchain transparency and traditional finance’s privacy conventions around investor identity and portfolio concentration.