Franklin Templeton XRP Ledger holdings jumped by about $150 million in a single day this week: two subscription receipts of roughly $75 million each landed in the issuer’s sgBENJI account on the XRP Ledger on Thursday, quadrupling the fund’s on-chain balance to nearly 193 million shares – about $200 million – according to on-chain data reported by CoinDesk.
Every one of those shares sits in one wallet. That detail is why the deposit turned heads.
What sgBENJI actually is
sgBENJI is Franklin Templeton’s Singapore-domiciled OnChain U.S. Dollar Short-Term Money Market Fund – a tokenized money market fund, not a new XRP product. The pairing matters: the shares trade against RLUSD, not XRP, which is why XRP barely moved on the news (the token traded near $1.28, down about 2.7% on the day).
The structure is part of the Ripple – Franklin Templeton – DBS arrangement first announced in September 2025, under which DBS Digital Exchange lists sgBENJI alongside RLUSD, with a $20 minimum initially aimed at wealth and accredited clients. We covered that original partnership here.
One wallet: omnibus account or one very large believer?
The receiving wallet’s authorized signers match those on Franklin’s issuing account, which points to an omnibus or custodian structure – a single address holding shares for many clients, tracked off-chain in the fund register – rather than one investor writing a $150 million check. Franklin has not confirmed which it is and had not responded to CoinDesk’s questions at the time of reporting.
The access controls are worth understanding: holding sgBENJI directly on the XRP Ledger requires the issuer’s approval, Franklin’s settings allow freezing balances and recovering tokens, and the fund register links wallet addresses to real-world identities. This is tokenization with a compliance layer welded on – the on-chain balance is public, the ownership map is not.
Why an on-chain balance quadrupling matters for RWA
Tokenized funds are where real-world asset growth is most measurable, because the share count is auditable on-ledger. A near-quadrupling in one week – from roughly $50 million to about $200 million on XRPL – is the kind of move that shows up in the RWA trackers, whatever the wallet structure behind it. The honest caveat: Franklin has not officially announced the deposit, one aggregator mis-dated the event to 2025, and until the shares spread across multiple wallets, it remains unclear whether this is end-investor demand or staged inventory settling into an omnibus account.
It sits against our wider XRPL RWA picture, where 30-day transfer volume ran to billions earlier this quarter.
Sources: CoinDesk (October 24, 2026), 24/7 Wall St., and public XRPL on-chain data. Franklin Templeton had not confirmed the deposit at publication.
