Franklin Templeton incorporated roughly $150 million worth of shares from its tokenized money-market fund onto the XRP Ledger on Friday, with every newly minted share directed to a single wallet that currently controls the entirety of the fund’s token supply on that network.
Based on CoinDesk’s examination of ledger records, that specific wallet and the issuing account belonging to Franklin share the exact same eight signing addresses, allowing any two of them to jointly authorize a transaction.
The address now contains nearly 193 million sgBENJI shares, which marks an increase from the approximately 48 million shares recorded prior to Thursday. Calculated at the transaction share price of $1.039, this holding equals roughly $200 million.
Data from RWA.xyz places Franklin in second place within its XRP Ledger tokenized asset rankings, trailing behind Ripple’s RLUSD stablecoin at roughly $930 million while standing ahead of Ondo, which holds $185 million.
Every single token corresponds to an ownership share in the Singapore-registered Franklin OnChain U.S. Dollar Short-Term Money Market Fund. This fund puts capital into short-term dollar-denominated debt and money-market assets, such as government securities, commercial paper, and banking deposits, with yields directly increasing the share value.
On Wednesday, the issuing account managed by Franklin published two separate subscription receipts onto the blockchain, each logging a $75 million cash contribution alongside its own unique reference identifier.
Two separate allocations consisting of slightly over 72,184,793 shares were subsequently issued at 02:58 and 04:13 UTC on Thursday, each associated with a corresponding receipt code and a share valuation of $1.039.
These transaction receipts do not disclose the identity of the investors, the origin of the capital, or any potential ties to existing balances maintained on Stellar, which serves as the alternative blockchain utilized by the fund.
RWA.xyz currently values Franklin’s footprint on the XRP Ledger at approximately $193 million, aligning with the raw token count assuming a one-dollar baseline per share, whereas the actual share price registered on Thursday pushes the portfolio worth nearly $8 million higher.
Why one wallet
It is standard industry practice for brokers and custodial services to manage shares for a multitude of customers within a single collective account while maintaining separate internal records of individual ownership.
Documentation provided by Franklin regarding the fund details a registry system that merges distributed ledger entries with off-chain records, incorporating data that connects the wallet addresses found on-chain to verified real-world identities.
It remains undetermined whether this particular cryptocurrency wallet represents a single investor or multiple distinct clients.
CoinDesk reached out to Franklin to inquire whether the address functions as an omnibus account, how many individual investors backed the capital injections, and if those participants or their custodians will eventually take delivery of tokens at separate personal addresses, though no reply had been received as of Saturday morning in Asia.
Franklin and DBS formally introduced the Singapore-compliant framework for the fund back in November 2025, setting a $25 minimum investment threshold. While initially targeted at accredited and wealth-tier investors, retail availability was projected for early 2026.
A partnership agreement established with Ripple in September 2025 set forth ambitions allowing qualified clients on the DBS Digital Exchange to seamlessly convert between sgBENJI and RLUSD, alongside DBS looking into offering loans backed by the fund tokens.
Maintaining sgBENJI tokens natively on the XRPL environment necessitates explicit validation from Franklin. Furthermore, protocol configurations grant the issuer the administrative ability to freeze token balances and retrieve assets if necessary.
The activity executed on Thursday effectively multiplied the volume of sgBENJI shares residing on the XRP Ledger by nearly four times, while the total quantity of wallets holding these tokens remained steady at just one.
Read More: Ripple, Franklin Templeton and DBS to offer token lending and trading
Originally published at https://www.coindesk.com/markets/2026/10/24/franklin-templeton-adds-usd150-million-in-fund-shares-to-xrp-ledger-all-in-one-wallet.
