Franklin Templeton just added about $150 million in shares of its tokenized money market fund to the XRP Ledger — and every single share went into one wallet. The move nearly quadrupled the fund's tokens on the network, making Franklin the second-largest tokenized asset on the XRP Ledger.
- Franklin Templeton added about $150 million in shares of its tokenized money market fund (sgBENJI) to the XRP Ledger on Thursday, in two $75 million batches.
- All roughly 193 million shares, worth about $200 million, sit in a single wallet that shares signers with Franklin's issuing account — whether it is one investor or many is unknown.
- Franklin is now the second-largest tokenized asset on the XRP Ledger, behind Ripple's RLUSD stablecoin at about $930 million.
The two subscriptions arrived on Thursday as two batches of just over 72 million shares each, recorded at 02:58 and 04:13 UTC at a share price of $1.039. Before Thursday, the fund had about 48 million shares on the XRP Ledger — so the new tokens nearly quadrupled its presence in a single day.
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The single wallet is the mystery. Ledger records show the receiving wallet and Franklin's issuing account authorize the same eight signing addresses, with any two able to approve a transaction. Brokers and custodians routinely hold shares for many clients in one account, so this could be one giant investor or an omnibus account for many — Franklin's fund documents describe a register linking on-chain wallets to real-world identities. CoinDesk asked Franklin for answers and had received none by Saturday morning.
The fund itself is the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. It invests in short-term dollar debt such as government paper, commercial paper and bank deposits, with returns accumulating in the share price. Holding the shares directly on the XRP Ledger requires Franklin's approval — and the firm can freeze balances or recover tokens.
What happens next?
Traders should watch whether more batches follow and whether DBS moves ahead with its plan to let clients switch between sgBENJI and Ripple's RLUSD — and even lend against the fund tokens. With big institutions now placing hundreds of millions on-chain, the real-money trend on the XRP Ledger is getting hard to ignore.
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— Crypto News Daily News Desk
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: CoinDesk.