Franklin Templeton expands XRP Ledger fund shares as tokenized holdings near $200 million

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Franklin Templeton expands XRP Ledger fund

Highlights

Franklin Templeton added $150 million in new shares of its tokenized money market fund on the XRP Ledger, quadrupling token count to 193 million shares valued at about $200 million.
All sgBENJI tokens now reside in a single XRP Ledger wallet controlled by eight authorized Franklin signers, with any two able to approve transactions.
With nearly $200 million in tokens, Franklin Templeton ranks second among XRP Ledger tokenized asset platforms, behind Ripple's RLUSD stablecoin at about $930 million and ahead of Ondo at $185 million.

Subscription increase lifts XRP Ledger balance

As reported by CoinDesk, Franklin Templeton adds about $150 million in shares of its tokenized money market fund to the XRP Ledger through two $75 million subscription receipts recorded on Wednesday. The transactions nearly quadruple the fund's token count on the network from about 48 million shares to nearly 193 million, valued at about $200 million based on the recorded share price of $1.039.

Every new sgBENJI share goes to a single wallet that now holds the fund's full token balance on the XRP Ledger. Ledger records reviewed in the report show that the wallet and Franklin's issuing account share the same eight authorized signing addresses, with any two able to jointly approve a transaction.

RWA.xyz ranks Franklin Templeton second on its XRP Ledger table of tokenized asset platforms. It trails Ripple's RLUSD stablecoin at about $930 million and stands ahead of Ondo at $185 million.

Fund structure and custody questions remain

Each token represents a share of the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which invests in short-term dollar debt and money-market instruments including government paper, commercial paper and bank deposits. Returns accumulate in the share price, and Franklin retains the ability to approve, freeze or recover the XRP Ledger holdings.

The concentration of all sgBENJI tokens in one wallet does not by itself show whether the balance belongs to a single investor or to several clients held through a common account. Brokers and custodians often hold shares for multiple clients in one account while tracking beneficial ownership separately outside the network.

Franklin's fund documents describe a register that combines blockchain entries with off-chain records, including information linking wallet addresses on the distributed ledger to real-world identities. That leaves the ownership structure of this specific wallet unclear, even as the latest subscriptions materially expand Franklin Templeton's presence in tokenized assets on the XRP Ledger.

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