Franklin Templeton Puts $150 Million of Tokenized Fund Shares on XRP Ledger

Franklin Templeton has moved roughly $150 million worth of its tokenized money market fund onto the XRP Ledger. Two $75 million cash subscriptions were recorded on Wednesday, and two batches of about 72 million sgBENJI shares followed on Thursday at $1.039 each. The network total jumped from around 48 million shares to nearly 193 million, worth about $200 million. That places Franklin second among tokenized asset platforms on the ledger, behind Ripple’s RLUSD at about $930 million and ahead of Ondo at $185 million.

One Wallet Holds Every Share

All of the new tokens landed in a single wallet, and the number of holders stayed at one. That wallet and Franklin’s issuing account share the same eight signing addresses, and any two can approve a transaction. It is still unclear whether the wallet belongs to one investor or serves many, as brokers often do. Franklin had not answered questions about this.

What the Fund Invests In and Who Controls It

The Singapore based fund puts money into short term dollar debt, including government paper and bank deposits. Franklin must approve holders and can freeze or recover tokens. DBS and Ripple have discussed swaps with RLUSD and possible lending against the shares.