Franklin Templeton’s Singapore tokenized money market fund, sgBENJI, grew from about 48 million to about 193 million shares on the XRP Ledger on Thursday 22 October, after its issuing account minted two batches of 72.18 million shares at 02:58 and 04:13 UTC. At the fund’s price of $1.039 a share, the two batches are worth about $150 million, and the whole position about $200 million. The figures come from CoinDesk, which reported the transfers on 24 October, and from the public ledger, which Coindaro queried the same morning.
Every one of those shares sits in a single wallet. The ledger shows that this address holds 100% of the token’s supply, and that the wallet and the issuer answer to the same eight signing addresses, any two of which can approve a transaction. Who put up the money is not public. Franklin Templeton did not answer CoinDesk’s questions before publication, and we found no statement from Franklin, Ripple or DBS on the move.
The fund in question is the Franklin Onchain U.S. Dollar Short-Term Money Market Fund, a sub-fund of a Singapore investment company, not the US-registered BENJI fund that most American readers know. That distinction matters for who can buy it, and it is covered further down.
Two $75 million subscriptions, minted 75 minutes apart
According to CoinDesk, Franklin’s issuing account first wrote two cash-subscription receipts of $75 million each on Wednesday 21 October. The ledger shows them. At 07:38 UTC that day the issuer created two one-unit tokens named “SUBSCRIPTION_CASH Receipt – SGBENJI”, each recording 75,000,000.00 dollars from the holder wallet, and sent one to that wallet. The shares followed the next day. On the ledger, the issuer account sent the holder wallet 72,184,793.07 sgBENJI at 02:58:01 UTC on 22 October, then the same amount again at 04:13:42 UTC.
Each payment carries a memo. Decoded, it reads as a fund instruction: a net asset value (NAV) tag, a price of 1.0390 and the letters PUR, which fit a purchase, followed by a reference number. That reference is the same one written into the matching receipt. Once the shares had arrived, the issuer took each receipt token back and deleted it. Multiply 72.18 million shares by $1.039 and you get $75.0 million, which matches the receipts. Together the two batches add 144.37 million shares, or about $150.0 million.
The ledger does not show cash. It shows shares appearing in a wallet. What it records is that Franklin’s own issuing account created new fund units against subscriptions. It does not say that Franklin bought anything, and it does not say which client paid.
One wallet holds every sgBENJI share on the XRP Ledger
After the two payments, the token’s total outstanding amount stood at 192,698,409.62 shares, according to the issuance record on a public XRP Ledger node queried around 11:00 UTC on 24 October. The holder wallet, rDvuE3MJoh7FtiWvF3qTYCgFQmtXkiuVE2, holds exactly that amount. Not most of it: all of it.
At $1.039 a share, that is about $200.2 million. The data site RWA.xyz values each share at $1 and shows $192.7 million, which explains the two figures circulating for the same position. Why the two prices differ is not explained anywhere we could find.
The wallet is young. It was created on 31 August 2026 at 09:19 UTC. It holds only 2.99 XRP and a single token position, with no trust lines. The token’s on-chain metadata describes it as one share of the Franklin OnChain U.S. Dollar Short-Term Money Market Fund, asset class US Treasuries, issuer Franklin Templeton Investments.
Eight signers, any two can approve
The wallet’s master key is disabled. It can only act through a signer list of eight addresses, any two of which can approve a transaction. CoinDesk found that the issuer account authorizes the same eight addresses, and the ledger confirms it: the issuer’s own transactions are signed by that multisig. In plain terms, the keys that create sgBENJI shares are the same keys that control the wallet holding them.
Holding sgBENJI directly on the ledger requires Franklin’s approval, and the issuer’s settings let it freeze balances and take tokens back, CoinDesk noted. The ledger entry for the token confirms both switches. None of this tells an outsider whether the wallet belongs to one investor, to a broker or bank holding shares for many clients in one omnibus account, or to Franklin’s own operations. CoinDesk asked Franklin exactly those questions, plus whether the shares will later move to separate addresses. No answer had come when it published.
Where the first 48 million shares came from: a $50 million subscription in September
The wallet did not start empty in October, and the ledger shows how it filled. Franklin’s issuer followed the same routine twice before. On 1 September it wrote a cash-subscription receipt of $1,000 for the wallet, and on 2 September at 03:00 UTC it paid in 967.31 shares at a memo price of 1.0338. On 9 September came a receipt of $50,000,000.00, and on 10 September at 02:50 UTC the wallet received 48,327,856.18 shares at 1.0346, again tagged PUR.
So the 48 million shares were a fresh $50 million subscription, not shares moved in from somewhere else. Add the receipts up and the wallet has been credited with $200.0 million in cash subscriptions since September, against 192.7 million shares. Going from 48.3 million to 192.7 million shares means the position roughly quadrupled in a day.
One wallet has held every share since 10 September. The only other wallet the issuer has paid sgBENJI to received a few shares at a time between late July and early September, worth a few dollars each, and every one of them was redeemed. The last, 4.84 shares, went back on 10 September 02:50 UTC, in the same ledger as the shares for the $50 million subscription.
The issuer account has 157 transactions since its first activity on 23 July 2026, when the sgBENJI issuance was created at 01:50 UTC. Many of them are the one-unit receipt tokens, created, sent and taken back around each subscription or redemption. Of the 101 transactions the issuer sent itself, 99 were approved by the multisig. Franklin has not published a launch date for sgBENJI on the XRP Ledger that we could find, so late July is an on-chain observation, not a company statement.
Who is behind the wallet: the record stops at the fund
The buyer, or buyers, are unknown to the public. CoinDesk quoted the fund documents as linking wallet addresses to their real-world identities, which means Franklin knows who each wallet belongs to. Nothing on the ledger names them.
It is also unknown whether the cash came through DBS, the Singapore bank that agreed in 2025 to list sgBENJI on its digital exchange, whether Ripple had any part in the subscriptions, and whether more flows will follow. The receipts name a wallet and an amount, never a person. CoinDesk also noted that they do not say whether the money is linked to sgBENJI holdings on Stellar, the other network the fund uses.
sgBENJI is not the BENJI fund US investors know
Franklin runs several tokenized money funds under its Benji platform. The best known is the US-registered BENJI fund, which started on Stellar and which RWA.xyz values at $681 million. Another line, iBENJI, shows $1.713 billion. Together those two come to about $2.39 billion on RWA.xyz figures.
sgBENJI is a separate product, domiciled in Singapore and aimed at accredited and institutional investors in the 2025 announcement. CoinDesk reported that Franklin and DBS set out a Singapore-authorized structure in November 2025 with a $20 minimum, first for wealth and accredited clients, with retail expected in early 2026. We could not find that November release ourselves, so that detail rests on CoinDesk.
For scale, the $192.7 million on the XRP Ledger is about 8% of the $2.39 billion in Franklin’s two larger lines. RWA.xyz lists the XRP Ledger shares under a separate Franklin Templeton Benji Investments entry, and we could not establish whether the larger figures include them.
How it compares with BUIDL, Ondo and RLUSD
On the XRP Ledger, Franklin is now the second-largest real-world asset issuer, according to RWA.xyz’s XRP Ledger page opened on 24 October. Only Ripple’s RLUSD stablecoin is bigger.
| XRP Ledger issuer (RWA.xyz, 24 Oct 2026) | Value |
|---|---|
| RLUSD (Ripple) | $957.6 million |
| Franklin Templeton Benji Investments | $192.7 million |
| Ondo | $185.4 million |
| VERT Capital | $116.1 million |
| Archax | $55.4 million |
The same page puts the distributed real-world assets on the ledger at $642.19 million, up 27.77% in 30 days, spread across 2,499 holders. Our explainer on Ondo Finance covers the issuer now just behind Franklin on the network.
Across all chains, sgBENJI on the XRP Ledger is mid-sized. RWA.xyz’s tokenized Treasury tracker counts $14.64 billion in 119 products, with 85,876 holders and a seven-day yield of 3.64%. The leaders are far larger.
| Tokenized Treasury fund (RWA.xyz, 24 Oct 2026) | Value |
|---|---|
| Ondo USDY | $2.373 billion |
| Circle USYC | $2.373 billion |
| BlackRock BUIDL | $2.168 billion |
| Franklin iBENJI | $1.713 billion |
| JPMorgan JLTXX | $789 million |
| WisdomTree WTGXX | $763 million |
| Franklin BENJI | $681 million |
A single big wallet is less unusual than it sounds in this market. BlackRock’s BUIDL, issued through the transfer agent Securitize, has only 101 holders for its $2.168 billion across nine networks, none of them the XRP Ledger. These funds sell to institutions, and institutions buy in large tickets. J.P. Morgan made the same choice of audience this week when it took its two tokenized money funds to Solana for qualified investors with $1 million.
The 2025 plan with DBS and Ripple
The XRP Ledger link goes back to 18 September 2025, when DBS, Franklin Templeton and Ripple signed a memorandum of understanding. Under it, DBS said its digital exchange, DDEx, would list sgBENJI next to RLUSD, so eligible clients could blockchain, where users swap tokens directly from their own wallets without handing custody of their funds to a company.">swap between the fund and the stablecoin around the clock, with settlement in minutes. A later phase would have DBS explore using sgBENJI as collateral for repo-style loans.
Lim Wee Kian, chief executive of DBS Digital Exchange, said at the time that the plan furthered the bank’s aim of giving clients “trusted, institutional-grade solutions to build their digital asset portfolios”. Whether trading on DDEx or the collateral phase is live today, we found no source to confirm.
Europe has its own Franklin token fund, with no XRP Ledger link
European readers may know a different Franklin product. gBENJI is a Luxembourg UCITS money fund, the first fully tokenized UCITS fund in the country, and it has run on the Benji platform since February 2025. Its first institutional investment came from Caisse des Dépôts, through its asset management arm, according to an AOF dispatch carried by Boursorama on 22 June 2026. That report gives no amount and no assets figure for the fund.
gBENJI is context here and nothing more. No public source links it to the XRP Ledger or to the October subscriptions, and sgBENJI, a Singapore fund for accredited investors, is not offered to retail savers in the EU.
How a tokenized money market fund works on the XRP Ledger
A tokenized money market fund is an ordinary fund that holds short-term US government debt, with its shares recorded as tokens on a blockchain. The investor still subscribes and redeems through the fund manager; the token is the share register. Holders typically earn the fund’s yield through a rising share price or new shares.
On the XRP Ledger, sgBENJI uses the network’s multi-purpose token format, known as MPT, rather than the older trust-line tokens. The issuer switched on two controls: an authorization flag, so only approved wallets can hold the token, and clawback, so the issuer can take tokens back from a wallet. On the ledger, Franklin uses clawback mostly to remove its one-unit receipts once shares are delivered, and to cancel shares when a holder redeems. Readers who follow the network’s rule changes will find the background in our report on XRP Ledger amendments and the lending feature.
What to watch next
The clearest answer would come from Franklin saying whether the wallet is an omnibus account. Shares moving from it to new addresses would also tell readers something, and so would DBS confirming that sgBENJI trades on DDEx. Until one of them happens, the ledger can say how much changed hands and when, and nothing about who bought.
A new subscription would show first as another receipt token written to the issuer account rwA8orrVtNPuBykRvQdDJzRDQbe7CuxCiR.
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