Franklin Templeton deposited about $150 million of tokenized money-market fund shares onto the XRP Ledger, according to a CoinMarketCap post on October 26, 2026 and reporting from CoinDesk. The shares arrived in two subscriptions of $75 million each, priced at $1.039 per share, and pushed the fund's balance on the ledger to nearly 193 million shares worth close to $200 million as of October 26, 2026.
The single move roughly quadrupled what the fund held on the XRP Ledger before, where on-chain records showed about 48 million shares. For a product category that has mostly grown in small, steady increments, a one-week jump of that size stands out.
Two $75 million subscriptions, one wallet
Each batch issued just over 72.18 million shares, which is $75 million divided by the $1.039 share price. Both subscriptions settled within a couple of hours of each other, and both landed in the same wallet.
CoinDesk reported that the receiving wallet shares its authorized signers with the issuer and runs on eight signing addresses, where any two can jointly approve a transaction. Whether the wallet represents one large investor or several pooled together is not public.
That concentration is the detail worth sitting with. On-chain activity is usually read as a signal of distribution: more holders, more wallets, broader adoption. Here the opposite happened. Two hundred million dollars of a tokenized fund now sits behind a single multi-signature address tied to the issuer, which looks closer to an internal treasury position or a single institutional subscriber than to a retail wave. The headline number is real. The breadth it might imply is not.
The asset behind the token
The token is sgBENJI, a share of the Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The fund is domiciled in Singapore and invests in short-term dollar debt and money-market instruments: government paper, commercial paper, and bank deposits. Returns accrue in the share price rather than paying out separately, which is why each share changed hands at $1.039 instead of a flat dollar.
This is the same mechanism behind most tokenized money funds. The token is a claim on a regulated pool of short-dated paper, and the blockchain is the register of ownership. The appeal for an institution is that the register updates in minutes and the position can move on the same rails as other digital assets, instead of sitting inside a closed transfer-agent system that settles on a slower cycle.
The RLUSD swap and the DBS tie-in
sgBENJI is not a standalone experiment. A September 2025 agreement set out plans for eligible DBS Digital Exchange clients to switch between sgBENJI and RLUSD, the dollar stablecoin issued by Ripple, and for DBS to explore lending against the fund tokens.
That is where tokenized cash starts to resemble money a user can actually move. A yield-bearing fund share that converts into a stablecoin, and can in principle be borrowed against or settled on-chain, sits close to the plumbing behind stablecoin spending tools. The gap between parking dollars in a money fund and holding spendable stablecoin balances narrows when both live on the same ledger and swap into each other on demand. None of that is live for consumers today, and the DBS arrangement is gated to eligible exchange clients, but the direction is clear enough.
The tokenization race context
The XRP Ledger is one of several public chains now carrying institutional cash products, and Franklin Templeton's BENJI line already runs across multiple networks. The same week, JPMorgan put money-market tokens on Solana through its Morgan Money platform, delivering balances to client blockchain addresses. Regulators have been moving in parallel, from the first tokenized securities filings under the SEC's innovation exemption to broader rulemaking on payment stablecoins.
Tokenized money-market funds and short-duration treasuries have been the clearest real-world-asset category to find demand, because the underlying instrument is boring and liquid and the on-chain version mostly changes who can hold it and how fast it settles. A $150 million subscription confirms the demand is still there. It does not, on its own, prove the holder base is widening.
The XRP token itself barely reacted. As of October 26, 2026, XRP traded at $1.30, up 0.1% over 24 hours, per the CoinMarketCap market snapshot, with Bitcoin at $80,186 and the Fear and Greed Index at 44, a neutral reading. Institutional tokenization news tends to move on a different clock than spot prices. Adding fund shares to a ledger is a bet on that ledger as settlement infrastructure, not a directional call on its native asset.
Overview
Franklin Templeton added about $150 million of its tokenized Singapore dollar money-market fund to the XRP Ledger across two $75 million subscriptions priced at $1.039 per share, lifting its on-chain balance to nearly 193 million shares worth close to $200 million as of October 26, 2026. The notable wrinkle is that every share landed in one issuer-linked, eight-signer wallet, so the jump reflects concentration rather than a spread of new holders. The token, sgBENJI, ties into a DBS arrangement that lets eligible clients swap it for the RLUSD stablecoin, a link between yield-bearing fund shares and spendable on-chain dollars. XRP did not move on the news.
