Franklin Templeton, one of the world's largest asset managers, has deepened its footprint on the XRP Ledger (XRPL), issuing approximately $150 million in additional tokenized money market fund shares. The move lifted the asset manager's on-chain holdings to nearly 193 million shares, valued at roughly $200 million.

The surge came through two large subscriptions executed on October 22, which almost quadrupled the fund's prior balance of 48 million shares. Notably, every newly issued token was directed into a single wallet, raising questions about who owns the position and how it is custodied.

Two Large Subscriptions Drive the Increase

According to CoinDesk, Franklin Templeton recorded two subscription receipts worth $75 million each on October 21. The corresponding tokens were issued the following day at 02:58 UTC and 04:13 UTC. Each issuance comprised approximately 72.18 million sgBENJI shares at a recorded price of $1.039 per share, significantly boosting the firm's tokenized asset holdings on XRPL.
The sgBENJI tokens represent shares of the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which invests in short-term dollar-denominated instruments such as government securities, commercial paper, and bank deposits. Tokenized money market funds of this kind have become one of the most active categories of real-world asset tokenization, wrapping conventional cash-management vehicles in blockchain form so shares can be issued and transferred on public ledgers.

Single Wallet Keeps Custody Structure Unclear

Despite the sharp increase in issued shares, the number of wallets holding sgBENJI on the XRP Ledger remains unchanged at one.

Blockchain records show that the receiving wallet shares eight authorized transaction signers with Franklin Templeton's issuing account, and any two of those signers can jointly approve transactions — a multisignature arrangement commonly used by institutions to require multiple approvals before assets can move. The wallet's ownership structure has not been disclosed; it could belong to a single institutional investor or operate as a custody arrangement serving multiple clients. Because public ledgers record wallet addresses rather than the legal owners behind them, on-chain data alone cannot resolve that question.

Franklin Templeton also retains administrative controls over the tokens, including the ability to approve holdings, freeze balances, and recover assets when necessary.

Institutional Tokenization Momentum on XRPL

The expansion underscores growing institutional interest in bringing traditional financial instruments onto blockchain rails, a segment that has drawn comparable products from other large managers, including BlackRock's BUIDL tokenized fund. With its roughly $200 million position, Franklin Templeton now ranks among the largest tokenized asset platforms on the XRP Ledger, trailing only Ripple's RLUSD stablecoin, which holds approximately $930 million on the network.

The development also builds on Franklin Templeton's collaboration with Ripple and DBS, Singapore's largest bank, which previously announced plans to enable eligible institutional clients to exchange tokenized fund shares for RLUSD.

While the transactions reinforce XRPL's role in real-world asset tokenization, the investors behind the subscriptions remain unidentified, and it is unclear whether the tokens will eventually be moved into separate wallets or put to use in the announced exchange mechanism with Ripple and DBS.