Franklin Templeton deposits $150M of sgBENJI onto XRPL, all into one wallet

Franklin Templeton issued about $150 million of sgBENJI — the XRPL representation of its Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund — in two batches on October 22–23, 2026, bringing the XRP Ledger float to roughly 193 million shares worth about $200 million at a recorded unit price of $1.039. All of the new shares were credited to a single XRPL address, rDvuE3MJoh7FtiWvF3qTYCgFQmtXkiuVE2, which already held around 48 million sgBENJI before the operation. The ledger evidence and account mapping were first reported by CoinDesk and cross-referenced by KuCoin and Cryptometer.

The on-chain trail

• Two subscription receipts of $75 million each were written by Franklin's issuing account to the ledger on Wednesday, October 22.
• Two batches of about 72.18 million sgBENJI each followed on Thursday, October 23, at 02:58 UTC and 04:13 UTC.
• Both batches landed in the same destination address.
• Per CoinDesk's review of ledger records, the destination address and Franklin's issuing account authorise the same eight signing addresses, with a 2-of-8 threshold.

Numbers block

• Fund: Franklin OnChain U.S. Dollar Short-Term Money Market Fund, Singapore-domiciled.
• XRPL representation: sgBENJI.
• Unit price (recorded on-ledger): $1.039.
• Issued in this operation: ~$150 million (≈ 144.36 million sgBENJI).
• Total XRPL float after operation: 193 million sgBENJI ($200 million).
• Holder address balance after: 100% of XRPL float.
• Source: rDvuE3MJoh7FtiWvF3qTYCgFQmtXkiuVE2 on XRPL + Franklin's issuing account.

What sgBENJI is

sgBENJI is the XRPL-native share token of Franklin's Singapore-domiciled dollar money market fund. The fund invests in short-term dollar debt and money-market instruments; returns accrue in the share price. The token launched on the XRP Ledger in November 2025 under a September 2025 memorandum signed by DBS, Ripple and Franklin Templeton. Eligible DBS Digital Exchange clients can rebalance between sgBENJI and Ripple's RLUSD stablecoin, and DBS has said it would lend against the fund tokens with itself as collateral custodian.

Holding sgBENJI directly on XRPL requires Franklin's authorisation. The issuer can freeze balances and claw back tokens. The register links each authorised wallet to a real-world identity on the issuer side; the public ledger shows only the address.

Why the single-wallet pattern matters

The concentration is the open question. Tokenised money market funds have historically sat on identifiable omnibus wallets held by exchanges, custodians or distributors (BUIDL on BlackRock's authorised wallet set, OUSG on Ondo's). sgBENJI on XRPL had been spread across a wider holder set before this operation. Three plausible readings:

1. Omnibus concentration at DBS. The holder could be an omnibus account at DBS Digital Exchange, aggregating a group of eligible clients that subscribed in bulk — consistent with the September 2025 lending programme.
2. Single institutional subscription. A single ticket of $150M worth of a tokenised MMF is at the small end of institutional cash management but easily within the size range of a bank treasury or an insurer.
3. Collateral earmark. Shares pre-staged to serve as collateral in the DBS-run repo and lending programme would also land as one block before being pledged.

Franklin had not responded to CoinDesk's question on whether the destination is an omnibus account at press time. Investors cannot tell from the ledger alone whether the balance represents one or many beneficial owners; XRPL explorers show only the account.

What to watch

1. Any filing or statement from Franklin or DBS clarifying whether the holder is an omnibus or a single account.
2. Movement of the position — pledges, redemptions, or re-distribution across multiple addresses — which would discriminate between the three readings above.
3. Whether a second large single-block issuance follows, which would suggest a programmatic subscription stream.
4. Any additional lender set-up around sgBENJI collateral in the DBS repo stack.

Context

sgBENJI's XRPL build-out is part of a broader pattern of regulated tokenised MMFs expanding chains to meet counterparties where they are — BUIDL on multiple EVMs via Securitize, OUSG likewise, and Franklin's BENJI across Stellar, Polygon, Base and now XRPL. On XRPL specifically, RWA.xyz ranks sgBENJI as the second-largest tokenised-asset platform behind Ripple's RLUSD stablecoin. The concentration pattern — one wallet holding the full issued float — is one the XRPL community has not had to parse at this size before.