$150 million of money-market fund shares land on the XRP Ledger: what the ledger shows about Franklin Templeton's sgBENJI move, and what it does not

Franklin Templeton's tokenised money-market fund issued about $150 million of new shares on the XRP Ledger, and a single wallet received all of it. CoinDesk's article of 24 October 2026 pieced the events together from public ledger records. This article explains what those records show and what remains open. It does not assess the fund and says nothing about price.

Source: CoinDesk, 24 Oct 2026.

AI illustration (artist's depiction).

According to CoinDesk, the sequence was:

1. Wednesday: Franklin's issuing account wrote two subscription receipts, each recording a $75 million cash subscription with its own reference code.
2. Thursday, 02:58 and 04:13 UTC: it issued two batches of just over 72,184,793 shares each, at a share price of $1.039.
3. Result: the receiving wallet's balance rose from about 48 million to nearly 193 million shares.

A check multiplication from the article's figures: 72,184,793 × 1.039 ≈ $75.0 million, so each batch matches one subscription exactly.

The article's text mentions "earlier Friday" in one place and Thursday timestamps in another; the timeline above follows the ledger timestamps.

A money-market fund invests in short-term dollar debt: government paper, commercial paper, bank deposits. According to CoinDesk, returns on the sgBENJI fund accrue in the share price. That is why one share is now worth $1.039 rather than $1.

In the tokenised version, each fund share is represented by a token recorded on a blockchain. Legal ownership, however, is set by the fund's register rather than by the token alone: Franklin's fund documents describe a register linking ledger addresses to real-world identities.

This is not a freely moving token. According to the article:

• holding sgBENJI directly on the XRP Ledger requires Franklin's approval;
• the issuer can freeze balances and claw back tokens;
• the receiving wallet and the issuing account authorise the same eight signer addresses, and any two of them can jointly approve a transaction.

The XRP Ledger offers these features – authorised holding, freezing, clawback and multi-signature accounts – to issuers as built-in functions.

Chart based on the sources linked in this article.

The ledger shows a lot, but not everything. CoinDesk asked Franklin whether the wallet is an omnibus account, how many investors funded it, and whether the tokens will move to separate addresses. No reply had arrived by the article's update. It is also unknown whether the subscribers have any link to the fund's holdings on the Stellar network.

According to RWA.xyz's ranking of tokenised asset platforms on the XRP Ledger:

Source: RWA.xyz data as quoted by CoinDesk.

Under Article 2(4) of the EU's Markets in Crypto-Assets Regulation (MiCA), the regulation does not apply to, among other things, financial instruments, deposits and – except where they qualify as e-money tokens – funds. A tokenised fund share is therefore governed by the rules for financial instruments, not by MiCA. The sgBENJI fund is, in addition, domiciled in Singapore.

1. The return is in the price. An sgBENJI share does not sit at $1: returns accrue in the share price, hence $1.039.
2. Two different values are both true. RWA.xyz counts at $1 and shows $193 million; at the recorded $1.039 price the position is worth nearly $8 million more.
3. A $20 minimum. Franklin and DBS announced the Singapore structure in November 2025 with a $20 minimum investment.
4. A switch into a stablecoin. A September 2025 agreement lets eligible DBS Digital Exchange clients switch between sgBENJI and RLUSD.
5. MiCA is not the rulebook here. The regulation expressly excludes financial instruments from its scope.

• About $150 million of sgBENJI arrived on the XRP Ledger in two $75 million batches, into one wallet.
• The wallet and the issuer share 8 signers, with 2-of-8 approval.
• The issuer can authorise, freeze and claw back.
• Still open: how many investors stand behind the wallet.

Related reading: Tokenised Treasury funds and the RWA market · Blog archive.

Educational content. Not investment advice. This article describes public ledger data and a press source and says nothing about price. Data Analytic Investments is not affiliated with Franklin Templeton, DBS, Ripple Labs, RWA.xyz, Ondo or the portals cited; names are used for identification only. Images labelled "AI illustration" are not photographs.