Franklin Templeton has expanded its tokenized fund activity on the XRP Ledger with approximately $150 million in additional sgBENJI shares, all deposited into a single wallet. Two subscription transactions recorded Thursday almost quadrupled the fund’s token balance on the network.

The receiving address now holds all sgBENJI shares issued on XRPL. CoinDesk’s analysis of ledger data found that the wallet shares the same eight authorized signing addresses as Franklin Templeton’s issuing account. Any two of those signers can jointly approve a transaction.

The wallet’s balance rose from around 48 million shares to nearly 193 million. Based on the $1.039 share price recorded in the transactions, the total position is worth approximately $200 million.

RWA.xyz ranks Franklin Templeton second among tokenized asset platforms on XRPL, behind Ripple’s RLUSD stablecoin, valued at about $930 million, and ahead of Ondo, with roughly $185 million.

Each sgBENJI token represents a share in the Singapore-based Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The fund invests in short-term dollar-denominated instruments, including government securities, commercial paper and bank deposits. Returns are reflected in the share price.

Two $75 Million Transactions Increase Token Supply

Franklin Templeton’s issuing account recorded two subscription receipts on the XRP Ledger on Wednesday. Each receipt documented a $75 million cash subscription and included a separate reference code.

Two corresponding batches of just over 72.18 million shares were recorded on Thursday at 02:58 and 04:13 UTC. Each transaction carried a matching receipt code and listed a share price of $1.039.

The ledger records do not identify the investors or funding sources, nor do they clarify whether the subscriptions are related to existing fund holdings on Stellar, the other blockchain where the product is available.

RWA.xyz estimates Franklin Templeton’s XRPL holdings at approximately $193 million using a share value of around $1. At the $1.039 price recorded in the transactions, the total value is nearly $8 million higher.

Who Owns the Tokens in the Single Wallet?

Brokers and custodians often consolidate investments for multiple customers in one account while maintaining separate internal records of each client’s ownership.

Franklin Templeton’s fund documentation describes a system that combines blockchain entries with off-chain records, including information connecting wallet addresses to the real-world identities of their owners.

It remains uncertain whether the wallet belongs to one investor or acts as an omnibus account holding shares for multiple clients.

CoinDesk contacted Franklin Templeton to clarify the wallet’s purpose, the number of investors behind the subscriptions and whether the tokens would eventually be transferred to separate addresses belonging to investors or their custodians. The company had not responded by Saturday morning in Asia.

Franklin Templeton Builds Its Tokenization Network

Franklin Templeton and DBS announced the fund’s Singapore-authorized structure in November 2025, setting a minimum investment of $20. The product initially served wealth management and accredited investors, with retail availability expected in early 2026.

A September 2025 agreement with Ripple outlined plans to allow eligible DBS Digital Exchange customers to exchange sgBENJI shares for RLUSD. DBS also indicated that it would explore lending products secured by the tokenized fund shares.

Holding sgBENJI directly on XRPL requires Franklin Templeton’s authorization. The issuer also retains the ability to freeze token balances and recover assets.

Although Thursday’s transactions nearly quadrupled the fund’s token supply on the XRP Ledger, the number of wallets holding sgBENJI remained unchanged at one.