Two new subscriptions on Thursday nearly quadrupled the network’s token supply for the fund, whose receiving wallet shares signers with its issuer.
Early Friday, Franklin Templeton injected $150 million worth of its tokenized money market fund shares into the XRP Ledger, routing every new share into a single wallet that now holds the network’s entire token balance.
Both Franklin’s issuing account and that destination wallet rely on eight identical signing addresses, requiring any two signers to jointly approve transactions based on ledger review.
Now containing nearly 193 million sgBENJI shares, up from roughly 48 million before Thursday, the wallet holds approximately $200 million based on the $1.039 transaction price recorded on-chain.
RWA.xyz places Franklin second on its XRP Ledger tokenized asset leaderboard, positioning it behind Ripple’s $930 million RLUSD stablecoin while keeping it ahead of Ondo’s $185 million mark.
Every token reflects one share of Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which allocates capital into short-term dollar debt like government paper, commercial paper, and bank deposits while embedding returns into the share price.
On Wednesday, Franklin’s issuing account logged two subscription receipts onto the ledger, with each noting a $75 million cash contribution while bearing its own distinct reference code.
Two batches totaling just over 72,184,793 shares each arrived at 02:58 and 04:13 UTC Thursday, with every issuance bearing a matching receipt code alongside a $1.039 share price.
The receipts leave the investors, funding sources, and potential ties to current Stellar holdings—the alternative blockchain utilized by the fund—entirely undisclosed.
RWA.xyz tracks Franklin’s XRP Ledger balance at roughly $193 million by valuing each share at one dollar, though Thursday’s documented $1.039 price pushes its actual worth nearly $8 million higher.
Why the Funds Are Held in a Single Wallet
Brokers and custodians typically consolidate client holdings within a single account, managing individual ownership records through separate internal tracking systems.
Franklin’s fund documents outline a register bridging blockchain entries with off-chain records, maintaining critical data that links distributed ledger wallet addresses directly to their real-world identities.
Reporters cannot determine whether this specific wallet belongs to a single investor or multiple clients.
Franklin and DBS unveiled the fund’s Singapore-approved setup in November 2025 alongside a $20 entry threshold, initially targeting accredited wealth clients before opening retail availability in early 2026.
Their September 2025 deal with Ripple detailed options for eligible DBS Digital Exchange clients to swap between sgBENJI and RLUSD, while DBS noted plans to explore token-backed loans.
Directly holding sgBENJI on XRPL demands Franklin’s explicit approval, while platform controls empower the issuer to freeze account balances and reclaim tokens when necessary.
Thursday’s activity nearly quadrupled the total sgBENJI shares residing on the XRP Ledger, yet the count of wallets containing any token balance remained strictly at one.
