CRYPCrypto NO. ---
Franklin Templeton XRP Ledger wallet gets $150M of sgBENJI
Two transfers of about 72.18 million shares each, 75 minutes apart, took one wallet from about 48 million to nearly 193 million sgBENJI shares. Who controls the wallet is not yet known.
Key takeaways
- Franklin Templeton's issuing account sent two batches of about 72.18 million sgBENJI shares each to one XRP Ledger wallet on October 22, 2026, at 02:58 and 04:13 UTC.
- At the $1.039 share price CoinDesk reported, each batch is worth about $75 million. Together they come to roughly $150 million, or about 144.4 million shares.
- The wallet held about 48 million shares before the transfers and now holds nearly 193 million. That is every sgBENJI share on the XRP Ledger.
- RWA.xyz now ranks Franklin Templeton Benji Investments second among XRP Ledger issuers at $192.7 million. Only Ripple's RLUSD is larger.
- It is not yet known whether the wallet belongs to one investor or holds shares for several clients. Franklin had not answered CoinDesk's questions as of Saturday.
Franklin Templeton XRP Ledger mint: what happened
A Franklin Templeton XRP Ledger mint put about $150 million of sgBENJI, the firm's tokenized Singapore money market fund, into one wallet on October 22, 2026. Two transfers of roughly $75 million each, 75 minutes apart, lifted the wallet to nearly 193 million shares.
CoinDesk first reported the transfers on October 24. Bullquill checked them against the public ledger through the XRPScan API. Both payments came from Franklin's issuing account, rwA8orrVtNPuBykRvQdDJzRDQbe7CuxCiR, and went to the holding wallet rDvuE3MJoh7FtiWvF3qTYCgFQmtXkiuVE2. Each recorded a raw amount of 721,847,930,702,599 base units of the same token. That works out to just over 72.18 million shares per batch, the figure CoinDesk reported.
The ledger also shows a sequence of smaller steps. On Wednesday, October 21, the issuer sent the wallet two separate tokens of one unit each. CoinDesk described these as subscription receipts, each recording a $75 million cash subscription under its own reference code. Early on Thursday the issuer clawed each receipt back, and shortly afterwards it delivered the matching batch of fund shares. In effect, the ledger records each step from cash subscription to share delivery in public.
Timeline of the on-chain records (UTC)
| Time (UTC) | Transaction | Amount | What it shows |
|---|---|---|---|
| Oct 21, 07:38 | Payment, issuer to wallet | 1 unit (receipt token A) | First $75M subscription receipt, per CoinDesk |
| Oct 21, 07:39 | Payment, issuer to wallet | 1 unit (receipt token B) | Second $75M subscription receipt, per CoinDesk |
| Oct 22, 02:57 | Clawback by issuer | 1 unit (receipt A) | Receipt retired |
| Oct 22, 02:58 | Payment, issuer to wallet | ~72,184,793 sgBENJI shares | First share batch (~$75M at $1.039) |
| Oct 22, 02:59 | Clawback by issuer | 1 unit (receipt B) | Receipt retired |
| Oct 22, 04:13 | Payment, issuer to wallet | ~72,184,793 sgBENJI shares | Second share batch (~$75M at $1.039) |
Source: XRPScan account transaction API for rDvuE3MJoh7FtiWvF3qTYCgFQmtXkiuVE2, checked October 24, 2026. Receipt interpretation and share price from CoinDesk.
What is sgBENJI?
sgBENJI is the token for the Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The fund is a Singapore-domiciled sub-fund of Franklin Templeton Investments VCC, and each token represents one fund share. According to DBS and CoinDesk, the fund invests in short-term U.S. dollar debt and money market instruments, including government paper, commercial paper and bank deposits. Income builds up in the share price instead of being paid out, which is why a share was worth $1.039 rather than exactly $1.
The Monetary Authority of Singapore approved the fund as an authorized scheme on May 13, 2025, The Asset reported. According to CoinDesk, Franklin Templeton and DBS announced in November 2025 it would be available to DBS wealth clients and accredited investors with a minimum of $20, and that wider retail access was expected in early 2026. Bullquill could not confirm whether that retail rollout has happened.
The XRP Ledger plan dates from September 18, 2025. That day DBS, Franklin Templeton and Ripple announced that DBS Digital Exchange would list sgBENJI next to Ripple's RLUSD stablecoin, so eligible clients could switch between the two. In a later phase, DBS said it would explore letting clients pledge sgBENJI as collateral for loans. "Digital asset investors need solutions that can meet the unique demands of a borderless 24/7 asset class," said Lim Wee Kian, chief executive of DBS Digital Exchange, in the bank's release.
Who controls the wallet? Multisig, freeze and recovery
The holding wallet is not an ordinary self-custody address. XRPScan data show its master key is disabled. Transactions instead need a multi-signature list of eight signing addresses with a quorum of two, so any two of the eight keys can approve a transaction together. CoinDesk's review found that Franklin's issuing account authorizes the same eight signers.
The shares are issued as Multi-Purpose Tokens (MPTs), a native XRP Ledger token type. XRP Ledger documentation describes optional controls for MPT issuers:
- Require auth: an account can hold the token only after the issuer approves it. CoinDesk reported that holding sgBENJI directly on the ledger requires Franklin's approval.
- Lock (freeze): the issuer can freeze individual balances or a whole issuance.
- Clawback: the issuer can recover tokens from holders. The receipt clawbacks in the table above show this control in use.
Franklin's fund documents, as quoted by CoinDesk, describe a register that links wallet addresses on the ledger to "their real-world identities." In other words, the public ledger shows balances and movements, while investor identities stay in Franklin's off-chain records.
How Franklin ranks on the XRP Ledger
| Rank | Platform / issuer on XRPL | Total value (RWA.xyz) |
|---|---|---|
| 1 | RLUSD (Ripple) | $957.6M |
| 2 | Franklin Templeton Benji Investments | $192.7M |
| 3 | Ondo | $185.4M |
| 4 | VERT Capital | $116.1M |
| 5 | Archax | $55.4M |
Data as of October 24, 2026, from the RWA.xyz XRP Ledger network page. The same page lists distributed asset value on the XRP Ledger at $642.19 million, up 27.77% over 30 days.
The ranking slightly understates the position. CoinDesk noted that RWA.xyz values sgBENJI at $1 per share. At Thursday's $1.039 price, nearly 193 million shares come to about $200 million, about $8 million more. Even so, the $150 million addition alone moved Franklin from a small position into second place, just ahead of Ondo.
What is still unknown
- One investor or many. Brokers and custodians often hold shares for many clients in a single omnibus wallet, so the ledger alone cannot show how many investors are behind the $150 million.
- Who subscribed. The source of the cash and the identity of the subscribers have not been disclosed.
- Links to Stellar. The fund also runs on Stellar. It has not been disclosed whether the new subscribers have any connection to holdings there.
- Distribution. It is not known whether shares will later move to separate investor or custodian addresses, or stay in this wallet.
CoinDesk said it put these questions to Franklin Templeton, and the firm had not responded as of Saturday morning Asia time.
What it means
For the XRP Ledger, the transfers are among the clearest signs so far of real fund assets settling on the network rather than pilot-sized positions. Tokenized U.S. dollar money market funds pay a yield and can be swapped quickly against stablecoins such as RLUSD. That combination is what the 2025 DBS, Franklin and Ripple plan set out to provide. A $150 million subscription in one day suggests a large, probably institutional, user is taking part, although its identity is not public.
The case also shows how regulated tokenization differs from open crypto tokens. The issuer approves who can hold sgBENJI, can freeze it or claw it back, and keeps an off-chain register of owners. These are the kinds of controls regulators expect from securities, and the same tension appears in the debate over tokenized stocks and 24/7 trading and the issuer objections facing OKXICE's tokenized stock venue. For readers following stablecoin rules, the RLUSD pairing links this story to bank-issued tokens such as HSBC's RedCoin and to the OCC's final GENIUS Act rule on stablecoin rewards.
The next useful data points are whether Franklin explains the wallet structure, whether shares move to separate addresses, and whether the XRP Ledger figure keeps rising on RWA.xyz.
Frequently asked questions
What is sgBENJI?
sgBENJI is the token for Franklin Templeton's Franklin OnChain U.S. Dollar Short-Term Money Market Fund, a Singapore-domiciled fund that invests in short-term U.S. dollar debt and money market instruments. Each token represents one fund share.
How much sgBENJI did Franklin Templeton add to the XRP Ledger?
Ledger records show two transfers of about 72.18 million shares each on October 22, 2026. At the $1.039 share price reported by CoinDesk, that is roughly $150 million, taking the receiving wallet to nearly 193 million shares.
Who owns the wallet holding Franklin's sgBENJI on XRPL?
That has not been disclosed. The wallet could belong to one investor or be an omnibus account for several clients. Franklin Templeton had not answered CoinDesk's questions as of October 24, 2026.
Can Franklin Templeton freeze sgBENJI tokens?
Yes. According to CoinDesk, holding sgBENJI directly on the XRP Ledger requires Franklin's approval, and the issuer can freeze balances and recover tokens through clawback.
Sources
- CoinDesk: Franklin Templeton adds $150 million in fund shares to XRP Ledger, all in one wallet (Oct 24, 2026)
- XRPScan API: account rDvuE3MJoh7FtiWvF3qTYCgFQmtXkiuVE2 (signer list, flags)
- XRPScan API: account transactions, Oct 21–22, 2026
- RWA.xyz: XRP Ledger network overview (data as of Oct 24, 2026)
- DBS newsroom: DBS and Franklin Templeton to launch trading and lending solutions with tokenised money market funds and RLUSD (Sept 18, 2025)
- The Asset: Franklin Templeton launches first retail tokenized fund in Singapore (May 15, 2025)
- XRP Ledger documentation: Multi-Purpose Tokens (MPTs)
- Cointelegraph: DBS, Franklin Templeton and Ripple partner on tokenized lending on the XRP Ledger
This article is for information only and is not investment advice.
