Franklin Templeton has added roughly $150 million in sgBENJI shares to the XRP Ledger (XRPL). The move nearly quadrupled the asset manager’s tokenized fund position on the ledger overnight.
On-chain data shows two separate $75 million cash subscription receipts recorded on Wednesday.
The matching share issuances followed on Thursday. Each batch delivered just over 72.18 million sgBENJI shares at a price of $1.039 per share.
Before the inflow, Franklin held roughly 48 million shares on the XRPL. That figure has now climbed to nearly 193 million shares. At current pricing, the position is worth approximately $200 million.
One Wallet, Eight Signers, What the Structure Means
The entire sgBENJI balance on XRPL sits inside a single wallet. That wallet shares the same eight signing addresses as Franklin’s issuing account.
Any two of those eight addresses can jointly approve a transaction. Franklin retains the right to freeze balances or recover tokens if needed.
This design is typical of regulated tokenized fund structures. Issuers use multi-sig accounts to enforce compliance controls while keeping assets on a public ledger.
Still, concentrating the full position in one wallet raises operational questions, particularly around who the end investor is. Franklin has not clarified whether the wallet is an omnibus account holding multiple clients or a single large allocation.
The move extends a broader institutional push on XRPL. Ripple’s partnership with DBS and Franklin Templeton, announced in September 2025, set the stage for this: it enabled DBS Digital Exchange clients to swap between sgBENJI and Ripple’s RLUSD stablecoin and explore using the fund tokens as collateral.
Franklin’s commitment to XRPL is not incidental. Franklin Templeton’s digital assets head has publicly backed XRP for its practical utility, citing throughput, cost, and reliability as reasons institutions are choosing the ledger over alternatives.
XRPL’s RWA Market Grows, Franklin Now Ranks Second
RWA.xyz now ranks Franklin Templeton second among tokenized asset issuers on XRPL. Ripple’s RLUSD leads with roughly $930 million.
Ondo Finance sits third at $185 million. Franklin’s sgBENJI position at ~$200 million slots in between.
This ranking shift matters in context. XRPL’s real-world asset market cap hit $2.25 billion earlier this year, rising 124% in Q1 2026 alone. Franklin’s fresh inflow adds weight to that trend.
The asset manager has also been laying regulatory groundwork in parallel. It secured SEC clearance for its funds to hold tokenized assets and met with the SEC’s Crypto Task Force on 1940 Act issues to clarify how tokenized funds interact with the Innovation Exemption.
Beyond regulation, Franklin has been expanding utility for its tokenized shares. Its partnership with Bybit lets eligible clients pledge sgBENJI shares as collateral to secure stablecoin credit lines while still earning fund yield.
It also tapped HashKey to bring the tokenized fund to Asia, reaching professional investors through HashKey Exchange’s Earn channel.
Ripple, for its part, has continued deepening infrastructure on the ledger. Its strategic investments in ZILO and Licuido expand regulated token issuance and collateral services, building exactly the rails that institutions like Franklin now use.
For those exploring where to access real-world assets on-chain, leading crypto exchanges now offer RWA trading options as the sector grows.
