KEY INSIGHTS
- Franklin Templeton added $150 million in sgBENJI shares and its XRPL holdings rose to nearly $200 million.
- Two $75 million subscription receipts preceded new issuances that lifted Franklin’s balance to nearly 193 million shares.
- The fund increase will lead to more activity on the XRPL but it is not a direct buy of XRP or affirmation of increased demand for the token.
Franklin Templeton has made a record of $150 million worth of new issuances of tokenized shares of its money market funds on XRPL, bringing its sgBENJI holdings to about 193 million from around 48 million. The records indicate that there were two transactions totaling to $75 million worth of subscription receipts on Wednesday, October 22, 2026, followed by two new share issuances the following day.
These transactions signal a major boost in terms of the recorded holdings of the fund on the blockchain. Nonetheless, it is worth noting that the new issuances do not equate to the total value of shares recorded on the platform.
How the New Issuances of sgBENJI Affected Franklin’s XRPL Holdings?
The subscription receipts were accounted for in two different transactions with a value of $75 million each. The new issuances gave 72.18 million shares of sgBENJI per issuance at a price of $1.039 per share.
Source: Block News
Previously, Franklin Templeton had about 48 million shares of sgBENJI on XRPL. The new issuances increased the balance on record to approximately 193 million shares with an approximate valuation of $200 million.
The increase reflects the magnitude of the most recent activity conducted by the tokenized fund shares belonging to Franklin Templeton. The numbers refer to the state of the shares in question on the XRP ledger and not their total asset value across all networks.
sgBENJI refers to tokenized shares pertaining to Franklin Templeton’s OnChain U.S. Dollar Short-Term Money Market Fund. The investment portfolio and its blockchain shares are different from XRP itself.
XRPL Wallet Design Raises Questions of Ownership
According to the on-chain data, all the recorded sgBENJI tokens present on XRPL are in the possession of a single wallet. The same eight signers who control the issuing wallet of Franklin Templeton are used as signing addresses for this wallet.
This setup requires an approval of any two out of eight authorized signers for executing any transaction. Franklin Templeton also has the right to freeze the balance or recover the tokens as per these controls.
These arrangements offer transaction authorization and issuer controls for the tokenized shares. The accumulation of tokens in one wallet, however, does not determine whether there is a single beneficial owner or more than one client of Franklin Templeton.
Franklin Templeton has not clarified whether the wallet operates as an omnibus account for several clients or represents a single large allocation. On-chain balances therefore show where the tokens are recorded but do not, by themselves, identify the investors behind the holdings.
Franklin Templeton’s Position in the Tokenized Asset Market on the XRPL
The data sourced from RWA.xyz shows that Franklin Templeton is the second most significant issuer of tokenized assets on XRPL after the sgBENJI, whose value is estimated at approximately $200 million. The stablecoin, RLUSD by Ripple, takes the lead in the above-mentioned amounts, amounting to approximately $930 million, whereas Ondo Finance is estimated to have approximately $185 million.
The above-mentioned comparison compares the shares of the money market fund held by Franklin Templeton with other tokenized financial assets registered on the ledger. Such financial assets are used for various purposes; therefore, one should not consider the reported values as similar types of investment exposures.
Data from RWA.xyz showed that the market capitalization of XRP Ledger’s real-world assets was at $2.25 billion earlier in 2026 after experiencing a 124% rise during the first quarter. This gives an indication of the increase in Franklin Templeton’s investment in tokenized funds through the XRP Ledger; however, there is no data to confirm that the latest issuance of $150 million led to the increase in the market’s total value.
What the Expansion Means for XRP?
The $150 million issuance concerns sgBENJI fund shares, not direct purchases of XRP. While transactions within the XRP Ledger could involve XRP as payment for the transaction fees, the value of tokenized funds does not equate to increased demand for the native currency of the network.
The difference becomes important when analyzing institutional movement on XRPL. The recent data shows a bigger position in the tokenized fund by Franklin Templeton, but it does not prove increased XRP purchase or price impact of its own accord.
