Franklin Templeton Just Put $150 Million on the XRP Ledger. Why Is It All in One Wallet?

Franklin Templeton (NYSE: BEN | BEN Price Prediction) recently allocated $150 million in shares of its tokenized money market fund to the XRP (CRYPTO: XRP) Ledger, with ledger records showing all new shares stored in a single wallet. A money market fund is a low-risk investment that holds short-term debt and offers a yield, while “tokenized” means that each fund share exists as a digital token on a blockchain.

The token in question is called sgBENJI, and this latest addition raises Franklin’s tokenized fund assets on the XRP Ledger to around $200 million. These details come from on-chain data and media reports, as Franklin has not yet formally announced the deposit.

Despite this large deposit, XRP’s price did not surge. It trades at $1.28, down 2.7% over the past 24 hours, 16.2% over the last month, and 30.1% year to date. So far, Franklin’s deposit has not noticeably impacted XRP’s price.

Each sgBENJI Token Is a Share of Franklin’s Money Market Fund

Each sgBENJI token is equivalent to a share of Franklin’s Singapore-domiciled OnChain U.S. Dollar Short-Term Money Market Fund. The fund invests in short-term dollar debt, including government securities, commercial paper, and bank deposits, and returns through share price appreciation rather than issuing new tokens.

This XRP Ledger version stems from a collaboration Ripple, DBS, and Franklin announced in September 2025. Under this arrangement, the DBS Digital Exchange agreed to list sgBENJI alongside Ripple USD (CRYPTO: RLUSD), Ripple’s dollar-pegged stablecoin. This setup lets accredited and institutional clients exchange the stablecoin for fund shares 24/7, enabling them to earn yields as crypto prices fluctuate.

Additionally, DBS plans to explore allowing clients to use sgBENJI as collateral for loans, including repurchase agreements (repos). In a repo, the borrower provides an asset as collateral and agrees to buy it back later at a slightly higher price, with the bank holding the pledged tokens for the lender.

Franklin generates income from sgBENJI in the same way it does with any fund, through a management fee on the assets. The token facilitates distribution while the fund earns, and Franklin retains control of its XRP Ledger holdings. It can approve, freeze, or recover the fund’s assets, although the shares are hosted on a public blockchain.

Why Franklin Keeps Every sgBENJI Share in One Wallet

Ledger records indicate that the receiving wallet utilizes the same authorized signers as Franklin’s issuing account. However, it is unclear whether this wallet represents a single investor or multiple clients, as Franklin has not disclosed the number of holders.

Storing all shares in one wallet is a common practice for tokenized funds at this stage. Typically, the issuer or its transfer agent — the company responsible for maintaining official records of share ownership — mints shares into a wallet under its control. The shares remain there until investors request subscription or delivery to their personal wallets, meaning one wallet can hold shares for multiple investors.

This arrangement creates two separate figures: the on-chain balance shows the fund’s total value staged on the XRP Ledger, but it does not reveal the number of actual shareholders or how many shares have reached end investors. Regulatory scrutiny is also a factor, as the SEC has highlighted tokenization as an area of heightened examination for 2027, which may explain an issuer’s choice to keep shares in a tightly controlled wallet.

Franklin’s Fund Shares Create Little Direct Demand for XRP

Franklin’s fund shares do not create significant direct demand for XRP. In the competitive XRP Ledger landscape, RWA.xyz ranks Franklin as the second-largest tokenized asset platform, behind Ripple USD and ahead of Ondo. Ripple’s 2025 release noted that Franklin has now included the XRP Ledger in its existing roster of blockchains, indicating competition with other networks for the same fund shares.

Moreover, XRP does not play a role in facilitating sgBENJI trades. The DBS framework pairs the fund directly with Ripple USD, allowing investors to buy and redeem shares using dollars or dollar tokens. This approach relegates XRP to network fuel.

The cost associated with using XRP is minimal. Each XRP Ledger account requires a small XRP reserve, and each transaction burns a fraction of XRP. Transferring millions of dollars in fund shares incurs about the same cost as moving just one dollar, which means that sgBENJI creates little direct demand for XRP.

Nevertheless, Ripple’s corporate profile continues to grow. Notable attendees at Ripple’s upcoming Swell 2026 conference in New York, scheduled for October 27 to 29, include BlackRock (NYSE: BLK) and the IMF. While big names may boost Ripple’s appeal, they don’t obligate anyone to hold XRP.

Does Franklin Templeton’s XRP Ledger Deposit Help XRP’s Price?

For now, it appears that all shares remain in one wallet since an account controlled by Franklin’s authorized signers holds the entire supply. This deposit benefits both companies: Franklin expands its fee-generating fund assets while providing a functional product through the XRP Ledger. However, XRP gains little directly, since the fees and reserves are too small to move its price.

XRP’s 2.7% slide on the day of the report suggests traders saw the deposit as Franklin news, not XRP news. Shares moving into wallets with different signers could show investor distribution, and a Franklin filing naming XRP for settlement could mean more. If the balance stays in that one wallet through December, the deposit looks more like unsold inventory than investor demand.

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