Franklin Templeton added approximately $150 million in tokenized money market fund shares to the XRP Ledger on Friday, with all newly issued tokens sent to a single wallet. Two subscription transactions recorded on Thursday nearly quadrupled the fund’s token supply on the network.

The receiving wallet now holds the entire balance of the fund’s tokens on XRPL. According to CoinDesk’s examination of ledger records, the wallet and Franklin Templeton’s issuing account use the same eight authorized signing addresses. Any two of these addresses can jointly approve a transaction.

The wallet’s holdings increased from approximately 48 million sgBENJI shares to nearly 193 million. Based on the $1.039 share price recorded in the transactions, the position is worth roughly $200 million.

According to RWA.xyz, Franklin Templeton ranks second among tokenized asset platforms on the XRP Ledger. It trails Ripple’s RLUSD stablecoin, which has around $930 million, while Ondo follows with approximately $185 million.

Each sgBENJI token represents a share in the Singapore-domiciled Franklin OnChain U.S. Dollar Short-Term Money Market Fund. The fund invests in short-term dollar-denominated debt and money market instruments, including government securities, commercial paper and bank deposits. Its returns are reflected in the share price.

Two $75 Million Subscriptions Boost Token Holdings

On Wednesday, Franklin Templeton’s issuing account recorded two subscription receipts on the XRP Ledger. Each receipt documented a $75 million cash subscription and included a separate reference code.

Two corresponding batches of slightly more than 72,184,793 shares were subsequently recorded at 02:58 and 04:13 UTC on Thursday. Both batches carried matching receipt codes and reflected a share price of $1.039.

The transaction records do not identify the investors, reveal the source of the funding or establish whether the subscriptions are connected to existing holdings on Stellar, another blockchain supporting the fund.

RWA.xyz reports Franklin Templeton’s XRPL position at approximately $193 million, based on a share count valued at roughly $1 per token. Using the $1.039 price recorded in Thursday’s transactions places the total value nearly $8 million higher.

Why Are All the Tokens Held in One Wallet?

Brokers and custodians commonly hold investments belonging to multiple clients in a single account while maintaining separate records of each client’s ownership.

Franklin Templeton’s fund documentation describes a registration system that combines blockchain records with off-chain information. This includes data connecting wallet addresses recorded on the distributed ledger with the real-world identities of their owners.

However, it remains unknown whether the wallet holding all the sgBENJI tokens belongs to one investor or represents multiple investors through an omnibus account.

CoinDesk contacted Franklin Templeton to ask whether the wallet serves as an omnibus account, how many investors participated in the subscriptions and whether the investors or their custodians would eventually receive tokens at separate addresses. The company had not responded by Saturday morning in Asia.

Franklin Templeton’s XRP Ledger Expansion

Franklin Templeton and DBS announced the fund’s Singapore-authorized structure in November 2025, with a minimum investment of $20. The product was initially aimed at wealth management and accredited investors, with retail access expected in early 2026.

Under a separate agreement with Ripple announced in September 2025, the companies outlined plans to allow eligible DBS Digital Exchange clients to exchange sgBENJI shares for RLUSD and vice versa. DBS also said it would explore lending opportunities backed by the fund’s tokens.

Investors cannot hold sgBENJI directly on the XRP Ledger without Franklin Templeton’s approval. The issuer’s controls also allow it to freeze balances and recover tokens.

Thursday’s subscriptions nearly quadrupled the number of sgBENJI shares recorded on XRPL. Despite the increase in supply, the number of wallets holding the fund’s tokens remained unchanged at just one.