Franklin Templeton has added approximately $150 million in sgBENJI shares to the XRP Ledger, nearly quadrupling its tokenized fund position on the network. On-chain data recorded two separate $75 million cash subscription receipts on Wednesday, followed by matching share issuances on Thursday. Each batch delivered just over 72.18 million sgBENJI shares at $1.039 per share.
Before this inflow, Franklin held roughly 48 million shares on the XRPL. The asset manager's position has now climbed to nearly 193 million shares, valued at approximately $200 million at current pricing.
Multi-Signature Structure and Compliance Controls
The entire sgBENJI balance resides in a single wallet that shares eight signing addresses with Franklin's issuing account. Any two of those eight addresses can jointly approve a transaction. Franklin retains the ability to freeze balances or recover tokens if needed—a design typical of regulated tokenized fund structures that use multi-signature accounts to enforce compliance controls while keeping assets on a public ledger.
The concentration of the full position in one wallet raises questions about its use case, though Franklin has not clarified whether the wallet serves as an omnibus account holding multiple clients or represents a single large allocation.
Institutional Expansion on XRPL
Franklin Templeton's move reflects a broader institutional push on the XRP Ledger. A partnership between Ripple and Franklin Templeton announced in September 2025 enabled DBS Digital Exchange clients to swap between sgBENJI and Ripple's RLUSD stablecoin and explore using fund tokens as collateral.
According to RWA.xyz rankings, Franklin Templeton now ranks second among tokenized asset issuers on XRPL, behind Ripple's RLUSD at roughly $930 million and ahead of Ondo Finance at $185 million. XRPL's real-world asset market cap reached $2.25 billion earlier this year, rising 124 percent in the first quarter of 2026.
Expanding Utility and Regulatory Foundation
Franklin Templeton has established multiple use cases for its tokenized shares. A partnership with Bybit allows eligible clients to pledge sgBENJI shares as collateral for stablecoin credit lines while continuing to earn fund yield. The asset manager also partnered with HashKey to bring the tokenized fund to Asia, reaching professional investors through HashKey Exchange's Earn channel.
In regulatory matters, Franklin secured SEC clearance for its funds to hold tokenized assets and met with the SEC's Crypto Task Force to clarify how tokenized funds interact with the Innovation Exemption under the Investment Company Act of 1940.
