Two transactions add $150 million of Franklin fund shares to XRP Ledger

Two XRP Ledger transactions on October 22 added 144.37 million shares of Franklin Templeton’s Singapore-domiciled on-chain money-market fund to one address. At the $1.0390 net asset value recorded with the transactions, the added shares represented $150 million.

The event matters because it is completed issuance activity, not another partnership announcement about future tokenization. It also shows why an on-chain total is not automatically evidence of broad investor adoption: after the second transaction, the same address held the full 192.70 million sgBENJI shares then outstanding on XRP Ledger.

Coinburn is publishing this data check on October 25, after the transactions occurred at 02:58:01 and 04:13:42 UTC on October 22 and after CoinDesk first reported them on October 24. The chronology separates the ledger event from its later discovery and publication.

Two subscriptions, one controlled record

The public records show two transfers of 72,184,793.0702599 sgBENJI shares each. Multiplying their combined 144,369,586.1405198 shares by the recorded $1.0390 NAV produces $150,000,000, subject to rounding at the ledger’s displayed precision. This is a calculation from share quantity and recorded NAV, not a market trade or a transfer of $150 million in XRP.

The receiving address’s balance after the second transaction was 192,698,409.6219078 shares. Applying the same transaction NAV would value that balance at approximately $200.21 million. That valuation is a point-in-time calculation; subsequent subscriptions, redemptions or NAV changes would alter it.

The ledger record does not identify the beneficial owners behind the address. The receiving wallet and issuing account use the same set of eight authorized signers, with two signatures required for a transaction, according to CoinDesk’s review. That control pattern is consistent with an issuer-administered or omnibus arrangement, but it does not prove which arrangement applies. Franklin had not answered CoinDesk’s questions about the wallet’s role or investor count by the report’s publication.

What sgBENJI represents

sgBENJI is the A accumulating share class of the Franklin OnChain U.S. Dollar Short-Term Money Market Fund, a Singapore vehicle launched in September 2025. Franklin’s product page says the fund invests in debt securities and money-market instruments and identifies XRP Ledger records plus off-chain information as components of its tokenized register.

That structure makes the blockchain an element of the ownership-record system, not an unrestricted bearer-token market. Franklin’s materials say the registrar and transfer agent maintains the tokenized register. The product page also warns that the fund offers no capital guarantee and faces interest-rate, credit, liquidity, redemption and distributed-ledger risks.

A separate Franklin submission published by the U.S. Securities and Exchange Commission explains the broader recordkeeping model used by its on-chain fund system. It combines public-blockchain transaction data with private identity records, while the transfer agent retains administrative powers to correct, freeze, migrate or restore ownership records. That filing concerns the U.S. OnChain Fund and should not be read as a governing document for this Singapore sub-fund, but it demonstrates why wallet balances alone cannot establish the complete shareholder register.

What the transactions do not show

The two transfers establish a larger quantity of sgBENJI shares recorded on XRP Ledger at a stated NAV. They do not establish how many investors subscribed, whether the cash was new to Franklin rather than moved from another account, or whether the shares are available for secondary trading.

They also do not show a $150 million purchase of XRP, deeper XRP liquidity or increased use of the network by independent wallets. At the measured point after the second transfer, one address still held the entire recorded issuance. The next useful evidence would be a reconciliation from Franklin identifying the address’s function, the number of beneficial holders represented off-chain, and any later transfers, redemptions or executable market activity.