Markets · Tokenization
Franklin's sgBENJI on XRPL tops 192 million shares
Le Coin's XRPL check shows 192,698,409.62 outstanding shares of the Singapore OnChain money-market fund token on a permissioned multi-purpose token issuance.
Franklin Templeton's tokenized money-market share token on the XRP Ledger shows 192,698,409.62 shares outstanding, according to Le Coin's query of a validated ledger entry on Saturday afternoon ET [1].
The token, ticker sgBENJI, is an XRPL multi-purpose token. On-chain metadata says each unit "represents one share of the Franklin OnChain U.S. Dollar Short-Term Money Market Fund," names Franklin Templeton Investments as issuer, and lists the asset class as U.S. Treasuries [1]. Franklin's Singapore factsheet for fund number sgBENJI places the sub-fund under Franklin Templeton Investments VCC and lists Templeton Asset Management Ltd in Singapore. That is a Singapore-domiciled vehicle, not a U.S. retail mutual fund [2].
Le Coin re-checked the MPTokenIssuance (id 064E27366D15D1F5614B4D4E3183F835BCD62E7F6FD9FFD8, issuer rwA8orrVtNPuBykRvQdDJzRDQbe7CuxCiR) at validated ledger index 107874729 around 12:15 p.m. ET on Oct. 24. OutstandingAmount 1926984096219078 with AssetScale 7 equals 192,698,409.62 shares, matching the desk's earlier cache at ledger 107874609 [1]. CoinDesk, which first reported the mint activity early Saturday, said two batches of just over 72.18 million shares each at 02:58 and 04:13 UTC on Oct. 22 followed two about $75 million subscription receipts, lifting the on-ledger position from about 48 million shares [3]. Le Coin is not independently restating those dollar receipts; the verified peg here is the share count.
Fund settings on the issuance let the issuer require authorization, lock, and claw back tokens. The setup is not open retail U.S. access [1][2].
In Le Coin's view, the news is less a price story than a size print on a permissioned tokenized cash sleeve already sitting on a public ledger. The objection is fair: issuer control and a permissioned issuance make this look more like private placement plumbing than a traded market. The tell is whether Franklin discloses how shares are held on XRPL, or whether additional wallets start to hold sgBENJI.
Sources
- XRP Ledger public API
ledger_entryvia xrpl.ws, MPTokenIssuance index 2DF6BA6366FB4137A75BA28D10D5B30226F9DFB54C5B43D4B5C6907FDDD99FE7 (mpt_issuance_id 064E27366D15D1F5614B4D4E3183F835BCD62E7F6FD9FFD8), validated ledger index 107874729, accessed Oct. 24, 2026, 12:15 p.m. ET: OutstandingAmount 1926984096219078, AssetScale 7 → 192,698,409.62 shares. - Franklin Templeton Singapore, Factsheet: Franklin OnChain U.S. Dollar Short-Term Money Market Fund A (acc) USD, as of Sept. 30, 2026 (Fund Number sgBENJI), https://www.franklintempleton.com.sg/download/en-sg/factsheet/9b6b69a8-545f-49fc-a623-9fe44f0ac6a6/Factsheet-FranklinOnChainUSDollarShort-TermMoneyMarketFund-A(acc)USD-41715-A-FF-SG-en-GB.PDF, accessed Oct. 24, 2026, 12:16 p.m. ET.
- CoinDesk, Shaurya Malwa, "Franklin Templeton adds $150 million in fund shares to XRP Ledger, all in one wallet," Oct. 24, 2026, 12:45 a.m. ET, https://www.coindesk.com/markets/2026/10/24/franklin-templeton-adds-usd150-million-in-fund-shares-to-xrp-ledger-all-in-one-wallet (first report; mint timing and subscription-receipt attribution only).
Holding the Corner.
Not financial advice.