The short version
- Franklin Templeton XRP Ledger shares jumped from about $50 million to $200 million on Thursday, when two $75 million subscriptions to its sgBENJI money market fund landed in one wallet.
- That one move covered almost all of the XRP Ledger’s 28% monthly growth in tokenized assets, yet XRP sits at $1.30, down 17% in 30 days, because the fund shares never need the coin.
- The crew is watching whether XRP can close back above $1.37, where both daily EMAs sit, or loses the $1.25 floor it has held since October 18.
Franklin Templeton XRP Ledger shares just quadrupled in a single night, and XRP shrugged. In two transfers early on Thursday, the fund giant moved about $150 million of tokenized money market fund shares onto the ledger, taking its total there from roughly $50 million to $200 million.
XRP trades at $1.30 at the time of writing. That is flat on the week, 17% below where it stood a month ago at $1.57, and almost 30% down on the year. So who is actually building on the XRP Ledger, and why isn’t any of it showing up in the price?
Franklin’s digital assets team summed up its view on X earlier this month:
How Big Is the Franklin Templeton XRP Ledger Fund Now?
About $200 million, after roughly 144 million new shares of sgBENJI arrived this week. sgBENJI is the token for Franklin’s Singapore-domiciled OnChain U.S. Dollar Short-Term Money Market Fund. Each token is one share in a fund that holds short-term dollar debt such as Treasury bills, so the price sits just above $1 and creeps up as interest builds.
The ledger record shows how it went. On Wednesday, Franklin’s issuing account wrote two receipts onto the ledger, each for a $75 million cash subscription. Then, at 02:58 and 04:13 UTC on Thursday, two batches of 72.18 million shares landed in one wallet, priced at $1.039 each.
That wallet now holds all 192.7 million sgBENJI on the XRP Ledger, worth about $200 million. It uses the same eight signing keys as Franklin’s issuing account, and any two of them can approve a transfer. In other words, this looks like a Franklin-run wallet, not an outside buyer’s. Franklin hasn’t said whether one client or many sit behind it.
The plan itself isn’t new. DBS, Franklin and Ripple announced in September 2025 that clients of DBS Digital Exchange would swap between sgBENJI and Ripple’s RLUSD stablecoin, with lending against the fund tokens to follow. Franklin chose the ledger, it said, for speed and low costs.
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Who Else Is Building on the XRP Ledger?
Franklin is now the second-largest issuer on the ledger. RWA.xyz’s XRP Ledger page ranks the platforms like this:
- RLUSD: $957.6 million. Ripple’s own dollar stablecoin.
- Franklin Templeton: $192.7 million. The sgBENJI fund shares.
- Ondo: $185.4 million. Tokenized Treasury fund OUSG.
- VERT Capital: $116.1 million across four assets.
- Archax: $55.4 million across three assets.
Leave the stablecoin out and RWA.xyz counts $642 million of tokenized real-world assets on the ledger, up 28% in 30 days. Franklin’s $150 million covers almost all of that rise. One big subscription, in other words, did most of a month’s growth.
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Is DTCC Using the XRP Ledger?
No. DTCC has never named the XRP Ledger for its tokenization service. Posts this week had Ripple Prime “joining” DTCC’s tokenization push with BlackRock and JPMorgan, but that news is from May. Ripple Prime, the prime broker Ripple built from its $1.25 billion Hidden Road deal, is one of 57 firms on the working group list DTCC published on May 4. Franklin Templeton is on the same list.
The service itself is close. DTC holds over $114 trillion in securities, and DTCC is due to launch tokenized versions of Russell 1000 stocks, index ETFs and Treasuries this month. Its July 15 test trades ran on two networks, Canton and Besu. Ripple Prime wasn’t among the 30-plus firms that took part.
So the honest read is this: Ripple has a seat at the table where Wall Street designs tokenized settlement. The pipes, so far, are someone else’s.
Why Isn’t XRP Going Up?
Because none of this money has to touch XRP. Fund shares and stablecoins on the ledger are priced in dollars. XRP only pays the network fee and a small reserve per account.
The numbers make the point. The wallet holding $200 million of Franklin Templeton XRP Ledger shares owns 2.99 XRP, about $3.89. The fee on Franklin’s $75 million receipt was 0.00004 XRP. Wall Street can grow on the XRP Ledger for years without buying the coin in size, and the market has noticed.
XRP Price Analysis: Can XRP Get Back Above $1.37?
Not yet. XRP sits under both its 50-day EMA at $1.365 and its 200-day EMA at $1.372, and every push toward them this month has been sold. Franklin’s transfers landed on Thursday, and XRP closed that day down 4%.
- The first ceiling: $1.37. Both EMAs and Thursday’s high sit in a tight band here.
- The bigger ceiling: $1.40. Wednesday’s wick, the last time buyers tried.
- The floor to defend: $1.25. The lows of October 18 and Saturday.
In the bull case, XRP closes above $1.37 and runs at $1.40, and the tokenization story finally gets a chart to match. In the base case, it chops between $1.25 and $1.37 into the Fed meeting on October 28. In the bear case, a daily close under $1.25 opens a drop toward $1.05, where XRP traded in early August.
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The building work on the XRP Ledger is real, and it is speeding up. Whether it ever lifts XRP depends on something the ledger can’t show yet: a reason for those funds to hold the coin.
On the climb since 2017. Trades futures and reads onchain data. Automates the boring parts.
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