Two numbers tell the XRP story this week, and they point in opposite directions. Franklin Templeton has issued about $150 million in tokenised money market fund shares on the XRP Ledger, nearly quadrupling its footprint on the network in 48 hours. Over the same stretch, $XRP slipped toward $1.28, down roughly 3 percent on the day and well below the $1.40 level it was chasing a week ago. Institutional usage up, token price down. Here is how both can be true at once.
What did Franklin Templeton actually do on the XRP Ledger?
Franklin's issuing account recorded two $75 million subscription receipts on Wednesday 22 October. On Thursday it followed with two issuances of roughly 72.18 million sgBENJI shares each, priced at $1.039 per share. Before the move, about 48 million shares sat on the XRP Ledger. The count is now close to 193 million, worth roughly $200 million at the transaction price.
sgBENJI is the tokenised share class of Franklin's OnChain U.S. Dollar Short-Term Money Market Fund, launched in November 2025 with DBS for the Singapore market. It earns treasury-style yield that accrues in the share price. Eligible clients can alread...
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