One wallet, $150 million: on-chain analysis of sgBENJI

Franklin Templeton issued $150 million of new shares in its tokenized money market fund on the XRP Ledger, and every one of them went to a single wallet, CoinDesk reported on 2026-10-24. The ledger records are unusually detailed. This article walks through what they prove, what a holder count measures, and why one wallet does not tell you how many owners stand behind it.

What the ledger shows

The token is called sgBENJI. Each one is a share of a Singapore-domiciled dollar money market fund that buys short-term government and commercial paper plus bank deposits. Income is not paid out as new tokens; it builds up in the share price.

CoinDesk traced the issuance step by step. First came the paperwork. On Wednesday the issuer's account logged a pair of subscription receipts, each for a $75 million cash subscription and each with its own reference code. The shares were minted on Thursday in two lots, one at 02:58 UTC and the next at 04:13 UTC. Each lot was a bit above 72,184,793 shares, pointed back to one of the receipt codes and carried a $1.039 share price.

The destination wallet held roughly 48 million shares before Thursday. Afterwards it held nearly 193 million. At the recorded $1.039 price, CoinDesk put that at about $200 million. Total sgBENJI supply on this ledger nearly quadrupled, yet the count of wallets holding the token stayed at one.

What is on-chain analysis telling us here?

On-chain analysis means reading the public ledger directly: balances, transfers, signing rules and the notes attached to transactions. Here it gives a clean audit trail. You can match each cash receipt to a share batch, check the price written into each transfer, and see exactly which wallet received the shares.

It also reveals control. CoinDesk checked the account settings on the ledger and found that the holding wallet and Franklin's issuing account list the same eight signing addresses, and any two of them can jointly approve a transaction. That is a multi-signature setup: several keys exist, and a minimum number must agree before funds move. Shared signers show the two accounts are linked, but the ledger cannot say who holds each key.

The metric: holder count and on-chain value

Two numbers usually summarise a tokenized fund on a public chain. The first is the holder count, the number of addresses with a non-zero balance. The second is on-chain value, the token balance multiplied by a price.

Both depend on choices. Tracker RWA.xyz shows roughly $193 million for the Franklin holding on this chain, treating each share as worth one dollar. Using the share price recorded in the transactions puts the figure nearly $8 million higher. Neither number is wrong; they simply use different prices. In RWA.xyz's ranking of XRP Ledger platforms, Franklin is second. Ripple's RLUSD stablecoin leads with about $930 million, while Ondo trails at $185 million. Rankings like this shift with the pricing method, so it helps to check which one a dashboard uses.

Limits: why one wallet can mean many owners

A holder count of one sounds like one investor. It may not be. CoinDesk said as much:

• Omnibus accounts. Brokers and custodians commonly hold many clients' shares in one account and track individual ownership off the ledger. One address can hide a crowd.
• Off-chain registers. Fund documents describe a register that combines blockchain entries with records held off the network, which link wallet addresses to real-world identities. The chain is only half of the books.
• Silent receipts. The receipts do not name the investors, the source of the cash, or any link to holdings on Stellar, the fund's other chain. Cross-chain totals need separate checks.
• Issuer controls. Anyone who wants to hold sgBENJI on XRPL in their own wallet needs Franklin to approve them, and the token settings let the issuer freeze balances and recover tokens. Balances can change for reasons that are not trades.

"Whether this particular wallet represents one investor or several remains unclear," the CoinDesk report noted. Franklin had not answered CoinDesk's questions about an omnibus setup by Saturday morning in Asia.

What to watch next

The useful signal is not the next balance change but whether shares start to spread out. If custodians or investors receive tokens in their own addresses, the holder count will rise and the on-chain picture will get closer to the real ownership picture.

Two plans could make that happen. Franklin and DBS set up the Singapore-authorized version in November 2025, asking a $20 minimum, first for wealth and accredited investors, with retail access expected in early 2026. A September 2025 agreement with Ripple outlined swaps between sgBENJI and RLUSD for eligible DBS Digital Exchange clients, and DBS said it would look at lending against the fund tokens. Each of those uses would leave new traces on the ledger worth reading with the same care. Fund shares and any lending against them carry risk, and holders can lose money.

Sources

• CoinDesk, 24 Oct 2026

Drafted by AI from the research and on-chain sources listed, then published automatically once checks confirmed the figures against those sources and found no copied text. Not reviewed by a person. Metrics are explained, never turned into price calls.