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ipple, Franklin Templeton, and DBS are collaborating to tokenize Franklin Templeton’s U.S. dollar short-term money market fund on the XRP Ledger, with DBS listing the sgBENJI token alongside Ripple’s RLUSD stablecoin.
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The partnership could enable investors to use sgBENJI tokens as collateral for loans, unlocking new liquidity options while retaining exposure to yield-generating assets.
Ripple, Franklin Templeton, and DBS have signed a Memorandum of Understanding (MOU) to bring tokenized money market funds and innovative lending solutions to the XRP Ledger.
Under the agreement, Franklin Templeton will tokenize its U.S. dollar short-term money market fund on the XRP Ledger, one of the industry’s leading enterprise-grade blockchains. The tokenized version of the fund, branded as sgBENJI, will be listed on the DBS Digital Exchange (DDEx) alongside Ripple’s stablecoin, Ripple USD (RLUSD).
This listing will allow DBS clients to seamlessly balance their portfolios between a stablecoin and a yield-generating money market fund, a significant step toward bridging stable digital assets and traditional income-producing products.
The collaboration’s vision goes beyond simple tokenization. DBS is exploring ways to let holders of sgBENJI tokens pledge them as collateral for loans, either directly from the bank or through third-party platforms. If implemented, this would unlock new liquidity avenues for investors, enabling them to borrow against their holdings while continuing to benefit from the fund’s yield.
Nigel Khakoo, VP and Global Head of Trading and Markets at Ripple, hailed the collaboration as a turning point for institutional finance.
2025 has been marked by a series of industry-firsts when it comes to traditional financial institutions moving onchain, and the linkup between Ripple, DBS and Franklin Templeton to enable repo trades for a tokenized money market fund with a regulated, stable and liquid mode of exchange, such as RLUSD, is truly a game-changer, Khakoo said.
He emphasized that the integration allows investors to manage portfolios with greater capital efficiency and liquidity, all within a trusted ecosystem.
Lim Wee Kian, CEO of DBS Digital Exchange, echoed this sentiment, noting the broader implications for global markets.
Tokenized securities can inject greater efficiency and liquidity in financial markets, he said.
By combining Franklin Templeton’s expertise in asset management, Ripple’s blockchain and stablecoin infrastructure, and DBS’s regulated exchange platform, the partnership aims to demonstrate how tokenized assets can move beyond proof-of-concept into real-world utility.
The ability to trade, lend, and borrow against tokenized money market funds marks a key step in building out institutional-grade decentralized finance (DeFi) that complies with regulatory standards.
If successful, this collaboration could become a blueprint for integrating tokenized securities into mainstream banking.
For investors, the benefits are clear: access to yield-bearing instruments, improved liquidity options, and the flexibility to optimize portfolios across digital and traditional assets.
