Singapore’s DBS has teamed up with Franklin Templeton and Ripple to let accredited and institutional clients trade and borrow against tokenized U.S. dollar money market funds using Ripple’s RLUSD stablecoin.
DBS will list Franklin Templeton’s sgBENJI token alongside RLUSD on its Digital Exchange (DDEx), with plans to accept sgBENJI as collateral for credit via bank repos or third-party platforms where DBS acts as collateral agent, the bank said on Sept. 18.
What’s new on the XRP Ledger
Under the arrangement, Franklin Templeton will issue sgBENJI on the XRP Ledger, enabling on-chain swaps between the tokenized fund and RLUSD for settlement and liquidity.
Listing and access run through DBS Digital Exchange, the bank’s institutional marketplace for digital payment tokens and security tokens.
About the instruments
Franklin Templeton has been an early mover in fund tokenization. Its Franklin OnChain U.S. Government Money Fund (FOBXX) records ownership on public blockchains and is available via the Benji platform; the firm has expanded support across multiple chains and enabled peer-to-peer token transfers to improve utility.
Ripple’s RLUSD is a USD-backed stablecoin introduced in late 2024, now rolling out across exchanges and enterprise partners. Ripple has outlined distribution partners and continued expansion in 2025, including launches in new regions.
Tokenized cash and money market instruments are becoming a bridge between traditional finance and on-chain liquidity.
The tie-up gives institutions a predictable, dollar-denominated asset (sgBENJI) that can be swapped, posted as collateral, and lent against in a regulated venue, functions that have historically been fragmented across crypto platforms.
DBS’s collateral plan and on-exchange listing are noteworthy because they bring bank-grade repo mechanics to tokenized funds, narrowing the gap between prime money markets and DeFi-style liquidity.
Franklin Templeton’s tokenized fund work predates this deal and reflects a broader trend: large asset managers are moving more cash-equivalent exposure on-chain.
Industry research from BCG and ADDX projects tokenization could reach ~$16 trillion by 2030, underscoring the strategic push into production-grade tokenized instruments like T-bill funds and stablecoins.
How it fits together
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Trading venue: DBS Digital Exchange, which runs regulated markets for digital payment tokens and security tokens.
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Tokenized fund: sgBENJI, representing Franklin Templeton’s dollar money market exposure, issued on XRP Ledger for this initiative.
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Settlement asset: RLUSD, Ripple’s USD-backed stablecoin designed for institutional flows and exchange distribution.
Context and competitive landscape
Franklin Templeton’s FOBXX helped popularize tokenized funds and sits in a market that has accelerated since 2024 as giants like BlackRock launched competing tokenized liquidity vehicles.
The sector’s growth tracks a rising share of on-chain cash used for settlement, collateral, and basis trades alongside spot crypto and ETF
