Franklin Templeton
Franklin Templeton said its Franklin Onchain U.S. Dollar Short-Term Money Market Fund, a MAS-authorised scheme with a tokenised register, was available to DBS wealth clients and accredited investors, with retail access expected in the first quarter of 2026.
- Status
- Live
- Announced
- (announcement)
- Stage
- Pilot
- Chain or network
- XRP Ledger (named by DBS; Franklin Templeton's release names no chain)
- Participants
- DBS Bank, ADDX, CapBridge
- Next review
Scorecard
As of the review on . Changes since the previous review are marked. How pilots are scored
| Ledger | Permissioned tokens on a public chain |
|---|---|
| Settlement | Off-ledger cash |
| Access | Whitelisted institutions or investors |
| Legal standing | Token is the legal record |
| Scale | Single transaction |
What they said they would do
- MissedThe Fund is available to DBS wealth clients and accredited investors through relationship managers, with retail access expected in the first quarter of 2026. (by )
Decisions
Expanded
ADDX began offering the fund on its platform to accredited investors, a second distributor after DBS.
Source: prnewswire.com
Review history
Live Pilot
Launched as a MAS-authorised scheme, open to DBS wealth clients and accredited investors from US$20. Franklin Templeton calls the register tokenised, so legal is native. Retail access is promised for Q1 2026.
Evidence: franklintempleton.com.sg
Live Pilot
Web searches of Franklin Templeton Singapore and DBS releases found no announcement that retail access opened, so the Q1 2026 claim is missed. DBS's June 2026 release confirms it listed sgBENJI alongside RLUSD for eligible clients. No fund size or holder count is published.
What was announced
On 10 November 2025 Franklin Templeton said it had launched, with DBS Bank, Singapore’s first money market fund with a tokenised register: the Franklin Onchain U.S. Dollar Short-Term Money Market Fund. The Monetary Authority of Singapore (MAS) approved it as an authorised scheme, the status that allows sale to the public. At launch it was open to DBS wealth clients and accredited investors through relationship managers, from US$20, with retail access expected in the first quarter of 2026. Its token is called sgBENJI.
How it works
The fund runs on Franklin Templeton’s Benji Technology Platform, which records holdings on a blockchain. Franklin Templeton’s release names no chain. DBS’s 18 September 2025 release says Franklin Templeton will tokenise sgBENJI on the XRP Ledger, while a CapBridge release names Stellar. The entry follows DBS, a participant, and records the conflict.
Franklin Templeton calls the register itself tokenised, and ADDX’s release says the fund records ownership of units on a public blockchain, so legal is native. Whether holder wallets are restricted is not published, so the ledger is public-permissioned. Investors pay in fiat through distributors, so settlement is offchain. Only wealth and accredited clients are confirmed, so access is whitelisted.
Record so far
ADDX began distributing the fund on 12 November 2025, and CapBridge also announced access. DBS’s 11 June 2026 release says DBS listed sgBENJI next to Ripple’s RLUSD stablecoin, so eligible clients can switch between the two at any hour.
The one claim was retail access in the first quarter of 2026. Web searches for this review found no Franklin Templeton or DBS release saying it opened, so the claim is recorded as missed. Neither firm publishes the fund’s size, so scale stays single and the stage pilot.
What to watch
Retail availability through DBS digibank or another distributor would meet the claim late and open access. Published fund assets or holder counts would settle scale. A Franklin Templeton statement naming the chain would settle the ledger conflict.