Franklin Templeton Transfers 200 Million USD to XRP Ledger

Franklin Templeton has executed a transfer of 150 million USD in tokenized shares of its money market fund to the XRP Ledger, increasing the total token pool to 193 million, valued at approximately 200 million USD. The new tokens have been sent to a single wallet that currently holds all the fund's assets on this network. The recipient address and the issuing account use the same set of eight signatures, allowing any two of them to approve the transaction. The value of the sgBENJI token has risen from 48 million to 193 million shares, with a price of 1.039 USD per share. Franklin Templeton ranks second among issuers of tokenized assets on the XRP Ledger, behind Ripple's RLUSD stablecoin. The fund invests in short-term debt securities and treasury bills. The portfolio structure raises concerns as it may represent assets from multiple clients. This operation is part of a collaboration with DBS Bank and Ripple, enabling seamless switching between sgBENJI tokens and RLUSD.

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