Franklin Templeton expands tokenized U.S. Treasury fund on XRP Ledger as XRP price slips
Franklin Templeton recorded two $75 million subscription receipts on 22 Oct and issued two tranches of roughly 72.18 million sgBENJI shares each on the XRP Ledger, bringing the fund’s on‑chain balance to about 193 million shares. The issuance represents roughly $150 million of new tokenized money‑market fund shares, pushing the fund’s on‑chain value to around $200 million. Over the same period XRP fell about 3 % to $1.28, trading below the $1.40 level it had been targeting.
Why it matters
The larger on‑chain fund balance increases the asset base for the BEN token, which may affect its market liquidity and pricing. At the same time, the drop in XRP‑USD price shows that the token’s market price is not immediately boosted by institutional token‑issuance activity.
Key facts
- 1Franklin Templeton recorded two $75 million subscription receipts on 22 Oct. cryptoticker.io
- 2It issued two tranches of roughly 72.18 million sgBENJI shares each, priced at $1.039 per share. cryptoticker.io
- 3The on‑chain share count rose to about 193 million shares, worth roughly $200 million at the transaction price. cryptoticker.io
- 4The fund’s total net assets were about $75 million before the October subscriptions. cryptoticker.io
- 5XRP slipped toward $1.28, down roughly 3 % on the day. cryptoticker.io
Open questions
- Material 1 reports the fund’s value as $192.698 million, while Material 2 estimates the on‑chain value at roughly $200 million.
Summary written by AlphAI AI Desk from 2 of 2 sources. Not investment advice. Figures are as stated by the linked sources.