Franklin Templeton adds $150 million in fund shares to XRP Ledger

New funds arrive on a Ripple blockchain

Franklin Templeton added $150 million worth of shares in its tokenized money market fund to the XRP Ledger. The XRP Ledger is a public blockchain network that allows for the transfer of tokens and digital assets. The new addition brings the fund's total holdings on this specific network to nearly 193 million shares, valued at approximately $200 million.

All new shares went to a single digital wallet. This wallet shares the same authorized signing addresses as Franklin’s issuing account. Specifically, eight signing addresses are shared between the two accounts, and any two of them can jointly approve a transaction.

Key numbers and details

• The fund’s share count on the XRP Ledger rose from about 48 million to nearly 193 million.
• The two new subscriptions totaled $150 million, with each batch recording a $75 million cash subscription.
• The recorded share price was $1.039, making the total value roughly $8 million higher than a $1-per-share valuation.
• Franklin Templeton is currently the second-largest tokenized asset platform on the XRP Ledger, behind Ripple’s RLUSD stablecoin and ahead of Ondo.

How the fund works

Each token represents a share of the Franklin OnChain U.S. Dollar Short-Term Money Market Fund, which is domiciled in Singapore. The fund invests in short-term dollar debt and money-market instruments, such as government paper, commercial paper, and bank deposits. Returns accumulate directly in the price of the shares.

Why one wallet

It is not yet clear if this single wallet represents one specific investor or multiple clients. However, the source notes that brokers and custodians often hold shares for many clients in one main account while tracking individual ownership separately. Franklin’s fund documents describe a register that combines blockchain entries with records held outside the network.

Source

• CoinDesk