Ripple, DBS, & Franklin Templeton Team Up for Tokenized Assets

Key Takeaways

• Ripple, DBS, and Franklin Templeton are collaborating to introduce tokenized trading and lending solutions, leveraging the XRP Ledger blockchain.
• The initiative features trading of Franklin Templeton’s sgBENJI token on DBS Digital Exchange, utilizing Ripple’s RLUSD stablecoin.

Tokenized Trading Solutions on XRP Ledger

DBS, Franklin Templeton, and Ripple have signed a memorandum of understanding to cooperate on trading and lending products supported by tokenized money market funds (MMF). These will be on the XRP Ledger blockchain and also use stablecoins, according to a Wednesday announcement.

This partnership represents a significant move to integrate traditional money market funds with blockchain technology and stablecoins for accredited and institutional investors. Clients will be able to trade Franklin Templeton’s sgBENJI token on DBS Digital Exchange using Ripple’s RLUSD stablecoin.

DBS is also considering allowing clients to use sgBENJI tokens as collateral for credit via bank repos or third-party platforms. This move highlights the increasing utility of tokenized assets in traditional finance.

Statements from Executives

DBS Digital Exchange chief Lim Wee Kian stated the alliance shows the potential of tokenized securities to enhance market efficiency and liquidity.

“Digital asset investors need solutions that can meet the unique demands of a borderless 24/7 asset class,” said Kian. “Having been active in Asia’s blockchain ecosystem since 2021, this initiative strengthens our leadership position and represents a new front in DBS’ mission to provide our clients with trusted, institutional-grade solutions to build their digital asset portfolios.”

The partnership occurs amidst growing institutional interest in digital assets, with a recent EY-Parthenon and Coinbase report indicating that 87% expect to invest in the asset class in 2025.

Franklin Templeton will tokenize sgBENJI on the XRP Ledger, highlighting its speed, efficiency, and low transaction costs. The token represents Franklin Templeton’s Franklin Onchain U.S. Dollar Short-Term Money Market Fund.

“We believe that blockchain and tokenization unlock powerful new use cases that have the potential to reshape the global financial ecosystem,” said Roger Bayston, Head of Digital Assets at Franklin Templeton, noting that the partnership marks real progress for tokenized securities and a key milestone in developing Asia’s digital asset ecosystem.

Nigel Khakoo, Ripple’s VP and Global Head of Trading and Markets, explained that enabling repo trades for a tokenized money market fund backed by RLUSD offers a regulated, stable, and liquid exchange mechanism. It allows investors to easily move between stablecoins and yield-bearing assets within a single ecosystem.

“2025 has been marked by a series of industry-firsts when it comes to traditional financial institutions moving onchain – and the linkup between Ripple, DBS, and Franklin Templeton to enable repo trades for a tokenised money market fund with a regulated, stable, and liquid mode of exchange, such as RLUSD, is truly a game-changer,” said Khakoo.

RLUSD, launched last December, has seen steady growth. Ripple’s stablecoin achieved a market capitalization of nearly $730 billion as of September 17, according to CoinGecko.