Franklin Templeton Expands $1.8 Trillion On-Chain Fund Across Stellar and XRP Ledger Networks

Franklin Templeton, the multinational asset manager overseeing $1.79 trillion, has employed distributed ledger technology (DLT) for its BENJI fund since launching on the Stellar network in 2021. The flagship OnChain U.S. Government Money Fund (FOBXX/BENJI) continues to maintain a significant presence on Stellar.

Franklin Templeton Innovation Head Details RWA Strategy

Sandy Kaul, Franklin Templeton’s Head of Innovation, recently discussed the nuances of DLT in an interview, highlighting how the firm calculates interest on its tokenized money market fund with granular precision as it expands across multiple ledgers.

“If you hold it for three hours and six seconds, you get three hours and six seconds worth of interest,” Kaul remarked, adding, “Nobody can do that today.” This capability allows investors to manage liquidity more efficiently than traditional daily accrual methods. The Benji platform has since expanded across multiple blockchain networks.

Stellar’s $4 Billion RWA Milestone Contrasts with Token Price Performance

“There is not a single cent in her portfolio that will be idle,” she continued. The BENJI fund has extended to smaller-scale implementations, including the XRP Ledger. The Singapore-domiciled variant, sgBENJI (Franklin OnChain U.S. Dollar Short-Term Money Market Fund), has established a solid foothold on the XRP Ledger, recently augmented by approximately $150 million in new shares.

Beyond Franklin Templeton, other major institutional players have adopted Stellar for tokenized real-world assets. Spiko has issued dollar-denominated tokenized equities and government bonds, while Realiz, Red Swan, and WisdomTree have also launched offerings on the network. These initiatives have propelled the total value of real-world assets (RWA) on Stellar toward $4 billion.

While Stellar’s RWA activity reaches unprecedented highs, the native XLM token’s price has yet to reflect this growth, pressured by broader market conditions. Nevertheless, with Franklin Templeton now managing over $650 million in assets on the network, Stellar remains the primary destination for the firm’s on-chain fund operations.

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