Investors can earn yield by acquiring Franklin Templeton’s sgBENJI token on DBS Digital Exchange using Ripple’s RLUSD stablecoin
DBS will explore enabling sgBENJI tokens to be used as collateral to obtain credit from the bank or third-party platforms
Singapore, September 18, 2025 – DBS, Franklin Templeton and Ripple are partnering to provide accredited and institutional investors with innovative trading and lending solutions, powered by tokenised money market funds[1] on the XRP ledger blockchain and stablecoins such as Ripple USD (RLUSD).
DBS, Franklin Templeton and Ripple have signed a memorandum of understanding to launch trading and lending solutions powered by tokenised money market funds and stablecoins. (Left to Right) Rimy Gui, Head of Securities Services, Global Transaction Services, DBS; Evy Theunis, Head of Digital Assets, Institutional Banking Group, DBS; Lim Wee Kian, CEO, DBS Digital Exchange; Chetan Karkhanis, Senior Vice President, Strategic Ventures, Franklin Templeton; Nigel Khakoo, VP and Global Head of Trading and Markets, Ripple; Fiona Murray, Managing Director, APAC, Ripple.
This partnership – formalised with the signing of a memorandum of understanding – brings together the unique strengths of one of Asia’s largest financial institutions, a global investment manager and the leader in enterprise blockchain and cryptocurrency solutions. It marks a new milestone in the growing maturation of the digital asset ecosystem, which is already seeing greater interest from institutional investors allocating to the asset class – some 87% of institutional investors expect to make investments into digital assets in 2025[2].
Enabling innovative trading and lending solutions
Digital asset investors typically allocate directly into public blockchain native tokens such as Bitcoin, Ether and XRP. This may expose them to the inherent market volatility of cryptocurrencies, while earning no yield on their portfolios.
To enable clients to manage their digital asset portfolios more nimbly in response to rapidly changing market conditions, DBS Digital Exchange (DDEx) will list sgBENJI – the token of Franklin Templeton’s tokenised money market fund, Franklin Onchain U.S. Dollar Short-Term Money Market Fund[3] – alongside RLUSD. With this setup, eligible DBS clients can trade RLUSD for sgBENJI tokens, enabling them to rebalance their portfolios into a relatively stable asset 24/7 and within minutes[4], while earning yield during periods of volatility.
In the next phase of the partnership, DBS will explore helping clients unlock liquidity by using their sgBENJI tokens as collateral. Potential use cases include obtaining credit either from the bank via a repurchase transaction (repo)[5], or from third-party platforms where DBS will act as an agent holding the collateral. This gives clients access to wider liquidity pools while providing peace of mind to clients and third-party lenders that the pledged collateral is held with a trusted bank.
Strengthening the ecosystem for tokenised securities
To strengthen the tokenisation ecosystem, Franklin Templeton will tokenise sgBENJI on the XRP Ledger – a public and enterprise-grade blockchain. Adding the XRP Ledger to Franklin Templeton’s existing line-up of blockchains strengthens interoperability across networks, enabling greater accessibility across different chains and participants in the blockchain ecosystem. The XRP Ledger was chosen for its speed, efficiency and low transaction costs, providing an ideal platform for managing the lifecycle of a high-volume, low-latency asset like a tokenised money market fund. This ensures that tokenised assets can be traded and settled with the efficiency required by institutional investors.
“Digital asset investors need solutions that can meet the unique demands of a borderless 24/7 asset class. This partnership demonstrates how tokenised securities can play that role while injecting greater efficiency and liquidity in global financial markets,” said Lim Wee Kian, CEO of DBS Digital Exchange. “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.”
“We believe that blockchain and tokenisation unlock powerful new use cases that have the potential to reshape the global financial ecosystem. Leveraging Franklin Templeton’s expertise in blockchain technologies and digital assets, we are excited to partner with DBS and Ripple to introduce cutting-edge trading and lending solutions for investors. This collaboration represents a meaningful advancement in the utility of tokenised securities and a significant step forward in the growth of Asia’s digital asset ecosystem,” said Roger Bayston, Head of Digital Assets at Franklin Templeton.
“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 Nigel Khakoo, VP and Global Head of Trading and Markets at Ripple. “Investors can also seamlessly rebalance their portfolios between a stablecoin and a yield-generating money market fund, all within a single, trusted ecosystem, unlocking real-world capital efficiency, utility and liquidity that institutions demand.”
Clients intending to trade cryptocurrencies are reminded of the risks associated with such products and should carefully assess their investment objectives, risk appetite, financial situation and particular needs before making any investment decision.
[1] Money market funds are mutual funds that typically hold safer, short-term securities including Treasurys, repo agreements or commercial paper. They are generally considered the most cash like of investments that still offer a yield.
[2] Increasing Allocations in a Maturing Market (EY-Parthenon and Coinbase)
[3] Structured as a sub-fund of the Franklin Templeton Investments VCC
[4] Trading of money market funds typically happens only during market hours and often require up to two business days for settlement. In contrast, tokenised money market funds on a public blockchain enable investors to rebalance their portfolios at any time with settlement completing within minutes. In addition, pairing tokenised money market funds with stablecoins reduces the friction and delays associated with converting fiat into a token and vice versa.
[5] A repo is a form of short-term borrowing that involves one party selling a security to another for cash, with the seller agreeing upfront to repurchase the same security from the buyer in the future at a higher price. In so doing, the seller is effectively borrowing cash from the buyer using the security as collateral, with the repurchase being a repayment of the loan and the higher price reflecting the interest. Investors tap repo markets for several reasons, including to access short term funding to meet liquidity requirements or to finance other transactions.
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 16 consecutive years from 2009 to 2024.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
About Franklin Templeton
Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,500 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and US$1.62 trillion in assets under management as of July 31, 2025. For more information, please visit www.franklinresources.com and follow us on LinkedIn, Twitter and Facebook.
About Ripple
Ripple is the leading provider of digital asset infrastructure for financial institutions—delivering simple, compliant, reliable software that unlocks efficiencies, reduces friction, and enhances innovation in global finance. Ripple’s solutions leverage the XRP Ledger and its native digital asset, XRP, which was purpose-built to enable fast, low-cost, highly scalable transactions across developer and financial use cases. With a proven track record working with regulators and policymakers around the world, Ripple’s payments, custody and stablecoin solutions are pioneering the digital asset economy—building credibility and trust in enterprise blockchain. Together with customers, partners and the developer community, we are transforming the way the world tokenizes, stores, exchanges, and moves value.