Franklin Templeton's issuing account on the XRP Ledger recorded two $75 million subscription receipts on Wednesday, October 22, followed Thursday by two issuances of roughly 72.18 million sgBENJI shares each at $1.039 per share, according to CryptoTicker.

Before the burst, about 48 million shares sat on the ledger; the count is now close to 193 million, worth roughly $200 million at the transaction price. sgBENJI is the tokenized share class of Franklin's OnChain U.S. Dollar Short-Term Money Market Fund, launched in November 2025 with DBS for the Singapore market.

The surprising part is that institutional usage rose while the token fell: XRP slipped toward $1.28, down roughly 3 percent on the day and well below the $1.40 level it chased a week earlier, CryptoTicker reports.

The reason is mechanical — the fund holds short-term US government paper, not XRP, and only negligible XRP is burned in transaction fees, so $150 million of fund shares creates no meaningful buy pressure.

CryptoTicker also notes the macro backdrop: Bitcoin fell below $82,000 on a day with roughly $635 million in spot ETF outflows and over $400 million in liquidations, and XRP lost the $1.30 level it had defended for days.

Every newly issued share landed in a single address that now holds the fund's entire token balance on the XRP Ledger, and that wallet shares authorised signers with Franklin's issuing account.

CryptoTicker explains this looks like Franklin or a distribution partner holding shares on behalf of clients — a sign a major asset manager trusts the ledger for settlement at scale, not evidence of a wave of new on-chain buyers.

For ranking, CryptoTicker cites rwa.xyz data placing Ripple's RLUSD stablecoin first at about $930 million in tokenized assets on the ledger, with Franklin now second at roughly $193 million, ahead of Ondo Finance at $185 million.

The timing is crowded: CryptoTicker reports Ripple's Arf partnership for RLUSD settlement liquidity, Evernorth's planned 473 million XRP treasury with Ripple, Coinbase, Kraken and BitGo, and the XRP Ledger's listing as the sole token rail in Singapore's expanded Project BLOOM pilot.

For long-term holders betting on Ripple's banking network, the on-chain adoption trend is measurable and accelerating; for short-term traders, CryptoTicker flags $1.30 as the level to reclaim and $1.20 as next support, with Bitcoin ETF flows and oil prices mattering more than Franklin's wallet.

Separately, a GlobeNewswire press release carried by Markets Insider says Remittix will burn 300 million RTX — 20% of original supply — at its November 24 launch, another reminder that supply-side headlines and price impact rarely align.