TL;DR:
- Capital milestone: The value of real-world assets (RWA) under management by Franklin Templeton on the Stellar network surpassed $1.1 billion on November 5, 2026.
- Network contrast: Share issuance on XRP Ledger stands at around $200 million (193 million sgBENJI tokens), concentrated in a single wallet.
- Holder distribution: On-chain data indicates that Stellar hosts over 90% of the historical retail and institutional holders of the tokenized product.
The value of real-world assets managed by Franklin Templeton on Stellar officially reached the $1.1 billion threshold. The move consolidates the network’s position against recent deployments on XRP Ledger, where the asset manager maintains a significantly smaller presence following its latest institutional issuances.
— RWA Foundation (@RWAFoundation_) November 5, 2026
A market report on Thursday, November 5, indicated that net capital inflows directed toward the Franklin OnChain U.S. Government Money Fund (BENJI) propelled the total volume managed on the Stellar network to this new all-time high.
The global firm, which manages a portfolio of over $1.7 trillion in traditional assets, originally launched this SEC-regulated mutual fund in April 2021 using Stellar as its primary public registry.
The gap with XRP Ledger stems from different integration timelines and distinct product structures.
In late October 2026, Franklin Templeton executed the issuance of $150 million in sgBENJI shares on XRP Ledger. This Singapore-based, short-term U.S. dollar money market fund, structured alongside DBS Bank and Ripple, raised the total balance on that network to nearly 193 million tokens valued at approximately $200 million.
XRP Ledger explorer records documented that all of these assets remain concentrated in a single multi-signature address managed by eight authorized keys, aimed at institutional liquidity schemes involving the RLUSD stablecoin.
Operational Differences and Holder Traction on Public Networks
Stellar’s technical documentation indicates that the protocol features native control mechanisms at the base-layer level.
These functions include pre-authorization flags and asset clawbacks, mandatory regulatory requirements under SEC oversight.
Analysts from the firm Allium pointed out in their October 2026 metrics that Stellar accounted for more than 970 individual holders of the BENJI token, representing roughly 95% of the fund’s total owner base distributed across the nine blockchains where the firm operates.
In contrast, the XRP Ledger deployment maintains a single custodian wallet registered on the public chain. Industry reports suggest that this account could operate under an omnibus model that distributes ownership through private internal ledgers.
BENJI’s cumulative return since inception stands at 17.74%, with a management fee set at 0.15% annually and settlement times ranging between 5 and 7 seconds per block.
The tokenization of U.S. public debt instruments and money market funds surpassed $38 billion in globally distributed value during the last quarter, according to data from the RWA.xyz platform. In this sector, products such as BlackRock’s BUIDL and Franklin Templeton’s BENJI variants capture the largest share of institutional capital.
Representatives from Franklin Templeton and DBS confirmed that formal retail access for sgBENJI operations on Asian platforms will continue its phased rollout through late 2026 and early 2027.
