DBS, Franklin Templeton, and Ripple have entered into a partnership to offer accredited and institutional investors new trading and lending solutions. These solutions will be powered by tokenised money market funds on the XRP Ledger blockchain and stablecoins such as Ripple USD (RLUSD).
The three companies formalized their collaboration through a memorandum of understanding. The partnership brings together DBS, one of Asia’s largest financial institutions; Franklin Templeton, a global investment manager; and Ripple, known for its enterprise blockchain and cryptocurrency services. This initiative comes as interest in digital assets among institutional investors continues to grow.
Currently, digital asset investors often invest directly in public blockchain tokens like Bitcoin, Ether, and XRP. Such investments can expose them to high volatility without offering yield on their portfolios. To address this issue, DBS Digital Exchange (DDEx) will list sgBENJI—the token representing Franklin Templeton’s tokenised money market fund—alongside RLUSD. Eligible clients will be able to trade RLUSD for sgBENJI tokens at any time of day, allowing them to shift their portfolios into more stable assets quickly while earning yield during volatile periods.
In the next phase of the project, DBS plans to help clients use sgBENJI tokens as collateral to access liquidity. Clients may obtain credit from the bank via repurchase transactions or from third-party platforms where DBS acts as an agent holding the collateral.
Franklin Templeton will also tokenize sgBENJI on the XRP Ledger. This move aims to improve interoperability across different blockchains and increase accessibility for participants in the ecosystem. The XRP Ledger was selected due to its speed, efficiency, and low transaction costs—factors important for managing high-volume assets like tokenised money market funds.
“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.”
DBS cautioned clients interested in trading cryptocurrencies about associated risks. Investors are advised to assess their objectives carefully before making decisions.
Money market funds typically invest in short-term securities such as Treasurys or commercial paper. They are generally considered safe investments offering some yield while maintaining liquidity.
Franklin Templeton manages over US$1.62 trillion in assets globally as of July 31, 2025 (https://www.franklinresources.com). DBS operates across 19 markets with high credit ratings (“AA-”/“Aa1”) (https://www.dbs.com), while Ripple specializes in providing infrastructure for digital assets using its XRP Ledger platform (https://ripple.com).
For more information about each company’s activities or offerings:
– www.dbs.com
– www.franklinresources.com
– ripple.com
