DBS, Franklin Templeton & Ripple Unveil Tokenized MMF Trading & Lending Using Stablecoin Rails

DBS Bank, Franklin Templeton, and Ripple have signed a Memorandum of Understanding to roll out trading and lending solutions for accredited and institutional investors using tokenized money market funds, anchored by Ripple’s RLUSD stablecoin. Under the plan, Franklin Templeton will issue a token called sgBENJI, representing its tokenized U.S. dollar short-term money market fund, on the XRP Ledger. DBS will list sgBENJI alongside RLUSD on its Digital Exchange, enabling investors to swap between a stablecoin and a yield-earning money market token, giving them a way to earn yield even through volatile periods.

In the next phase, DBS intends to allow sgBENJI holders to use their tokens as collateral for borrowing—via bank-managed repurchase agreements (repos) or through third-party platforms, with DBS serving as the custodian of the collateral. The XRP Ledger was chosen for its speed, efficiency, and low transaction costs, making it suitable for high-volume, low-latency fund instruments. This collaboration signals a maturation in institutional demand for regulated, on-chain products that combine liquidity, yield, and compliance.