DBS, Franklin Templeton, and Ripple Join Forces on Tokenized Finance Push

Ripple, DBS Bank, and Franklin Templeton have announced a strategic partnership to expand tokenized finance services. The three companies signed a Memorandum of Understanding (MOU) with the goal of integrating traditional money market funds with blockchain-based trading and lending services. As part of the agreement, Franklin Templeton will tokenize its flagship U.S. dollar short-term money market, Franklin OnChain, on the XRP Ledger. XRP Ledger is Ripple’s enterprise-grade blockchain.

The digital token of the fund will be branded as sgBENJI and will be listed on the DBS Digital Exchange (DDEX) along with Ripple’s new U.S. dollar-pegged stablecoin called Ripple USD (RLUSD).

New Collaboration for Improved Tokenized Services

This dual listing will allow DBS clients to seamlessly rebalance portfolios between a stablecoin and a yield-generating tokenized money market fund. The companies say that the design gives investors a chance to earn income while keeping their money available, even when the market is unstable.

Nigel Khakoo, Ripple’s Vice President and Global Head of Trading and Markets, called the partnership a “breakthrough moment.” “The linkup between Ripple, DBS, and Franklin Templeton to enable repo trades for a tokenized money market fund with a regulated, stable, and liquid exchange medium like RLUSD is truly a game-changer,” Khakoo said, adding that the ecosystem unlocks “capital efficiency, utility, and liquidity that institutions demand.”

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DBS Digital Exchange CEO Lim Wee Kian highlighted the broader implications for global capital markets. “This is clear evidence of how tokenized securities can inject greater efficiency and liquidity into financial systems worldwide,” he said.

DBS is looking at the potential of letting investors pledge sgBENJI tokens as collateral for loans, either through the bank or other platforms, in addition to trading. This kind of shift would open up new ways for investors to borrow against their holdings while still getting the dividend from the underlying fund.

The partnership marks another milestone in 2025’s rapid institutional adoption of blockchain finance. By combining Ripple’s stablecoin infrastructure, Franklin Templeton’s tokenized assets, and DBS’s regulated exchange platform, the trio aims to set a new standard for on-chain financial services in Asia and beyond.