DBS, Franklin Templeton, and Ripple have entered into a partnership to provide accredited and institutional investors with new trading and lending solutions using tokenised money market funds on the XRP ledger blockchain and stablecoins such as Ripple USD (RLUSD). The collaboration was formalised through a memorandum of understanding signed by representatives from all three organizations.
The initiative aims to address challenges faced by digital asset investors, who often allocate directly into public blockchain tokens like Bitcoin, Ether, and XRP. These investments can expose them to significant market volatility without offering any yield. To help clients manage their portfolios more effectively amid changing market conditions, DBS Digital Exchange (DDEx) will list sgBENJI—the token for Franklin Templeton’s tokenised money market fund—alongside RLUSD. This will allow eligible DBS clients to trade between RLUSD and sgBENJI tokens around the clock, providing opportunities to rebalance portfolios quickly while potentially earning yield during periods of volatility.
Future phases of the partnership include plans for DBS to enable clients to use their sgBENJI tokens as collateral to unlock liquidity. This could involve obtaining credit from the bank via repurchase transactions or through third-party platforms where DBS acts as an agent holding the collateral. Such arrangements are intended to give clients access to broader liquidity pools while ensuring that pledged collateral is held securely.
Franklin Templeton will also expand its tokenisation efforts by issuing sgBENJI on the XRP Ledger—a public blockchain known for speed, efficiency, and low transaction costs. The addition of this network is expected to improve interoperability across different blockchains and make it easier for institutional investors to trade and settle tokenised assets efficiently.
Lim Wee Kian, CEO of DBS Digital Exchange, said: “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. 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.”
Roger Bayston, Head of Digital Assets at Franklin Templeton, commented: “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.”
Nigel Khakoo, VP and Global Head of Trading and Markets at Ripple said: “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. 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.”
Clients considering trading cryptocurrencies are reminded about associated risks; they should assess their investment objectives along with risk appetite before making decisions.
Money market funds typically hold short-term securities like Treasurys or commercial paper; they are considered cash-like investments but still offer some yield. Tokenising these funds allows trading outside regular market hours with settlements completed within minutes rather than days.
A repo transaction enables short-term borrowing using securities as collateral—a practice common among investors seeking short-term funding or financing other transactions.
DBS operates across 19 markets in Asia including Greater China, Southeast Asia, and South Asia. The bank has received multiple awards recognizing its leadership in banking innovation. Franklin Templeton manages over $1.6 trillion in assets globally as of July 2025. Ripple provides infrastructure for digital assets aimed at improving efficiencies within financial institutions worldwide.