Ripple has inked a three-way agreement with DBS and Franklin Templeton to bring tokenized money market funds and stablecoin-based liquidity onto DBS Digital Exchange (DDEx), in a move that squarely targets institutional demand for on-chain yield and credit.
DBS, Southeast Asia’s largest bank by assets (over $500 billion as of 2025), framed the tie-up as part of a broader institutional shift toward tokenized market infrastructure. “Digital asset investors need solutions that can meet the unique demands of a borderless 24/7 asset class,” said Lim Wee Kian, CEO of DBS Digital Exchange. The bank added that, in a next phase, it will explore allowing clients to post sgBENJI as collateral to obtain credit either directly from DBS via repurchase transactions (repos) or from third-party platforms where DBS acts as collateral agent—formally pulling a core money-markets use case on-chain.
Franklin Templeton, which has been at the vanguard of tokenized funds, will issue sgBENJI on the XRP Ledger to increase interoperability across networks. Roger Bayston, head of digital assets at Franklin Templeton, called the collaboration “a meaningful advancement in the utility of tokenized securities” and “a significant step forward in the growth of Asia’s digital asset ecosystem.” Ripple’s VP and global head of trading and markets, Nigel Khakoo, underscored the capital-markets angle, saying the link-up to “enable repo trades for a tokenized money market fund” with a regulated, liquid exchange medium like RLUSD “is truly a game-changer.”
The mechanics are designed for institutional portfolio management. By listing sgBENJI and RLUSD side by side, accredited investors on DDEx can quickly rebalance from volatile crypto exposures into a comparatively stable, yield-accruing fund token without leaving a single, bank-supervised ecosystem. Ripple and DBS say settlement finality within minutes and 24/7 market access are central to the design, with the XRP Ledger chosen for speed, low fees and throughput suitable for high-volume fund token transfers.
At press time, XRP traded at $3.10.
