Ripple has announced a strategic partnership with global asset manager Franklin Templeton and Singapore’s largest bank, DBS, to create repo markets on blockchain rails. The initiative will combine stablecoins and tokenized collateral to improve efficiency and liquidity in financial markets. As part of the deal, Franklin Templeton’s sgBENJI token , which represents shares in a tokenized U.S. dollar short-term money market fund, will be listed on a Singaporean exchange. Investors will be able to exchange it instantly for Ripple’s RLUSD stablecoin , also listed on the platform. This setup gives market participants the option to quickly switch from volatile assets into a safer, yield-generating product during turbulent times. The next step of the collaboration will allow sgBENJI tokens to be used as collateral for short-term credit , provided by DBS or other lenders. This mirrors how traditional repo markets operate, where U.S. Treasuries are commonly used to secure loans and unlock more liquidity. Franklin Templeton will issue sgBENJI tokens on the XRP Ledger (XRPL) and several other blockchains. Ripple emphasizes that XRPL is well-suited for handling large-scale tokenized money market funds. At the same time, RLUSD will act as the base trading currency for sgBENJI, with its market cap nearing $730 million. Ripple’s Nigel Khakoo described enabling repo trades with tokenized funds and stablecoins as a potential “game changer” for financial markets, signaling broader adoption of blockchain in institutional finance.
