DBS, Franklin Templeton, and Ripple have joined forces to launch tokenized trading and lending solutions for institutional investors. This collaboration seeks to merge traditional money market funds with blockchain technology and stablecoins. A memorandum of understanding was signed by the three entities to formalize the partnership.

The partnership will enable trading of Franklin Templeton's sgBENJI token on the DBS Digital Exchange using Ripple's RLUSD stablecoin. Furthermore, DBS is considering allowing clients to use sgBENJI tokens as collateral for obtaining credit through bank repos or third-party platforms.

This collaboration is significant as it combines the strengths of a leading Asian financial institution (DBS), a global investment management firm (Franklin Templeton), and a prominent player in blockchain and cryptocurrency solutions (Ripple). It also marks a step forward in the maturation of the digital asset ecosystem, which is attracting increasing interest from institutional investors. According to a report by EY-Parthenon and Coinbase, 87% of institutional investors are expected to invest in digital assets in 2025.

The partnership aims to address the unique demands of the digital asset class, which operates 24/7 and is borderless. By offering tokenized securities, the collaboration seeks to boost market efficiency and liquidity. Digital asset investors often allocate directly to cryptocurrencies like Bitcoin, Ether, and XRP, which can be volatile and may not generate yield. The new solutions will allow investors to manage their digital asset portfolios more effectively and respond to changing market conditions.

Through DBS Digital Exchange, investors will be able to acquire Franklin Templeton's sgBENJI token directly against RLUSD. This allows for quick portfolio rebalancing into a relatively stable asset class that generates yield. DBS plans to allow clients to use sgBENJI tokens as collateral, unlocking liquidity for repos with the bank or for credit via third-party platforms. DBS will act as a collateral agent, ensuring that pledged assets remain safeguarded.

Franklin Templeton will expand sgBENJI's reach by issuing it on the XRP Ledger, which was chosen for its low fees, efficiency, and ability to handle high-volume transactions. This will enhance interoperability across chains and market participants.

Ripple's RLUSD stablecoin plays a crucial role in the partnership. Stablecoins are designed to maintain a stable value by being tied to a traditional currency like the U.S. dollar. This stability makes them suitable for trading, lending, and settlements. Ripple hopes that RLUSD will stand out in the stablecoin market through trustworthiness, regulatory compliance, and strong business connections. As of September 17, 2025, RLUSD had a market capitalization of nearly $730 million.

The DBS Digital Exchange (DDEx), launched in 2020, is designed for approved and professional investors seeking a safe and trustworthy platform. The addition of sgBENJI and RLUSD will make the exchange more useful, offering investors a tokenized fund for safety and a stablecoin for easy trading and lending.

Nigel Khakoo, VP and Global Head of Trading and Markets at Ripple, stated that the partnership between Ripple, DBS, and Franklin Templeton is a "game-changer" that enables repo trades for a tokenized money market fund with a regulated, stable, and liquid mode of exchange like RLUSD. He also noted that investors can seamlessly rebalance their portfolios between a stablecoin and a yield-generating money market fund within a single, trusted ecosystem.

This collaboration signifies the convergence of traditional finance and blockchain technology. Banks, asset managers, and crypto firms are finding ways to combine their strengths to create modern and trustworthy financial systems. For DBS, this partnership strengthens its role as a leader in digital banking. For Franklin Templeton, it demonstrates the growing utility of tokenized funds. And for Ripple, it represents an expansion beyond payments into the stablecoin market.