DBS Bank is accelerating its move into digital assets through a new collaboration with Franklin Templeton and Ripple, aimed at offering tokenized money market funds and stablecoin services to accredited and institutional investors.
On Sept. 18, Singapore’s largest lender confirmed it will list Franklin Templeton’s sgBENJI token—representing units of its tokenized U.S. dollar money market fund—on the DBS Digital Exchange.
The sgBENJI token will be paired with Ripple’s U.S. dollar stablecoin, RLUSD, enabling investors to swap between the two and tap into yield opportunities.
Tokenized Assets Meet Stablecoins
The partnership allows for direct trading between a tokenized money market fund and a regulated stablecoin—a structure DBS says could enhance efficiency and liquidity in global markets. Franklin Templeton will issue the sgBENJI token on Ripple’s XRP Ledger, selected for its speed, cost-efficiency, and interoperability.
“This partnership demonstrates how tokenized securities can play a pivotal role while injecting greater efficiency and liquidity in global financial markets,” said Lim Wee Kian, CEO of DBS Digital Exchange.
DBS also plans to expand the service by allowing clients to use sgBENJI tokens as collateral for credit. Potential options include bank-run repurchase agreements (repos) and third-party lending platforms, with DBS acting as custodian of the pledged collateral.
Strategic Context
The initiative comes amid growing momentum among asset managers and banks toward tokenization. Ripple has been positioning RLUSD as a bridge between institutional finance and blockchain-based payments, while Franklin Templeton—overseeing more than $1.5 trillion in assets—has been aggressively expanding its tokenized fund offerings.
By integrating sgBENJI with RLUSD, DBS is piloting the first repo trades involving tokenized money market funds and regulated stablecoins. With projections suggesting tokenized assets could reach $16 trillion by 2030, the partnership underscores rising institutional confidence in digital asset tokenization.
