DBS, Franklin Templeton, and Ripple have signed a Memorandum of Understanding (MOU) to collaborate on offering trading and lending solutions that leverage tokenized money market funds on the XRP Ledger blockchain and Ripple’s stablecoin, Ripple USD (RLUSD).
The MoU will see Franklin Templeton tokenize its money market fund, Franklin on-chain U.S. dollar short-term money market fund, on XRP Ledger, a public and enterprise-grade blockchain.
At the same time, DBS Digital Exchange (DDEx) will list sgBENJI, the money market fund token, alongside RLUSD, enabling DBS clients to rebalance their portfolios between a stablecoin and a yield-generating money market fund. This will help investors earn yield even during volatile periods.
Nigel Khakoo, VP and Global Head of Trading and Markets at Ripple, called the collaboration a game changer.
“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,” Khakoo said in an email announcement shared with CoinDesk.
“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,” Khakoo added.
Lim Wee Kian, CEO of DBS Digital Exchange, said that the collaboration is evidence of how tokenised securities can play that role while injecting greater efficiency and liquidity in global financial markets.
Additionally, DBS is considering allowing holders of sgBENJI tokens to pledge their tokens as collateral to borrow funds from the bank of third-party platforms.
The move will open new liquidity options for investors holding sgBENJI tokens, enabling them to leverage their digital assets to obtain credit while still retaining exposure to the underlying yield-generating money market fund.