Franklin Templeton has added about 150 million dollars of shares in its tokenised sgBENJI fund to the XRP Ledger. There are now about 193 million shares, worth roughly 200 million dollars, all held in a single wallet. The issuer keeps the ability to freeze or recover tokens. At this size the product is the second-largest asset on the network after the RLUSD stablecoin, which stands at about 930 million dollars.
What it means: The news highlights a hard question for tokenisation: how real is the use of a blockchain when all the shares sit in one wallet. Without spread across many holders, the on-chain record works more as a technical register than as a market where shares change hands. That is not necessarily negative, since many such products start with a few institutional clients or with intermediaries holding shares on behalf of others. It does show, though, that value figures on tokenisation dashboards need careful reading. The issuer's power to freeze or recover tokens is a common feature of regulated products and helps with anti-money-laundering and sanctions rules, but it means the holder does not have the full control a blockchain usually promises. For Greek institutional investors and fund managers studying tokenised products, the checklist should cover the fund's legal framework, on-chain liquidity, who controls the keys and how redemptions work. In the EU, tokenised funds fall under fund rules rather than MiCA, so the distribution licence remains critical.
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