$150 million moves on-chain, yet XRP is down 13.4% in a month.
On Friday, Franklin Templeton moved $150 million worth of tokenized money market fund shares onto the XRP Ledger: two subscriptions of $75 million each were converted into about 144 million sgBENJI tokens. The fund’s on-ledger balance jumped overnight from 48 million tokens to nearly 193 million, worth about $200 million.
On the RWA rankings, Franklin has leapt to become the XRP Ledger’s second-largest tokenized asset issuer, behind only RLUSD (about $930 million) and ahead of Ondo ($185 million).
But the price isn’t impressed at all: XRP fell from $1.49 to $1.29 in October, while spot ETFs saw net inflows of just $14.52 million over the same period. Institutions are building the road, but the money hasn’t come in.
The details are more thought-provoking: all the shares went into a single wallet, and the issuer can still freeze and claw back the tokens. It may be on-chain, but the compliance controls are still in the issuer’s hands.
I see this as a genuine signal of “institutional adoption,” not a buy signal: adoption is happening on the asset-issuance side, while the price is still weighed down by whale selling pressure into Binance. Building the road and rising prices are two different things.
Invalidation: this view is void if XRP breaks above $1.38 on strong volume, or if Ripple Swell, which opens on October 27, presents real data on on-chain usage.
Which trend are you more optimistic about: “Wall Street moving funds on-chain,” or the idea that “one wallet holding $200 million” is itself an irony of decentralization?
$XRP $RLUSD
#XRP #RWA
This is not investment advice. DYOR; trading involves risk.
On Friday, Franklin Templeton moved $150 million worth of tokenized money market fund shares onto the XRP Ledger: two subscriptions of $75 million each were converted into about 144 million sgBENJI tokens. The fund’s on-ledger balance jumped overnight from 48 million tokens to nearly 193 million, worth about $200 million.
On the RWA rankings, Franklin has leapt to become the XRP Ledger’s second-largest tokenized asset issuer, behind only RLUSD (about $930 million) and ahead of Ondo ($185 million).
But the price isn’t impressed at all: XRP fell from $1.49 to $1.29 in October, while spot ETFs saw net inflows of just $14.52 million over the same period. Institutions are building the road, but the money hasn’t come in.
The details are more thought-provoking: all the shares went into a single wallet, and the issuer can still freeze and claw back the tokens. It may be on-chain, but the compliance controls are still in the issuer’s hands.
I see this as a genuine signal of “institutional adoption,” not a buy signal: adoption is happening on the asset-issuance side, while the price is still weighed down by whale selling pressure into Binance. Building the road and rising prices are two different things.
Invalidation: this view is void if XRP breaks above $1.38 on strong volume, or if Ripple Swell, which opens on October 27, presents real data on on-chain usage.
Which trend are you more optimistic about: “Wall Street moving funds on-chain,” or the idea that “one wallet holding $200 million” is itself an irony of decentralization?
$XRP $RLUSD
#XRP #RWA
This is not investment advice. DYOR; trading involves risk.
