DBS Group – Singapore’s largest bank – has officially joined hands with Franklin Templeton (one of the leading asset managers in the US) and Ripple to launch trading and lending services based on Ripple’s encrypted money market fund and USD- Peg stablecoin RLUSD. This is XEM an important step in bringing digital assets into the traditional financial system.
Under the agreement, DBS will list the sgBENJI Token – representing a US dollar-denominated money market fund issued by Franklin Templeton – alongside Ripple’s stablecoin RLUSD on its digital asset exchange, DBS Digital Exchange. This will allow institutional and accredited investors to easily swap between the two assets and simultaneously generate cash flow yields.
Mr. Lim Wee Kian, CEO of DBS Digital Exchange, emphasized that this collaboration demonstrates the potential of tokenized securities to enhance liquidation and efficiency in global financial markets. Going beyond trading, DBS also plans to allow customers to use sgBENJI as collateral for credit, through bank-run repo transactions or through third-party platforms where DBS Vai as an intermediary to hold collateral.
Notably, Franklin Templeton will issue sgBENJI directly on Ripple’s XRP Ledger blockchain – a platform that has proven to be fast, transparent and secure for digital asset transactions. This is also a sign that global financial institutions are increasingly trusting blockchain infrastructure in managing and distributing financial products.
This event takes place in the context of international finance changing strongly with the trend of Tokenize. In Singapore alone, the government and financial regulator (MAS) continuously encourage testing of blockchain technology in payments and asset management. Meanwhile, in the US, after Mr. Donald Trump was re-elected and returned to the White House from the end of 2024, the new administration is also sending signals of support for the blockchain industry, creating more motivation for large financial institutions to accelerate their asset digitization strategy.
