DBS Bank, the largest financial institution in Southeast Asia, has collaborated with Franklin Templeton and Ripple to introduce trading and lending solutions utilizing tokenized money market funds and RLUSD.
Ripple disclosed the partnership as RLUSD’s market capitalization reached a new peak in September.
Ripple Expands RLUSD Use Cases in September
As reported by Ripple, DBS and Franklin Templeton have signed a memorandum of understanding to launch trading and lending solutions based on tokenized money market funds (MMFs) and Ripple’s RLUSD stablecoin.
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Investors can acquire sgBENJI tokens—representing Franklin Templeton’s money market fund—on the DBS Digital Exchange by utilizing the RLUSD stablecoin. Moreover, Franklin Templeton will tokenize sgBENJI on the XRP Ledger, Ripple’s public, enterprise-grade blockchain.
“2025 has been characterized by a series of industry-firsts with traditional financial institutions moving on-chain—making the collaboration among Ripple, DBS, and Franklin Templeton to facilitate repo trades for a tokenized money market fund, using a regulated, stable, and liquid exchange like RLUSD, a true game-changer,” said Nigel Khakoo, VP and Global Head of Trading and Markets at Ripple, said.
Data from DefiLlama reveals that RLUSD’s market capitalization reached a new high of $729 million in September, reflecting a tenfold increase since the beginning of the year. Some analysts predict RLUSD’s market cap could soon exceed $1 billion as a result of this collaboration.
Nonetheless, this figure is modest compared to USDT’s $170 billion market cap or USDC’s $73 billion.
RWA data shows that RLUSD currently has approximately 36,000 holders, representing only 0.26% of the total stablecoin market capitalization.
In September, Ripple also formed partnerships with Chipper Cash, VALR, and Yellow Card to promote RLUSD in African markets. Chainalysis reported that Sub-Saharan Africa is now the third-fastest growing region for cryptocurrency, propelled by robust retail engagement in the first half of 2025.
Last month, Ripple and SBI Holdings entered a memorandum of understanding to distribute RLUSD via the SBI VC Trade platform.
These institutional collaborations underscore Ripple’s efforts to enhance RLUSD adoption globally.
With these advancements, RLUSD’s growth prospects appear incredibly promising.
