
Franklin Templeton CEO says rival tokenized funds miss the point of blockchain
At TOKEN2049 Singapore, Franklin Templeton CEO Jenny Johnson criticized rival tokenized funds as mere digital twins that fail to leverage blockchain's true potential. She contrasted these products with Franklin Templeton’s BENJI fund, which uses public blockchains as the primary source of truth for ownership records. Johnson highlighted significant operational efficiencies, noting that BENJI enables per-second yield accrual and reduces transaction costs to $1.13 compared to $150 for traditional methods. Launched in 2021, BENJI was the first U.S.-registered mutual fund to utilize public blockchain infrastructure for its records. The firm has expanded the fund's utility by integrating it as off-exchange collateral on platforms like Bybit and Binance. Franklin Templeton now manages approximately $2.5 billion in tokenized money funds, demonstrating the growing institutional adoption of native on-chain assets. This critique underscores a strategic divide in the RWA market between legacy systems wrapped in tokens and natively built blockchain financial products.
















