Franklin Templeton says Wall Street fears blockchain because it threatens its profits
Franklin Templeton CEO Jenny Johnson said Wall Street resists blockchain because it threatens traditional fee-based business models. Her firm's tokenized money market fund Benji costs just $1.13 per transaction on Stellar versus $1.30 on legacy systems. Johnson maintains institutional investors will still demand regulated custodians despite blockchain's efficiency gains and cost savings for digital asset transfers.
Key takeaways
- 1Franklin Templeton's tokenized money market fund Benji costs $1.13 per transaction on Stellar versus $1.30 on legacy systems.
- 2Wall Street delays blockchain adoption because the technology threatens lucrative fee-based intermediation business models.
- 3Institutional investors will continue demanding regulated custodians and compliance frameworks despite blockchain's efficiency and cost advantages.
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Why it matters
This signals a fundamental shift in asset management infrastructure moving on-chain, which could reduce transaction costs for Indian institutional investors and fund managers. However, regulatory custody requirements mean traditional financial intermediaries will retain significant market power even as blockchain adoption accelerates.
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