At the Crypto Valley Conference 2025, BeInCrypto sat down with Catriona Kellas, International Legal Lead for Digital Projects at Franklin Templeton, and Christian Leger, Head of Switzerland at Franklin Templeton.
They discussed the firm’s long-term vision for digital assets, their pioneering tokenization initiatives, and the future of DeFi integration.
Why Franklin Templeton Believed in Crypto From the Start
Catriona: We didn’t change our view. We recognized the potential of Bitcoin and crypto early and began work in this space in 2018.
That’s when we started looking at crypto through the lens of the technology, not just the asset class. During the crypto winter, we paused some initiatives but remained committed.
We now have a Bitcoin ETF, Ethereum ETF, and other crypto-related funds. Our team researches tokenomics and explores emerging coins with long-term client value in mind.
What Happened Last Week in Crypto (7/13-7/20)
BTC all-time High: Bitcoin delivered a strong performance last week, surging to fresh all-time highs above $123,000, reflecting continued institutional momentum and macro tailwinds.Altcoin Rally: Major altcoins followed suit, with… pic.twitter.com/1QPg5KzATM— Franklin Templeton Digital Assets (@FTDA_US) July 21, 2025
In 2021, we launched the US 40 Act money market fund, the world’s first tokenized fund of its kind. It followed extensive collaboration with regulators.
We chose to build the tokenization tech ourselves, which gave us a deep technical understanding. Using public blockchains, we demonstrated to the SEC that these systems could offer secure control and validation.
Christian: Franklin Templeton is still family-run, which encourages a long-term view. Our leadership supports innovative projects others may avoid.
Jenny, our CEO, rose through operations and saw blockchain’s potential to cut money movement costs. This insight cemented our belief in the technology.
Why Stellar Became the Foundation
Catriona: We selected Stellar for our tokenized fund because it enabled token-level controls that met SEC requirements. It allowed us to manage token location securely.
Stellar remains our primary blockchain because it’s cost-effective and fits our objectives. We’ve also adopted other networks globally.
When evaluating blockchains, we consider cost, smart contract support, privacy features, audits, and uptime. Our due diligence from traditional asset management has been adapted for blockchain.
We maintain strict standards to ensure security and client trust.
Tokenization Beyond Financial Markets
Catriona: Tokenization isn’t limited to financial assets. Future investors may prioritize new asset classes like IP or real-world cultural assets.
For example, artists can tokenize royalties or ownership in their works. Rihanna tokenized rights to her songs, allowing fans to own a share.
This model broadens portfolio diversification and makes cultural investments accessible.
Traditional financial instruments 🤝 Blockchain infrastructureIntraday Yield. This patent-pending feature, developed by the digital assets team at Franklin Templeton, is now available on the Benji Technology Platform. pic.twitter.com/kbSNsI1LYK— Franklin Templeton Digital Assets (@FTDA_US) June 18, 2025
The Institutional Bet on Public Blockchains
Catriona: Public blockchains bring transparency and validation, which are critical. Our approach focused on practicality, not hype.
We challenged the belief that private chains are more secure. Through careful evaluation, we proved that selected public blockchains can meet our privacy and security needs.
What Franklin Templeton is Doing with DeFi
Catriona: DeFi is a current priority, with rising client interest. Launching an on-chain fund was just the first step.
We’re now enabling peer-to-peer transfers and intraday yield payouts—features that add tangible benefits.
The yield system we developed is patent-pending. It lets investors earn yield based on precise holding time, even down to the second.
This efficiency helps traditional assets compete with stablecoins in DeFi use cases like collateral. It expands how tokenized assets can be used.
We’re scaling Benji globally and connecting it to DeFi applications. The goal is to offer clients more utility from their assets.
We’re seeing more interest from clients, some just starting, others already well-versed. The industry is moving past fear, toward innovation.
What’s Next for Benji and Tokenized Funds?
Catriona: We recently received MAS approval in Singapore to launch Benji under a VCC structure. This version differs slightly from previous launches.
We’re expanding Benji worldwide, adding functionality based on client needs. For example, we now offer a multi-coin strategy private fund.
We’ll continue refining our products and building new ones. The focus is helping users understand Benji’s potential.
Web3 natives already see the value. Now, we must explain it to traditional sectors like treasury and lending. That’s our current focus.
Disclaimer
Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
