At the Crypto Valley Conference 2025, Beincrypto sat with Catriona Kellas, the international lead of Franklin Templeton’s digital projects, and Christian Leger, Swiss head of Franklin Templeton.
They discussed the company’s long-term vision for digital assets, its pioneering tokenization initiatives, and the future of integration.
Why Franklin Templeton believed in codes from the beginning
Catriona: We didn’t change our views. We recognized the potential of Bitcoin and encryption early and began working in this field in 2018.
That’s when you start looking at crypto not only through the asset class but through the lens of technology. During the Crypto winter, we paused several initiatives but continued to commit.
Currently, we have Bitcoin ETFs, Ethereum ETFs, and other crypto-related funds. Our team will study toconomies and explore emerging coins with the long-term client value in mind.
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.
I chose to build my own tokenization technology. This provided a deep technical understanding. Using public blockchains, we demonstrated to the SEC that these systems can provide secure control and verification.
Christian: Franklin Templeton is still a family business and encourages a long-term view. Our leadership supports innovative projects that others can avoid.
Our CEO, Jenny, saw the potential to drive operations and reduce the cost of moving blockchain money. This insight solidified our belief in technology.
Why Stellar became the foundation
Catriona: We chose Stellar, a tokenized fund, because we allowed token-level control to meet SEC requirements. I was able to safely manage the token location.
Stellar remains a major blockchain because it is cost-effective and fits your goals. We also employ other networks globally.
When evaluating blockchain, we consider costs, smart contract support, privacy features, audits, and uptime. Due diligence from traditional asset management is fitted with blockchain.
We maintain strict standards to ensure security and client trust.
Tokenization beyond the financial market
Catriona: Tokenization is not limited to financial assets. Future investors can prioritize new asset classes, such as IP and real-world cultural assets.
For example, an artist can tokenize royalties and titles of work. Rihanna tokenized her song rights, allowing fans to own shares.
This model increases portfolio diversification and gives access to cultural investments.
Institutional bets on public blockchains
Catriona: Public blockchain brings transparency and verification. This is important. Our approach focused on practicality rather than hype.
We challenged the belief that private chains are safer. Through careful assessments, we have proven that selected public blockchains can meet privacy and security needs.
What Franklin Templeton does with defi
Catriona: Defi is a current priority and is gaining attention from our clients. Starting an on-chain fund was just the first step.
It currently allows peer-to-peer transfers and intraday yield payments. This is a feature that adds tangible benefits.
The yield system we developed is a patent application. Investors can earn yields based on their second holding time, based on their exact holding time.
This efficiency helps traditional assets compete with stablecoins in defi use cases like collateral. Extends how to use tokenized assets.
We’re expanding Benji globally and connecting it to defi applications. The goal is to provide clients with more utilities from their assets.
We see more interest from our clients, but some are first and others are already familiar with it. The industry is moving towards innovation with past fears.
What’s next for Benji and tokenized funds?
Catriona: We recently received MAS approval in Singapore to launch Benji under the VCC structure. This version is slightly different from previous boots.
We are expanding Benji all over the world by adding features based on client needs. For example, we offer multicoin strategy private funds.
We will continue to refine our products and build new products. The focus is to help users understand Benji’s potential.
Web3 natives already see value. Now we have to explain it to traditional sectors such as the Ministry of Finance and lending. That’s our current focus.
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