The veteran asset management giant personally launching a tokenized fund, and choosing Stellar for it, what does this indicate? It shows that they have done the math, and the cost advantage of on-chain settlement is too significant to ignore. The era of traditional finance's "middlemen earning the spread" is counting down.

CryptoWorld news reports that Franklin Templeton CEO Jenny Johnson said that blockchain and cryptocurrencies pose a threat to traditional finance’s high-fee business model, which depends on intermediary transactions. She mentioned the company’s Stellar-based tokenized money market fund Benji, saying its transaction costs are far lower than traditional systems, and encouraging traditional institutions to move to the blockchain. While acknowledging Bitcoin’s self-custody and privacy features, she believes most investors will still choose regulated custodial services and low-cost compliant infrastructure.