At the Crypto Valley Conference 2025, BeInCrypto had a conversation with Catriona Kellas, International Legal Group Lead for Digital Projects at Franklin Templeton, and Christian Leger, Franklin Templeton's Representative in Switzerland.
They discussed the company's long-term vision for digital assets, pioneering tokenization initiatives, and the future of DeFi integration.
Why Franklin Templeton Believed in Crypto from the Beginning
Catriona: We haven't changed our perspective. We recognized the potential of Bitcoin and cryptocurrency early on and started working in this field since 2018.
That was when we began looking at cryptocurrency through a technological lens, not just as an asset. During the crypto winter, we paused some initiatives but remained committed to the sector.
Currently, we have Bitcoin ETF, Ethereum ETF, and other cryptocurrency-related funds. Our team studies tokenomics and explores new coins with long-term value for clients.
In 2021, we launched the first world US 40 Act money market fund, the first tokenized fund of its kind. This was done after close collaboration with regulatory bodies.
We chose to build tokenization technology in-house, which gave us deep technical insights. Using public blockchain, we demonstrated to the SEC that these systems can provide safe control and verification.
Christian: Franklin Templeton remains a family company, which encourages a long-term vision. Our leadership supports innovative projects that others might avoid.
Our CEO Jenny progressed through operations and recognized blockchain's potential in reducing money transfer costs. This insight reinforced our belief in the technology.
Why Stellar Became the Platform
Catriona: We chose Stellar for our tokenized fund because it allows token-level control meeting SEC requirements. It enables us to manage token positions safely.
Stellar remains our primary blockchain because it's cost-effective and aligns with our objectives. We've also adopted other networks globally.
When evaluating blockchains, we consider costs, smart contract support, security features, auditing, and uptime. Our traditional asset management verification has been adapted for blockchain.
We maintain strict standards to ensure customer security and trust.
Tokenization Beyond Financial Markets
Catriona: Tokenization is not limited to financial assets. Future investors might prioritize new asset types like intellectual property or real cultural assets.
For example, artists can tokenize royalties or ownership in their works. Rihanna tokenized rights to her songs, allowing fans to own a portion.
This model expands portfolio diversification and makes cultural investments more accessible.
Institutional Bet on Public Blockchains
Catriona: Public blockchains provide transparency and verification, which is crucial. Our approach focuses on practicality, not hype.
We challenged the belief that private chains are safer. Through careful evaluation, we proved that selected public blockchains can meet our security and privacy needs.
What Franklin Templeton is Doing with DeFi
Catriona: DeFi is currently a priority, with increasing customer interest. Launching an on-chain fund was just the first step.
We now enable peer-to-peer transfers and daily yield payments—features that provide real benefits.
The yield system we're developing is patent-pending. It allows investors to earn yields based on precisely held time, even down to the second.
This efficiency helps traditional assets compete with stablecoins in DeFi use cases like collateral. It expands tokenized asset usage.
We're expanding Benji globally and connecting it with DeFi applications. The goal is to provide customers more utility from their assets.
We're seeing growing interest from customers, some new, some experienced. The industry is overcoming fear, moving towards innovation.
What's Next for Benji and Crypto Funds
Catriona: We just received MAS approval in Singapore to launch Benji under the VCC structure. This version has some differences from previous launches.
We're expanding Benji worldwide, adding features based on customer needs. Currently, we offer a strategic multi-coin private fund.
We will continue improving our products and building new ones. The focus is helping users understand Benji's potential.
Web3 veterans have already seen the value. Now, we must explain this to traditional sectors like treasury and lending. That's our current focus.
