Franklin Templeton CEO Jenny Johnson used the TOKEN2049 stage to draw a sharp line between what she described as truly native tokenized funds and products that merely replicate existing financial infrastructure on-chain in appearance only. Speaking on Oct. 8, Johnson said many tokenized funds launched by competitors are little more than digital copies or digital twins of traditional financial products, rather than structures that capture blockchain’s advantages in efficiency and settlement.
She contrasted those products with Franklin Templeton’s BENJI fund, which she said uses a native on-chain record model. In her description, ownership records for the fund are maintained directly on a public blockchain, making the blockchain itself the source of truth instead of a mirror of a traditional ledger. Johnson said that setup creates two practical benefits: yield can accrue by the second, allowing real-time yield calculation, and transaction costs are materially lower. She cited figures showing BENJI costs about $1.13 per transaction, compared with roughly $150 per transaction under traditional methods.
Franklin Templeton CEO Jenny Johnson criticized parts of the tokenized fund market during TOKEN2049 on Oct. 8, saying some products still fail to deliver the core benefits of blockchain.
Johnson said many tokenized funds introduced by competitors are essentially just 「digital copies」 or 「digital twins」 of traditional financial products. In her view, those structures do not fully capture blockchain’s potential in efficiency and settlement.
She contrasted Franklin Templeton’s own tokenized offering with other products in the market, framing the difference as one between 「native」 models and 「replicated」 ones. Johnson said Franklin Templeton’s BENJI fund uses a native on-chain record model, with fund ownership records written directly to a public blockchain. In that setup, the blockchain itself serves as the source of truth rather than a representation of a traditional ledger.
Johnson said that design produces two practical advantages. First, BENJI supports per-second yield accrual, which allows real-time yield calculation. Second, it cuts costs sharply. She said BENJI costs about $1.13 per transaction, versus roughly $150 per transaction under traditional methods.
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