Banks Are Waking Up to the Stablecoin Threat

38 snips

Jan 12, 2026

Sandy Kaul, EVP and Head of Innovation at Franklin Templeton, dives into the evolving landscape of digital assets and tokenization. She discusses the integration of crypto with OnePay and the rise of financial super apps that challenge traditional wealth management. Sandy also shares insights on Franklin Templeton's tokenization platform and the complexities of asset tokenization, from art to intellectual property. The conversation highlights banks grappling with the implications of stablecoins versus tokenized deposits, signaling a major shift in the financial ecosystem.

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INSIGHT

Super Apps Rebundle Financial Lives

Financial super apps are rebundling banking, investing, and crypto into single wallet-based experiences.
Sandy Kaul warns wealth managers risk disruption if they ignore wallet-first distribution trends.

ANECDOTE

Franklin Templeton's Early Tokenization Play

Franklin Templeton built a KYC/AML-compliant wallet and launched a tokenized fund in April 2021.
Sandy Kaul describes having a patented wallet and live tokenized funds trading globally.

ADVICE

Operate Your Own Nodes And Redundancies

Run your own blockchain nodes and maintain multiple, real-time copies of records for enterprise-grade reliability.
Build redundancy across clouds and environments to meet regulated fund operational needs.

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On Ep. 65 of Tokenized, Simon Taylor, GTM @ Tempo and Cuy Sheffield, Head of Crypto @ Visa, are joined by Sandy Kaul, EVP and Head of Innovation, Franklin Templeton to discuss OnePay's integration of crypto, Franklin Templeton's early tokenization platform and more!

Timestamps:

00:00 Introduction
02:43 OnePay's integration of crypto
04:28 The rise of financial super apps and wallet-based ecosystems
06:33 Franklin Templeton's early tokenization platform and wallet infrastructure
10:19 Tokenization expanding to alternative assets like art and IP
13:32 Data and operational challenges for enterprise blockchain adoption
20:54 Barclays invests in stablecoin settlement firm Ubyx
24:33 Banks' strategic dilemma between stablecoins and tokenized deposits
33:44 Lloyds Bank completes gilt purchase using tokenized deposits

Tokenized is sponsored by Visa

A world leader in digital payments, Visa is bridging the gap between traditional financial institutions and innovative blockchain networks, helping players in the payments ecosystem navigate the ever-evolving world of tokenized fiat currencies with confidence and ease. Learn more at visa.com/crypto.

Tokenized is presented by Bridge, a Stripe company.

Just like the internet made information global, stablecoins are making money global. And Bridge, a Stripe company, is the infrastructure powering that shift. Built for speed, scale, and simplicity, Bridge helps businesses send, store, convert, and spend stablecoins instantly, all without borders or having to navigate the complexities of crypto. Learn more at bridge.xyz

Tokenized is also presented by Fireblocks

With over $100 billion in monthly stablecoin volume, Fireblocks powers stablecoin strategies at scale with infrastructure that enables PSPs, fintechs, remitters and banks to issue, move, hold, and manage stablecoins. And it’s all done securely, at scale, and with built-in compliance. Learn more at fireblocks.com

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We’d also like to remind you that the views or opinions of our contributors today are their own and do not necessarily reflect those of the companies they are representing. Nothing we say should be taken as tax, financial, investment or legal advice, do your own research!

Music by Henry McLean