Barron's Advisor Sandy Kaul: Bitcoin, Stablecoins, Tokenization—the Advisor Playbook
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Aug 26, 2025 
Sandy Kaul, Executive Vice President and head of innovation at Franklin Templeton, dives into the future of digital assets and blockchain in finance. She discusses Bitcoin's role as 'digital gold' and its comparison to traditional investments. Furthermore, Sandy explains the intricate dynamics of stablecoins and their potential impact on banking. The conversation touches on tokenized money market funds, offering innovative cash alternatives for transactions. Throughout, she encourages financial advisors to embrace change and leverage these emerging technologies for enhanced client strategies.
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Blockchains As Global Bookkeeping
- Blockchain is a foundational technology that will become the shared ledger for companies worldwide.
- Advisors should view crypto protocols as network infrastructure, not mere speculative assets.
Shared Ledgers Remove Reconciliation Friction
- Public blockchains create a single shared record that eliminates reconciliation friction across participants.
- Distribution across thousands of nodes makes those ledgers extremely hard to alter and very secure.
Bitcoin As Digital Commodity
- Bitcoin functions more like a digital commodity or 'digital gold' than a corporate equity.
- Its attractiveness stems from limited supply, portability, divisibility, and universal accessibility.