Raoul Pal: The Journey Man

The Future Economy is Decentralized ft. Sandy Kaul

Jul 17, 2025
Sandy Kaul, Head of Innovation at Franklin Templeton, dives into the future of finance and investment as it shifts towards decentralization. She discusses how traditional firms are adapting to an on-chain world. The conversation highlights the transformative effects of tokenization on market efficiency and accessibility. Kaul also explores the challenges and innovations in decentralized finance, including the rise of stablecoins and new client onboarding strategies, emphasizing the need for financial institutions to embrace this evolution.
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INSIGHT

Finance Moving Fully On-Chain

  • The future of finance is shifting to fully on-chain, digital-native ecosystems replacing session-based markets.
  • Traditional intermediaries face disruption, prompting a rush by incumbents to integrate with crypto infrastructure.
INSIGHT

Tokenized Money Market Advantages

  • Tokenized money market funds enable instant, second-by-second yield payments and 24/7 transferability.
  • These funds revamp collateral and cash management with programmable, globally accessible digital assets.
INSIGHT

Banks Must Embrace Wallets

  • Banks must transition from account-based to wallet-based systems to compete in a tokenized economy.
  • Tokenized assets on native rails offer greater utility than merely replicating traditional structures digitally.
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