SmarterMarkets™ Re-engineering Tokenization Episode 8 | Christopher Jensen, Portfolio Manager & Director of Digital Asset Research, Franklin Templeton
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Dec 6, 2025 
In this discussion, Christopher Jensen, Portfolio Manager at Franklin Templeton, shares insights into the future of tokenization with their Benji platform for money market shares. He delves into the intricacies of making blockchain a reliable ownership record and the regulatory challenges faced in getting security token approval. Jensen contrasts Benji with stablecoins, highlights the importance of KYC in onboarding, and explores how on-chain assets could revolutionize wealth management. He also offers advice for investors entering the crypto space and discusses the dual strategy of building tokenized products while researching digital assets.
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On‑Chain Single Source Of Truth
- Benji token represents on-chain ownership of a Franklin Templeton money market share with the blockchain as the single source of truth.
- On-chain records let transfers settle at blockchain speed and enable new uses like intraday yield accrual.
Three Pillars For Tokenization Success
- Tokenization requires three pillars: technology, regulatory compliance, and demand/liquidity creation.
- Tokenizing an asset does not automatically produce liquidity; integrations and partnerships are required.
Engage Regulators Early And Often
- Expect an iterative, educational process with regulators and plan for many meetings and approvals.
- Use evolving legislation (e.g., stablecoin frameworks) to gain clarity and accelerate institutional tokenization.