Rebank: Fintech Analysis From Stablecoins to Tokenized Markets: Franklin Templeton’s Sandy Kaul on the Future of Money
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Aug 28, 2025 
Sandy Kaul, Executive Vice President at Franklin Templeton and a pioneer in digital assets, discusses the implications of the GENIUS Act on stablecoins and the banking sector. She shares insights on the launch of BENJI, a tokenized money market fund, long before the trend gained traction. Kaul emphasizes the transformative potential of stablecoins in creating a more transparent and efficient financial system. The conversation also touches on the competitive landscape for traditional banks and the promising future of tokenized investments in cash management.
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GENIUS Act Validates Stablecoins
- The GENIUS Act legitimizes stablecoins as a wallet-based cash alternative and builds regulatory confidence.
- Sandy Kaul argues oversight, transparency, and consumer protections will grow adoption of stablecoins in a new ecosystem.
Keep Cash Tools Distinct
- Kaul stresses keeping stablecoins and yield-bearing cash-like instruments distinct to preserve financial roles.
- She warns that allowing stablecoins to pay collateral yield blurs lines with money market funds and can disadvantage banks.
Benji: Wallet-Native Money Market Flow
- Franklin Templeton already lets clients buy their tokenized money market fund using stablecoins and redeem back into stablecoins.
- Sandy describes how this keeps funds inside a wallet and enables near-instant settlement compared with traditional banking delays.