Yesterday at the Consensus event, Franklin Templeton‘s CEO Jenny Johnson discussed how the asset manager is already taking advantage of blockchain, the benefits of blockchain for the fund management sector, and the potential she sees in NFTs.
With some banks teetering and others failing to pass on higher interest rates to depositors, Franklin Templeton and other asset managers have benefited as bank deposits have migrated to money market funds.
But Franklin Templeton, with $1.4 trillion in assets under management (AUM), has also profited from last year’s decision to launch a tokenized money market fund on the Stellar public blockchain, which has surpassed $270 million in AUM. Now crypto firms struggling to find U.S. bank accounts have an alternative place to park their funds. Yesterday it announced the fund is also available on Polygon, the Ethereum sidechain. It is talking to MakerDAO about investing some of its stablecoin reserves in the fund.
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