Crypto’s Biggest Bull Run Is Still Ahead w/ Roger Bayston

Summary

Roger Bayston, head of digital assets at Franklin Templeton, discusses the firm's nine-year journey into blockchain, the launch of the Benji tokenized money market fund (FOBXX) that earns instant yield and moves like fiat, and the institutional build-out of crypto infrastructure despite a bear market. He explains how tokenized funds can replace stablecoins as collateral, why blockchain will unlock new private asset opportunities and trade finance, and how crypto volatility should dampen as institutional participation grows.

• Franklin Templeton has been exploring blockchain for nine years, focusing on infrastructure replacement for capital markets.
• The Benji tokenized money market fund (FOBXX) pays interest instantly and can substitute stablecoins, which pay no yield.
• Benji is being integrated as collateral in crypto trading, improving economics for investors in flat markets.
• Tokenization and blockchain will expand investable assets, including trade finance and syndicated loans.
• Institutional adoption is accelerating following US regulatory thaw, with legacy firms building digital wallet infrastructure.
• Crypto as an asset class is expected to become less volatile as momentum speculators rotate out and long-term institutional players enter.