In a rather audacious opinion piece gracing the pages of Fortune, the illustrious CEO of Franklin Templeton, Jenny Johnson, proclaimed with a flourish that the “advantages of blockchain are so compelling that we don’t foresee the shift to digital asset technology being slow or incremental.” Ah, the sweet scent of optimism wafting through the hallowed halls of traditional finance! 🌟
“Indeed, we expect our industry will evolve more in the next five years than in the last 50,” she declared, as if the very fabric of finance were about to be woven anew. The pressing question, dear reader, is whether these venerable institutions will ride the digital asset wave (and the delightful chaos that accompanies it), actively resist it, or simply bury their heads in the sand like ostriches at a beach party. 🦩
Johnson further noted that blockchain technology and the burgeoning cryptosphere offer a cornucopia of benefits that traditional finance rails can only dream of. These include novel financial options for homeowners, the integration of global markets, and, eventually, a throughput that could reach hundreds of thousands or even millions of transactions per second. Talk about a digital revolution! 🚀
Franklin Templeton, that behemoth of asset management with a staggering $1.5 trillion in assets under management (AUM), has been dabbling in digital assets since at least 2021, when it launched its OnChain US Government Money Fund. A bold move, indeed!
The company has also introduced a Bitcoin (BTC) and Ether (ETH) index exchange-traded fund, and has taken its tokenized US government money market fund to various blockchains, including Solana and Base. Just this Tuesday, they unveiled an intraday yield feature that employs blockchain technology. Who knew finance could be so… trendy? 💸
Traditional finance institutions launch crypto products
As if caught in a delightful frenzy, traditional financial institutions are increasingly enamored with crypto, spotting opportunities to line their pockets (and those of their clients) with gold. Or should we say, Bitcoin? 🤑
BlackRock, the titan of asset management with a jaw-dropping $11.6 trillion AUM, has launched Bitcoin and Ether exchange-traded funds (ETFs) and has had representatives engaging in tête-à-têtes with the US SEC about various topics. Their US spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), is the largest in its class, boasting a staggering $72.6 billion in net assets. Quite the achievement, wouldn’t you say?
JPMorgan Chase, not to be outdone, has been flirting with crypto since at least 2020 when it launched its JPM Coin, a dollar-pegged stablecoin. A recent report indicated that this institution would soon begin accepting crypto ETFs as collateral for loans. And on May 20, JPMorgan CEO Jamie Dimon announced that clients would soon be able to buy Bitcoin, although the firm would not be holding onto it. A classic case of “you can have it, but I won’t keep it for you.” 😏
However, not everyone is thrilled about the blossoming romance between crypto and traditional finance. On Thursday, the outgoing Chair of the Financial Stability Board, Klaas Knot, issued a warning that while crypto does not currently pose a risk to traditional finance, “we may be approaching a tipping point here.” Areas of concern, according to Knot, include crypto ETFs and stablecoins. Ah, the drama unfolds! 🎭
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2025-06-13 00:04