Franklin Templeton CEO: Some existing tokenized funds cannot fully realize the advantages of being on-chain.

BlockBeats news, October 8th: Franklin Templeton CEO Jenny Johnson criticized the current tokenized fund market at the TOKEN2049 conference. She believes that many competitors' tokenized funds are merely "digital copies" or "digital twins" of traditional financial products, and do not truly reflect the potential of blockchain in efficiency and settlement.

Johnson compared Franklin Templeton's tokenized products with others on the market, proposing a distinction between "native" and "replicated." She stated that Franklin Templeton's BENJI fund uses a native on-chain record model, where fund ownership records are directly based on the public blockchain, and the blockchain itself is the source of truth, rather than a mapping of traditional ledgers.

Johnson said this design brings two practical advantages. First, BENJI supports per-second accrual of returns, enabling real-time yield calculation. Second, costs are significantly reduced. She provided data showing that BENJI's cost per transaction is approximately $1.13, while under traditional methods, the cost per transaction is approximately $150.