Sandy Kaul reveals how Franklin Templeton built the world's first SEC-approved digital-native money market fund, moved $900M across 10 blockchains, and why she believes the totality of your assets will live in wallets within the decade.In 2018, Sandy Kaul published a paper at Citibank claiming tokenization would replace equities and bonds. Wall Street laughed. Fast forward to 2026, she's the Head of Digital Assets at Franklin Templeton, running BENJI, a $900M tokenized money market fund operating 24/7 across 10+ public blockchains since April 2021. In this episode, Sandy shares the complete institutional playbook for real-world asset tokenization, from convincing the SEC with 50,000+ pilot transactions to building AI agentic frameworks that manage billions. She breaks down why digital-native beats digital-twin, how intraday yield accrual works at block speed, and the strategic decision behind multi-chain deployment over Ethereum maximalism. Sandy reveals the regulatory moats Franklin built, the DeFi integration challenges institutions face, and her roadmap for bringing tokenized ETFs, stocks, and structured products on-chain over the next 12 months. She shared this candid journey with host Sri Misra, covering everything from the 2018 CEO luncheon that launched Franklin's blockchain initiative to the wallet-native future where your home equity, art IP, and investment portfolios all live in one composable vault. This is production-level institutional crypto, not pilot programs or theory.Key Highlights:👉How Franklin Templeton convinced the SEC to approve the first digital-native tokenized fund with a 50,000+ transaction pilot proving blockchain superiority over 1970s mainframe systems👉Why 3.5% regulated yield from tokenized money market funds beats 8% DeFi returns for institutions, and the coexistence model between stablecoins, yield-bearing stablecoins, and tokenized MMFs👉The multi-chain strategy behind deploying $900M across 10+ blockchains, using order routing intelligence to match retail microtransactions vs sovereign wealth fund custody based on security, cost, and duration requirements👉How AI agentic frameworks already manage billions at Franklin Templeton through order routing, compliance screening, wallet whitelisting, risk monitoring, and performance tracking, all with human-set guardrails👉Sandy's vindication story from publishing the mocked 2018 tokenization thesis to building the infrastructure that processes intraday yield splits, 365-day distributions including weekends, and peer-to-peer transfers without intermediaries👉The vault-based future where separately managed accounts evolve into wallet-native portfolios containing tokenized funds, real estate equity, IP rights, and all assets working 24/7 to earn yield and serve as composable collateralIf you found this conversation valuable, subscribe to alpha un# for more deep dives with builders shaping the future of finance and web3. Follow Sri Misra on LinkedIn and X for insights on DeFi, tokenization, and the convergence of traditional finance with blockchain infrastructure.CHAPTERS:00:00 - Sandy Kaul's Path to Franklin Templeton03:36 - Why $1.7T Firm Chose Blockchain06:30 - SEC Approval: Digital Native vs Twin10:40 - Block Speed Recordkeeping Innovation Explained15:00 - BENJI: Four Global Regulatory Versions19:12 - Tokenized MMF as DeFi Collateral21:27 - Multi-Chain Strategy: 10 Blockchains Deployment26:00 - Future of KYC: Transaction-Time Verification28:20 - AI Agents Managing Institutional Billions32:00 - Death of Transfer Agents, Rise of Blockchain38:00 - DeFi Integration Challenge: Chain of Ownership40:30 - Stablecoins vs Tokenized Money Market Funds46:00 - Orange Pill Moment: Smart Contracts Revelation48:50 - 2018 CEO Luncheon That Changed Everything50:00 - Wallet-Native Future: Vaults Replace Accounts #SandyKaul #FranklinTempleton #Tokenization #RealWorldAssets #MultiChain #DeFiIntegration #Stablecoins #CryptoPodcast