In this episode, host Srikumar Misra sits down with Sandy Kaul of Franklin Templeton to unpack a simple idea most people miss: if something is truly “cash,” it shouldn’t pay yield.

They break down why stablecoins and tokenized money market funds can coexist, when “rewards” start looking like an investment contract, and how onchain finance may evolve into a universal liquidity layer, where you can move seamlessly between stablecoins, tokenized funds, deposits, and more.

Full episode at: unhashed.co/sandy