Five years ago, Franklin Templeton launched a 40-Act fund natively on-chain. Today, its shareholder record operates exclusively on blockchain.

In this episode, Robert Crossley, Head of Digital & Industry Advisory Services at Franklin Templeton, joins Georges Bock to discuss what native tokenization changes in practice.

From real-time records and interest accrual to programmable assets and collateral mobility, this is a conversation about utility — and what happens once clients begin to expect it as the baseline.

A deep dive into the industrial application of fund tokenization in global asset management.

On 30 December 2024, MiCA entered into force — and tokenisation moved from experimentation to boardroom priority.

In this episode of The Final Block, Georges Bock speaks with Patrick Hennes, Head of Digital Asset Servicing at DZ PRIVATBANK and one of Luxembourg’s early blockchain pioneers.

Patrick explains why the industry has reached a structural inflection point.

For nearly a decade, blockchain in finance was dominated by proof-of-concepts and vision papers. Today, traditional banks are building roadmaps. Committees are redesigning infrastructure. And digital assets are no longer innovation theatre — they are becoming core infrastructure.

This conversation explores:

• Why MiCA marked a regulatory turning point

• The difference between tokenisation and true DLT transformation

• How legacy systems (Excel, SWIFT, manual reconciliation) shape today’s asset servicing model

• Why smart contracts can automate parts of the value chain

• The reality behind “programmable money” and stablecoins

• Why trust still matters in digital finance

• How banks are preparing for the next generation of financial infrastructure

Patrick shares insights from nearly ten years in the space, including his role in Luxembourg’s first blockchain initiative, FundChain, and his work within ALFI’s Digital Asset Committee.

A preview of our upcoming episode on traditional banks and fund services in a DLT world.

Patrick Hennes discusses what may become the killer use case for tokenisation, how banks are approaching DLT today, and why the conversation has shifted from experimentation to infrastructure.

Full episode launching on 12 February.

Stablecoins are often presented as the missing piece for faster settlement in fund markets.
This conversation takes a different view.

Drawing on decades of experience in clearing and fund infrastructure, Dr. Paul Newton explains why settlement can already improve without changing how investors pay, and why the real constraints sit elsewhere. The discussion moves from hybrid fiat–on-chain models to delivery-versus-payment, liquidity limits inside funds, and what becomes possible once fund units exist on-chain.

This is a practical conversation about operating models, not ideology. About what changes first, what changes later, and why confusing the two slows real adoption.

In this episode of The Final Block, Dr. Paul Newton explains how funds can be issued as native digital assets while continuing to use existing fiat payment rails and market infrastructure.

The conversation looks at how tokenization enables incremental adoption, compresses settlement cycles, and increases transparency without forcing changes to current operating models. It also explores how on-chain settlement and delivery-versus-payment open the path toward real-time markets and secondary trading.

A practical discussion on what is already possible today — and how tokenization fits into existing fund structures.

In Episode 5 of The Final Block, Georges Bock speaks with Nasir Zubairi, CEO of LHoFT and member of the EU Blockchain Observatory Forum, about the external forces reshaping Europe’s market infrastructure.

The conversation focuses on the US GENIUS Act and why it could accelerate US dollar stablecoins as a core settlement asset, with knock-on effects for Europe’s competitiveness, monetary sovereignty, and capital markets plumbing.

Key takeaways

• Why the GENIUS Act could lock in demand for US dollar stablecoins

• The difference between stablecoins as payment tools vs settlement infrastructure

• Why tokenised money market funds may become a pivotal liquidity use case

• What Europe (and Luxembourg) can do next to avoid infrastructure dependence

• Why “manage risk” beats “eradicate risk” when building new rails

If you work in funds, banking, market infrastructure, regulation, or fintech, this episode is a practical lens on what’s coming next.

In this trailer for The Final Block – Episode 5, Nasir Zubairi, CEO of The LHoFT and member of the EU Blockchain Observatory Forum, explains why the US Genius Act could redefine global financial infrastructure.

From US-dollar stablecoins to tokenised money market funds, Nasir argues that capital markets are rapidly shifting — and that Europe risks falling behind if it continues to treat stablecoins purely as payment tools rather than settlement assets.

A conversation about risk, regulation, and why the next generation of financial infrastructure is being built now.

In this episode of The Final Block, Georges speaks with Nadia Manzari, former Head of Financial Innovation, Corporate Governance and Payment Services at the CSSF and founder of Manzari Legal.

The conversation focuses on how MICA, MiFID, and Luxembourg’s Blockchain Laws apply to tokenisation in the fund business. Nadia explains the regulatory boundary between crypto assets and tokenised financial instruments, why MiFID continues to apply regardless of the technology used, and how Luxembourg’s four Blockchain Laws were designed to give legal certainty to DLT-based financial services.

The episode also explores Blockchain IV Law, including the introduction of the control agent, who can take on this role, and how issuance and settlement models change when using distributed ledger technology.

A precise, experience-based discussion for professionals navigating fund tokenisation and digital asset regulation in Europe.

In this episode, former CSSF Head of Innovation Nadia Manzari breaks down the regulatory foundations shaping Europe’s tokenised fund ecosystem — with clarity and precision.

We unpack:

• The real distinction between MICA and MiFID

• What qualifies as a crypto asset under MICA

• Why Luxembourg introduced four Blockchain Laws

• The implications of Blockchain Law 4

• How the Control Agent works and who can become one

• Technology neutrality and how it applies to DLT-native financial services

• The grey zones around wallets, payments and settlement using stablecoins

If you work in fund operations, tokenisation, compliance, regulation, custody, blockchain infrastructure, or digital assets, this conversation gives you the clarity needed to navigate Europe’s evolving framework.

Full episode releases Thursday, December 18, 2025.

In this episode, Georges Bock sits down with blockchain expert Dr. Eric Falk to unpack the real mechanics behind tokenised funds: wallets, custody, smart contracts, minting/burning, freezing, recovery, interoperability and settlement logic.

Eric explains why blockchain is not just a new database but a shared record for the entire fund value chain, and why the industry is finally moving toward T+0.

A clear, practical guide for anyone building or operating tokenised fund infrastructure.