the un# podcast

In this episode, host Sri Misra speaks with Eric Saraniecki about what may actually be blockchain’s most important breakthrough: composability. Eric explains why the real shift is not just decentralization or immutability, but the ability to coordinate updates across applications without losing privacy. From DeFi’s multi-leg transaction logic to Canton’s vision for globally composable financial apps, this is a sharp conversation on what real blockchain infrastructure should enable.Full episode at: unhashed.co/eric

In this episode, host Sri Misra sits down with Eric Saraniecki to unpack a more practical view of decentralization. Instead of treating it like a universal answer, Eric explains why different layers need different configurations, why institutions need flexibility, and why all of it still has to coexist in a neutral, composable network.

Full episode at: unhashed.co/eric

Finance is the last industry on earth where pressing a button does not make something happen instantly, and Eric Saraniecki, Co-founder of Canton Network, has spent 12 years building the blockchain infrastructure designed to finally change that.Canton Network is the public permissionless blockchain with privacy that Goldman Sachs, DTCC, Nasdaq, BNY and 600+ institutions have quietly chosen as the foundation for the next era of on-chain finance. While most of crypto was debating decentralisation, Eric and his team were in the rooms that matter, convincing the most risk-averse institutions in the world to move trillions in real assets onto a single composable network. In this deep-dive founder conversation with host Sri Misra, Eric unpacks the thesis that has guided 12 years of building, why composability is the only blockchain innovation that actually matters, why ZK proofs solve the wrong privacy problem, what the DTCC's decision to tokenize US Treasuries on Canton means for every RWA platform alive today, and why the DeFi versus TradFi debate is a false binary that Canton is already making irrelevant.What you will learn in this episode:👉Why Eric says there is no composability across chains, none, period, and why that single fact determines which blockchain wins the institutional finance endgame👉How Canton Network generates $3.25 million in daily fees with 5.5% of all Canton Coin already burned, before its largest institutional volume catalyst, the DTCC Treasury tokenization, has even gone live👉Why anonymity and institutional privacy are completely different problems, and why ZK proofs and FHE are the wrong solution for stablecoins, RWAs and regulated DeFi👉How Eric convinced Goldman Sachs, Broadridge and the DTCC to build in production, not in pilots, on Canton, and the one word he uses to describe what institutions feel when they first see it👉Eric's prediction on the multi-chain world, the AllFi thesis that merges DeFi and TradFi into a single composable network, and why the DTCC going live is the beginning for everyone, not the end for anyoneIf this episode gave you a sharper view of where institutional blockchain and on-chain finance are heading, subscribe to alpha un# and follow host Sri Misra on LinkedIn and X for more founder-to-founder conversations at the frontier of DeFi and global finance.Chapters:00:00 - What Is Canton Network Really 02:26 - Inside Out, Canton's 12-Year Strategy 04:54 - Composability, the Flaw Every Chain Ignored 10:43 - Decentralisation Does Not Equal Trust 17:06 - Canton Coin Burn and Durable Fee Revenue 22:45 - DAML vs EVM, Privacy Built Into the Language 27:21 - No Composability Across Chains, None 31:28 - ZK Proofs Cannot Save Regulated Finance 35:47 - Why Banks Feel Relief Not Excitement 39:47 - Broadridge, $400 Billion Daily on Canton 41:05 - DTCC Tokenizing Treasuries, The Full Picture 45:26 - DTCC Goes Live, Beginning Not End 46:19 - From DRW Trading Pits to Fixing Finance 49:11 - Canton's Vision, Networks Over Headlines#EricSaraniecki #CantonNetwork #DigitalAsset #InstitutionalDeFi #RWATokenization #BlockchainPrivacy #OnChainFinance #DeFiInstitutional #CantonCoin #DTCC #UST #Tokenization #Composability #DAML #ZeroKnowledge #Stablecoins #Web3Institutional #TradFiOnChain #BlockchainFinance #AlphaUnhashed #CryptoFounder #Web3Podcast #DeFiTradFi #AllFi #Broadridge #GoldmanSachs #FounderToFounder #CryptoInvesting #InstitutionalBlockchain #realworldassets Disclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.

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

In this episode, host Srikumar Misra and Sandy Kaul of Franklin Templeton map the next step in asset management: moving from traditional fund “wrappers” to separately managed accounts (SMAs), and then onchain vaults.

Sandy explains the shift in plain terms: instead of one big pooled fund, you’ll have your own vault, holding your wallet and your assets, and smart contracts will help you optimize and put them to work, from earning yield to unlocking new ways to use real-world assets like home equity, art, and IP.

In this episode, host Srikumar Misra asks Sandy Kaul of Franklin Templeton to stargaze 10 years out and she delivers a blunt take: global markets are still running on 1970s-era infrastructure.

Sandy breaks down why the real shift starts with one primitive: wallets. Once wallets enter market plumbing, everything else follows, tokenized “digital twin” assets, 24/7 trading, and eventually atomic settlement where assets + payments move instantly.

It’ll be an “all of the above” world for a while - legacy accounts + new wallets but the direction is clear: more financial activity moving onchain, faster than most people expect.

Full episode at: unhashed.co/sandy

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

In this episode, host Sri Misra speaks with Yat Siu of Animoca Brands about why tokenization is becoming a survival strategy not a crypto gimmick. He compares it to earlier waves of disruption: the internet, being searchable, social platforms where opting out wasn’t “principled,” it was fatal.Yat’s sharper claim: the best hedge against AI is to tokenize because AI tools will become broadly accessible, and advantage from “just using AI” will compress. Tokenized assets, identity, and digital property rails may be the real differentiator.Key insights:👉Why “opt-out” strategies lose to disruption👉Tokenization as a competitive necessity👉AI’s advantage compresses as tools commoditize👉The “tokenize or die” thesis for the next few yearsFull episode at: unhashed.co/yatsiu

In this episode, host Sri Misra speaks with Yat Siu of Animoca Brands about John Locke’s idea of property (“the work of our hands”) and why the modern economy is really built on “the work of our minds” IP, creators, and digital labor. The core question: what should “digital property rights” actually mean for consumers (not just institutions)?👉John Locke’s lens: labor → ownership → trade👉Why IP became the dominant asset class👉The problem: digital value without digital ownership👉What “digital property rights” should mean for users todayFull episode at: unhashed.co/yatsiu

In this episode, host Sri Misra speaks with Yat Siu of Animoca Brands about why over-collateralized lending is fundamentally misaligned with mass adoption  and how on-chain reputation, identity, and trust scores could unlock unsecured credit in crypto.

Yat draws parallels with the real world: jobs, education, credit cards  all systems that work because we take calculated risks on people. He explains how mechanisms like airdrops already resemble early forms of unsecured credit  and why scaling this model could open up a multi-trillion dollar market on chain.

• Why over-collateralization excludes users

• Reputation vs collateral in DeFi lending

• On-chain identity as a credit primitive

• How trust reduces friction, KYC, and cost

• Why unsecured credit is key to real adoption

Full episode at: unhashed.co/yatsiu