From Stellar to Canton: Franklin Templeton Adopts Tokenization

Par DCN Editorial Team
Publié le 18 July 2026

Uncategorized

From Stellar to Canton: How Franklin Templeton Embraced Tokenization

Institutional Adoption | July 18, 2026 | BTC: $64,300.92

Franklin Templeton, the $1.6 trillion asset management giant, has taken a decisive step in blockchain adoption by embracing the tokenization of real-world assets (RWA). After launching the first U.S. registered money market fund on the Stellar network in 2021, the asset manager recently expanded its infrastructure to the Canton Network to meet institutional interoperability needs. This development sends a strong signal to the entire crypto-asset sector and confirms the growing institutionalization trend in decentralized finance.

A Tokenization Pioneer: The BENJI Fund on Stellar

In 2021, Franklin Templeton made financial history by launching the Franklin OnChain U.S. Government Money Fund, known under the ticker BENJI. It was the first money market fund registered with the U.S. Securities and Exchange Commission (SEC) to use a public blockchain for processing transactions and recording share ownership. The choice of the Stellar network was not incidental: this blockchain stands out for its execution speed, low transaction costs, and a design specifically tailored for payments and digital asset transfers.

The BENJI initiative allowed investors to benefit from blockchain advantages — transparency, settlement speed, reduced intermediaries — while retaining the legal security of a fund registered with the U.S. regulator. The fund primarily invests in short-term U.S. government securities, repos, and cash, thus offering a competitive yield with minimal credit risk exposure. Using the blockchain enables better transaction traceability and a significant reduction in settlement times, traditionally T+1 or T+2 in traditional finance.

For Franklin Templeton, Stellar represented much more than a simple technical infrastructure: it was a real-world test of blockchain’s ability to serve billions of dollars in real assets. The success of BENJI, which quickly attracted hundreds of millions of dollars in assets under management, validated the hypothesis that tokenization is not a laboratory experiment but an operationally viable solution for the world’s largest asset managers.

Expansion to Canton Network: Institutional Interoperability

Building on this successful experience on Stellar, Franklin Templeton announced its expansion to the Canton Network, a blockchain infrastructure specifically designed for financial institutions. Developed by Digital Asset Holdings, Canton Network distinguishes itself with its “privacy-enabled smart contracts” architecture, which allows institutions to maintain transaction confidentiality while benefiting from interoperability across different networks.

The move from Stellar to Canton does not mean abandoning the first network but rather a diversification strategy. Stellar remains the platform for retail access and high-volume transactions with minimal fees, while Canton Network meets institutional finance requirements regarding privacy, regulatory compliance, and interoperability among banks, asset managers, and market infrastructures.

This dual approach perfectly illustrates the sector’s growing maturity: rather than seeking a single solution that would meet all needs, institutions are adopting specialized blockchains for specific use cases. Stellar excels in fast, low-cost value transfers, while Canton Network provides a robust framework for complex transactions between institutions subject to strict regulatory obligations.

Roger Bayston and Franklin Templeton’s Strategic Vision

Roger Bayston, Head of Digital Assets at Franklin Templeton, has played a central role in this transformation. Under his leadership, the asset manager’s digital assets division has developed a coherent strategy that combines technological innovation with regulatory compliance. Bayston’s approach is based on the conviction that tokenization is not a passing trend but a fundamental evolution of financial market infrastructure.

Franklin Templeton’s digital asset strategy is not limited to the tokenization of money market funds. The manager has also launched Bitcoin and Ethereum investment products while developing tokenization solutions for other asset classes, including corporate bonds and sovereign debt. This comprehensive approach positions Franklin Templeton as one of the leaders in tokenized finance, alongside BlackRock, Fidelity, and other asset management giants.

Implications for the Crypto-Asset Market

Franklin Templeton’s adoption of tokenization has profound implications for the entire crypto ecosystem. First, it validates the concept of RWA (Real World Assets) as one of the most promising use cases for blockchain. While the cryptocurrency market has long been dominated by speculation and native DeFi applications, tokenization of traditional assets paves the way for much broader integration between traditional finance (TradFi) and decentralized finance.

Second, Franklin Templeton’s choice of Stellar has helped legitimize this blockchain, often underestimated compared to Ethereum or Solana. Stellar, founded by Jed McCaleb, offers unique characteristics that make it particularly suitable for regulated financial applications: near-instant transaction finality, fixed and predictable fees, and an ecosystem that prioritizes regulation-compliant use cases.

Third, the expansion to Canton Network...