Franklin Templeton CEO Jenny Johnson: Wall Street's fear of blockchain stems from its threat to existing profit models

Odaily星球日报讯 Franklin Templeton CEO Jenny Johnson stated at the Proof of Talk summit in Paris that Wall Street's fear of blockchain stems from its threat to existing profit models. She noted that this technology poses a threat to many existing business models in traditional finance, and any hesitation arises because those business models are under threat. Jenny Johnson said that if blockchain enables instant settlement through smart contracts, large banks will no longer be able to charge transaction fees as third-party intermediaries. Citing the company's tokenized money market fund, Benji, which runs on the Stellar blockchain, she explained that processing 50,000 transactions on the old system costs approximately $1.30 per transaction, whereas on Stellar it costs about $1.13 per transaction.