PANews reported on June 3rd, citing CoinDesk, that Franklin Templeton CEO Jenny Johnson stated that Wall Street's fear of blockchain stems from its threat to existing profit models. Speaking at the Proof of Talk summit in Paris, Johnson pointed out that this technology threatens numerous existing business models in traditional finance, and any hesitation stems from this threat to those models. She explained that if blockchain enables instant settlement via smart contracts, large banks will no longer be able to act as third-party intermediaries collecting transaction fees.

Johnson cited the example of her company's tokenized money market fund, Benji, running on the Stellar blockchain. She stated that the old system cost approximately $1.30 per transaction for 50,000 transactions, while on Stellar it only cost about $1.13, a significant cost reduction. She also indicated that ordinary investors still prefer regulated custodians, meaning that banks and custodians still have a future. The shift of institutional wealth to digital assets will depend on establishing standardized, low-cost, compliant pathways for traditional investment funds.