Barron's Advisor Sandy Kaul: Bitcoin, Stablecoins, Tokenization—the Advisor Playbook
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Aug 26, 2025 
Sandy Kaul, Executive Vice President and head of innovation at Franklin Templeton, dives into the future of digital assets and blockchain in finance. She discusses Bitcoin's role as 'digital gold' and its comparison to traditional investments. Furthermore, Sandy explains the intricate dynamics of stablecoins and their potential impact on banking. The conversation touches on tokenized money market funds, offering innovative cash alternatives for transactions. Throughout, she encourages financial advisors to embrace change and leverage these emerging technologies for enhanced client strategies.
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Benchmark Bitcoin Within Portfolios
- Incorporate Bitcoin into portfolio benchmarks instead of treating it as an offside allocation.
- Use benchmarked allocations to explain how Bitcoin contributes to a modern portfolio.
Prefer ETFs Until Wallets Mature
- Use regulated ETFs for wealth clients while institutional wallets mature.
- Prefer custody via ETFs until institutional-grade wallet protections and integrations are widely available.
Stablecoins As Digital Cash
- Stablecoins act as digital cash and the on/off ramp between fiat and Web3 wallets.
- They enable wallet-based ecosystems by making payments fast, cheap, and interoperable.