Core Insights - The future of asset management is envisioned to be "wallet-native," where all financial assets are managed through tokenized digital wallets, according to Franklin Templeton's head of innovation, Sandy Kaul [1] Group 1: Tokenization and Infrastructure - The panel discussion highlighted that tokenization has moved beyond theoretical concepts, with real infrastructure now in place and expanding use cases [2] - Building utility and trust in tokenization is identified as the industry's biggest challenge despite the progress made [2] Group 2: Adoption and Education - Adoption of tokenization remains in early stages, with current efforts focused on internal and client education [3] - The need for experimentation to determine effective applications of tokenization is emphasized, particularly in explaining its systemic benefits [3] Group 3: Use Cases and Market Interest - Tokenized funds could have provided instant collateral during liquidity crises, as illustrated by the 2022 UK mini-budget crisis [3] - There is growing client interest in tokenization, especially from crypto-native firms seeking yield-bearing assets [4] Group 4: Future Outlook - The current wave of tokenization is compared to the launch of exchange-traded funds (ETFs), suggesting that tokenized products may similarly gain traction due to their improved functionality [4] - Asset managers are preparing for a future characterized by seamless global access and hyper-personalized portfolios through new "universal liquidity layers" on blockchain [4][5]