Bitcoin's $3 Billion Saylor Scare Is Back

The conversation centers on why MSCI’s new index rules could force Strategy and other digital asset treasury companies out of major benchmarks, and why Sandy Kaul does not see that as an existential threat. She argues the real issue is not trading impact but the loss of “mainstream” legitimacy that index inclusion gives a company like Strategy, while investors already interested in crypto are unlikely to sell because of a benchmark change.

Much of the discussion shifts to Franklin Templeton’s tokenization work. Kaul says the firm is now in the stage where tokenized products are being put to work in real venues: as collateral on major exchanges, in yield-sweep programs, and through bank integrations for corporate treasury use. She argues tokenized bank deposits can be more attractive than stablecoins because they are backed 100% by cash and can move instantly into tokenized money market funds.

Kaul also draws a distinction between tokenized stocks and true on-chain equities. She says current products are mostly derivative return streams, not direct stock ownership, and that moving to fully rights-bearing tokenized stocks will be technically and legally difficult in a 24/7 market. Her broader view is that tokenization, AI, and blockchain are converging into a new infrastructure layer for finance, with tokenized securities, deposits, and funds enabling more automated yield-seeking and collateral use.