Svmuu, 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 indicated that this technology threatens numerous existing business models in traditional finance, and any hesitation arises because those business models are under threat. Jenny Johnson explained 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 noted that processing 50,000 transactions cost approximately $1.30 each under the old system, whereas operating on Stellar reduces the cost to about $1.13 per transaction.