Wall Street: human-built markets can't survive machine-speed trading — and the clock is ticking.

Franklin Templeton's Sandy Kaul put it plainly at Consensus in Miami: 'Almost every process in capital markets today was built for humans, and none of them will stand up to what's coming.' The panel, which included executives from Apollo and former Swift CIO Tom Zschach, framed tokenization not as a future experiment but as an active dismantling of a 50-year-old batch-settlement model.

The practical upside is significant. Apollo's Christine Moy described a world where every dollar stays yield-generating until the instant it's spent — no idle balances, no overnight cash drag. Corporations could collapse multi-account global treasury structures into a single tokenized pool, converting to payment currency only on demand.

The consensus bottleneck, however, is governance rather than raw speed. Zschach was direct: 'We've solved the transaction problem. What's missing is a standard for…