Read the full report by Mansi Birla: https://mansibirla.substack.com/p/the-tokenization-mispricing-why-the
The $26 billion tokenized RWA headline is wrong. $13 billion of it is one company's internal loan book on a private blockchain. It does not trade. It cannot be pledged. It is a database entry being counted as a financial instrument.

In this episode of The Control Loop, Dariia Porechna and Parth Birla sit down with Mansi Birla, digital assets and financial services lawyer, former Gemini, and author of "The Tokenization Mispricing" — the institutional report reframing how tokenization should be measured, valued, and underwritten.
00:00 — "$13 billion of tokenized credit is a filing cabinet"
01:20 — The $26B headline is 40% fiction: distributed vs represented value
03:20 — Securitize at $1.25B: who captures the toll road, who builds the car
05:20 — Four verticals with real PMF, everything else is a fundraising story
07:20 — JPMorgan clears more before lunch than the entire RWA market — ever
09:10 — Wrapper and jurisdiction beat blockchain selection: the Reg S proof
10:50 — The Securitize-shaped hole in Luxembourg, Ireland, Hong Kong, and ADGM
12:10 — Google, Coinbase, and the liability that compounds with every successful month
13:40 — The most confidently wrong belief in institutional tokenization
14:40 — Five sentences that should permanently change how you underwrite