Wall Street is racing to move 5.5 trillion dollars of assets on-chain, yet the man who wrote Citi's forecast says most of what people want to tokenize will never work. Ronit Ghose sits down with Sri Misra to separate the asset tokenization hype from the few markets that actually belong on a blockchain.Ronit Ghose spent twenty three years as a public markets analyst before taking over Future of Finance at Citi Institute, the bank's in-house research lab, and he wrote the book Future Money. His team's Tokenization 2030 report sees the tokenized securities market growing from roughly 17 billion dollars today to 5.5 trillion by 2030, led by US equities and Treasuries rather than private assets. The contrarian core of this conversation with Sri Misra is that asset tokenization is not alchemy, that putting illiquid things like real estate, venture stakes, or a Picasso on a blockchain does not magically create liquidity, and that bank tokens may quietly out-move stablecoins on volume. With the SpaceX IPO, DTCC pilots, and a European euro stablecoin consortium all landing in 2026, this is a timely map of stablecoins, tokenized US Treasuries, and where institutional DeFi adoption goes next.👉Why Citi projects the tokenized securities market reaching 5.5 trillion dollars by 2030, and why US equities and Treasuries lead while private credit and private equity each stall near 100 billion.👉How the "alchemy versus distribution" idea explains why tokenizing real estate, venture stakes, and collectibles keeps failing while liquid public assets scale.👉What makes tokenized US Treasuries and public equities work on-chain, and why a 50 percent retail shift could pull 2.6 trillion dollars into tokenized stocks.👉Why bank tokens and tokenized deposits could move more annual volume than stablecoins by 2030, even as dollar stablecoins stay close to 98 percent of the market.👉How leapfrogging built M-PESA in Kenya, Alipay in China, and India's UPI long before Wall Street paid attention, and why that geography of innovation still matters.Subscribe to the un# podcast for weekly conversations with the founders and thinkers shaping DeFi, and follow Sri Misra on LinkedIn https://www.linkedin.com/in/srimisra for daily insights.00:00 - Why Finance Keeps Returning To America12:56 - The SpaceX IPO He Cannot Discuss 15:34 - Why Startups Stay Private Longer 21:22 - Can Tokenization Democratize Private Markets 26:01 - Asset Tokenization Is Not Alchemy 29:25 - Tokenization Forecasts From Two To Thirty Trillion 36:35 - Inside Citi's 5.5 Trillion Tokenization Report 43:47 - Stablecoins Versus Bank Tokens Explained #AssetTokenization #Tokenization #Stablecoins #RonitGhose #CitiInstitute #FutureOfFinance #SriMisra #DeFi #Web3 #TokenizedAssets #RWA #TokenizedTreasuries #BankTokens #DigitalAssets #WallStreetOnChain #StablecoinsExplained #TokenizationExplained #InstitutionalDeFi #cryptoregulations Disclaimer: The information presented is for educational purposes only. Views expressed are those of the speakers, not necessarily the channel. You are responsible for your own research and decisions.Copyright: © 2024 Aarna AI Pte Ltd, Singapore. All rights reserved.