the un# podcast · 2026-07-11 · 49 min
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.
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