According to BitMEX Research, tokenization is another name for securitisation, aligning on-chain real-world assets with traditional securitized products in structure and risk treatment (source: BitMEX Research, Oct 6, 2025 tweet). For traders, this characterization suggests analyzing tokenized instruments using securitized-credit frameworks—focus on collateral quality, tranching, legal claims to cash flows, and liquidity premiums (source: BitMEX Research, Oct 6, 2025 tweet). Pricing should be benchmarked to underlying collateral yields and credit spreads, with additional discounts for on-chain custody, settlement, and compliance frictions typical of securitized markets (source: BitMEX Research, Oct 6, 2025 tweet). Regulatory classification risk remains central, as products framed as securitised claims are more likely to fall under securities rules, impacting venue access, KYC, and secondary-market liquidity (source: BitMEX Research, Oct 6, 2025 tweet).