Crypto In America How Superstate Is Bringing Wall St Onchain & Why Every Bank Wants To Be Tokenized | Robert Leshner
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Feb 4, 2026 
Robert Leshner, co-founder and CEO of Superstate and former Compound Labs founder, builds tokenized financial products for institutional markets. He discusses Wall Street’s quiet rush toward tokenization. Short takes cover tokenized deposits, why T-bills and equities are early fits, different token models, and which tokenization use cases are overhyped.
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Three Distinct Tokenization Paths
- Three tokenization models will coexist: offshore wrappers, incumbent settlement upgrades, and issuer-native tokenized shares.
- SuperState focuses on issuer canonical tokens that make holders direct registered owners on company books.
Tokenize Liquidity, Not Edge Cases
- Prioritize tokenizing large, liquid asset classes where demand already exists.
- Start with T-bills and public equities before exotic illiquid assets that tokenization won't magically make liquid.
Commodity Tokenization Is Overhyped
- Commodity tokenization outside precious metals is overhyped because markets and demand are small.
- Many tokenization pitches target niche assets with limited buyer pools and little secondary demand.