Extensions
On-Chain Housing Finance: A Mengerian Assessment of the Tokenization Stack in 2026
The real-world asset tokenization market crossed $18 billion in April 2026. Centrifuge, Figure on Provenance, Goldfinch, and Maple Finance have moved meaningful volumes of mortgages, HELOCs, and real-estate-backed credit on-chain. The question is not whether the technology works — it does — but whether the architecture being built actually satisfies the design principles drawn from Menger and Fekete, or whether it recreates the same fragilities under new vocabulary. The framework gives a precise answer: tokenization improves settlement, not saleability, and the distinction matters more than its enthusiasts admit.