<div> When Circle disclosed $3.3 billion in USDC reserves at Silicon Valley Bank on March 10, 2023, every tier label, attestation report, and “institutional grade” designation failed to surface the exposure. USDC traded at $0.87. The episode revealed that tokenized product diligence lacks a common standard: rights parity, custody segregation, system-of-record primacy, and insolvency treatment were each unexamined or untested at the moment they mattered most. </div> <div> <br> </div> <div> This paper develops the Minimum Viable Equivalence Pack (MVEP), a nine-category institutional diligence framework that specifies the minimum artifacts, observable metrics, and pass/fail tests required to clear a risk committee’s threshold for any tokenized product. The framework decomposes equivalence into three independently testable claims: legal (rights, priority, enforceability), operational (system of record, reconciliation, exception handling), and economic (settlement finality inclusive of value integrity and convertibility). A product can satisfy one dimension while failing another; the SVB weekend broke all three simultaneously. </div> <div> <br> </div> <div> The MVEP is applied to two asset classes where institutional volume is concentrating: tokenized Treasury bills and money market fund shares (where records integrity and settlement finality dominate) and tokenized private credit (where rights enforcement and servicing continuity dominate). For composed products, equivalence degrades to the weakest layer. The paper introduces continuous monitoring through the Control Layer Intensity Index (CLII), a scoring methodology originally developed for stablecoin gateway infrastructure, extended here to custody segregation, reconciliation integrity, and concentration risk across tokenized products. The MVEP is designed to be wrong in known ways: its value lies in making the standard explicit, the gaps visible, and the failure modes predictable. </div>