But I don't see any {{my.tokens}} in the content. And really we just need the snippet surrounding the token in question, not the full HTML of the email!
What we'd need is a comparison of [1] the HTML content with a hard-coded URL vs. [2] the exact same content with the token in place of the URL. Again, you have to isolate the difference to being only the {{my.token}}, if that's what you think it the offending difference, or there are too many moving parts.
If you want to send me a sample of each of these variants, I'm happy to compare them for you, but you need to provide the 2 types of base materials so I can see "working" and "broken."