It's base-62, just using the 52 alphabetics and 10 digits. Using just those characters ensures it can be typed and won't be mangled by international, HTML, or URL encodings.
>>> log(62)/log(2) * 32
190.53428193238003
>>> log(62)/log(2) * 32
190.53428193238003
I'm sorry if I'm missing something trivial here.
However, it is not possible to break 192 bits into 58 groups so that each group can be coded in one of those digits. Clearly, some of the bits must end up in more than one of those digits.
base62 is similar to the base10 case, but uses 62 different digits.
If this explanation is insufficient, check http://en.wikipedia.org/wiki/Ascii85. That's for base 85, but the approach is the same.
But I doubt they store the 190 raw bits. Instead, the token is probably generated by appending 32 characters, each sampled randomly from the 62-character alphabet. The result has 190.53 bits of entropy.