{"id":"leo-mizuhara","title":"Leo Mizuhara","content":"**Leo Mizuhara** is a financial technology professional with experience across traditional finance and [blockchain](https://iq.wiki/wiki/blockchain)-based asset management. He founded [Hashnote](https://iq.wiki/wiki/hashnote), an on-chain investment platform, and led it until its acquisition by [Circle](https://iq.wiki/wiki/circle) in 2025. [[1]](#cite-id-oQUxYCE6uc)\n\n# Education\n\nMizuhara graduated with a Bachelor’s in Mathematics from the University of Chicago in 2005. He went on to earn his Master’s in Computer Science from the Georgia Institute of Technology in 2017. [[3]](#cite-id-MJL21BtIsz)\n\n# Career\n\nMizuhara began his career in 2005 as a managing director and senior portfolio manager at Bank of America, working in corporate investments until 2017. From mid-2016 to late 2017, he co-founded [Blockchain](https://iq.wiki/wiki/blockchain) Systems LLC, a part-time role focused on [blockchain](https://iq.wiki/wiki/blockchain) technology. In 2017, he joined DRW Holdings, LLC, as head of systematic trading for fixed-income options, where he remained for five years.\n\nIn 2022, he founded [Hashnote](https://iq.wiki/wiki/hashnote) and served as its chief executive officer until early 2025. In late 2023, he joined the Asia [Web3](https://iq.wiki/wiki/web3) Alliance Japan as a board member. As of January 2025, [Circle](https://iq.wiki/wiki/circle), creators of [USDC](https://iq.wiki/wiki/usdc), acquired [Hashnote](https://iq.wiki/wiki/hashnote), with Mizuhara becoming vice president of product.  [[2]](#cite-id-R0Z4E3fe1W) [[4]](#cite-id-nsVZA2bGag) \n\n# Interviews\n\n## Joining Circle\n\nIn this interview on the Security Token Show, Mizuhara discussed [Circle's](https://iq.wiki/wiki/circle) acquisition of [Hashnote](https://iq.wiki/wiki/hashnote), where he previously served as CEO and now holds a VP position at [Circle](https://iq.wiki/wiki/circle). He explained that [USYC](https://iq.wiki/wiki/hashnote-usyc), [Hashnote’s](https://iq.wiki/wiki/hashnote) yield-bearing [collateral](https://iq.wiki/wiki/collateral) token, played a key role in the acquisition due to its instant redemption capabilities, regulatory-first approach, and integration potential with [Circle’s](https://iq.wiki/wiki/circle) [USDC](https://iq.wiki/wiki/usdc). Mizuhara noted the advantages of using [blockchain](https://iq.wiki/wiki/blockchain) for [collateral](https://iq.wiki/wiki/collateral) management, such as reduced settlement times and increased efficiency, while highlighting the challenges related to transparency in trading strategies. He emphasized the importance of the Canton Network, which supports privacy alongside [blockchain](https://iq.wiki/wiki/blockchain) benefits, and addressed the growing interest from traditional financial institutions in [blockchain](https://iq.wiki/wiki/blockchain)-based products. He intends to scale innovation at [Circle](https://iq.wiki/wiki/circle) based on his experience at DRW and Bank of America. He predicted that regulatory clarity and institutional adoption would significantly expand the [real-world asset](https://iq.wiki/wiki/real-world-assets-rwas) market by 2025. [[5]](#cite-id-AGpPmavmv6)\n$$widget0 [YOUTUBE@VID](https://www.youtube.com/watch?v=z3C9s0l6yUI)$$\n## CFTC-Binance Lawsuit\n\nOn the Daily Crypto News, Mizuhara analyzed the fallout from the CFTC’s lawsuit against [Binance](https://iq.wiki/wiki/binance), focusing on potential consequences for [Binance](https://iq.wiki/wiki/binance), U.S. [crypto](https://iq.wiki/wiki/cryptocurrency) regulation, and the broader market. Mizuhara noted that although [Binance](https://iq.wiki/wiki/binance) operated globally, a significant portion of its activity and profitability came from U.S. users, often through indirect access like VPNs. He explained that the CFTC accused [Binance](https://iq.wiki/wiki/binance) of operating as a Designated Contract Market, Derivatives Clearing Organization, and Futures Commission Merchant without proper registration—potentially exposing the company and its executives, including [CZ](https://iq.wiki/wiki/changpeng-zhao) and Samuel Lim, to criminal charges under the Bank Secrecy Act. The conversation also explored how the lawsuit could impact market liquidity and U.S. traders' access to derivatives, as [Binance](https://iq.wiki/wiki/binance) had been a major [liquidity provider](https://iq.wiki/wiki/liquidity-providers). Mizuhara emphasized the need for regulated platforms and mentioned that [Hashnote](https://iq.wiki/wiki/hashnote) aimed to fill this gap compliantly. Finally, the dialogue touched on regulatory uncertainty, suggesting [stablecoins](https://iq.wiki/wiki/stablecoin) could become a battleground between the SEC and CFTC, and raised concerns about broader government actions resembling “Operation Choke Point 2.0” rather than simply a turf war between regulators. [[6]](#cite-id-R6MvDKfVN5)\n$$widget0 [YOUTUBE@VID](https://www.youtube.com/watch?v=lcciJt93Nxs)$$\n## About Hashnote\n\nIn this episode of _The Scoop_, Mizuhara discussed the [Hashnote’s](https://iq.wiki/wiki/hashnote) role in bridging traditional finance and [crypto](https://iq.wiki/wiki/cryptocurrency) through on-chain asset management. Mizuhara, who previously worked at Bank of America and DRW, explained that [Hashnote](https://iq.wiki/wiki/hashnote) aimed to integrate [blockchain's](https://iq.wiki/wiki/blockchain) transparency and decentralized benefits with institutional financial structures. He reflected on the evolution of [crypto](https://iq.wiki/wiki/cryptocurrency)-structured products and noted that, despite expectations, institutional interest remained focused on [Bitcoin](https://iq.wiki/wiki/bitcoin) and [Ethereum](https://iq.wiki/wiki/ethereum), rather than a broader set of [altcoins](https://iq.wiki/wiki/altcoin). Mizuhara emphasized that client demand largely centered on yield-generating strategies and secure exposure to core [crypto](https://iq.wiki/wiki/cryptocurrency) assets, with limited appetite for long-tail tokens. He also highlighted the growing relevance of tokenized [real-world assets (RWAs)](https://iq.wiki/wiki/real-world-assets-rwas). He advocated for [blockchain](https://iq.wiki/wiki/blockchain) as a settlement layer for finance, citing historical failures in traditional finance that on-chain systems could potentially mitigate. [[7]](#cite-id-kFBF1EeEp9)\n$$widget0 [YOUTUBE@VID](https://www.youtube.com/watch?v=0zKYgs7vQAE)$$\n# Panels\n\n## Collateral Mobility\n\nAt the Digital Asset Summit 2024, the panel discussion on \"Collateral Mobility in Crypto\" explored how fragmented infrastructure in [crypto](https://iq.wiki/wiki/cryptocurrency) markets, particularly the need for prefunding trades, has led to inefficiencies in capital use. Participants included Mizuhara, Luuk Strijers (Deribit), Michael Roberts (Copper), and Paul Kermsky (Cumberland). They described how [crypto](https://iq.wiki/wiki/cryptocurrency) differs from traditional finance, where roles like custodians, brokers, and clearinghouses are separate. In [crypto](https://iq.wiki/wiki/cryptocurrency), exchanges often combine these roles, increasing counterparty risk and limiting capital efficiency. Speakers discussed emerging off-exchange custody solutions that allow firms to retain control over their assets while still trading at scale, improving risk management and [liquidity](https://iq.wiki/wiki/pol-protocol-owned-liquidity). The panel also covered the importance of enabling yield-bearing collateral, such as [Hashnote's USYC](https://iq.wiki/wiki/hashnote-usyc) token, which can serve in trading and lending activities. Overall, the discussion emphasized the ongoing trend toward unbundling services in [crypto](https://iq.wiki/wiki/cryptocurrency) to mirror traditional financial structures, aiming to unlock more efficient and scalable capital mobility. [[8]](#cite-id-csq1mzi0el)\n$$widget0 [YOUTUBE@VID](https://www.youtube.com/watch?v=AdAmGd2VRLI)$$\n## Macro Events and Catalysts\n\nAt BattleFin Miami 2024, the “Macro Events and Catalysts for Market Participants” panel featured fund managers discussing macroeconomic and regulatory factors affecting [crypto](https://iq.wiki/wiki/cryptocurrency) markets. Participants included Mizuhara, Paola Origel (Hyla Fund Management), [Felix Hartmann](https://iq.wiki/wiki/felix-hartmann) (Hartmann Capital), Jaime Baeza (ANB Investments), and Stuart MacDonald (Aaro Capital). They emphasized that digital asset performance is primarily driven by flows and narratives rather than traditional macroeconomic indicators. Key market catalysts included [Bitcoin ETF](https://iq.wiki/wiki/bitcoin-etfs) flows, bankruptcy-driven sell-offs, and anticipated reimbursements potentially leading to reinvestment. They also noted how declining interest rates and the end of U.S. liquidity programs could influence market dynamics. Regulatory clarity across regions was a central topic, with speakers highlighting more supportive frameworks in the UAE and parts of Europe, in contrast to ongoing uncertainty in the U.S. Some firms had already relocated operations abroad due to U.S. regulatory challenges. Despite regulatory hurdles, panelists acknowledged that the U.S. remains a major hub for capital formation, while regions like the Middle East are increasingly becoming key sources of investment. [[9]](#cite-id-rA8sv0MNtW)\n$$widget0 [YOUTUBE@VID](https://www.youtube.com/watch?v=LTxdIt8n_2Q)$$","summary":"Leo Mizuhara is a prominent figure in fintech and blockchain, known for founding Hashnote and its acquisition by Circle.","images":[{"id":"QmaF7zamFvW3Z2ZCD6RJimBJzZanr9LvbPdPVuwiiZU2m2","type":"image/jpeg, image/png"}],"categories":[{"id":"people","title":"people"}],"tags":[{"id":"Founders"},{"id":"Blockchains"},{"id":"Organizations"},{"id":"Ethereum"},{"id":"Marketplaces"}],"media":[{"id":"QmYP3nDDsuNrG32x8EW7qT3c2FxHW5QryyBkgsVaPiQStJ","name":"EjaPHYxLSTJu0MKh.png","caption":"","thumbnail":"QmYP3nDDsuNrG32x8EW7qT3c2FxHW5QryyBkgsVaPiQStJ","source":"IPFS_IMG"},{"id":"https://www.youtube.com/watch?v=z3C9s0l6yUI","name":"z3C9s0l6yUI","caption":"","thumbnail":"https://www.youtube.com/watch?v=z3C9s0l6yUI","source":"YOUTUBE"},{"id":"https://www.youtube.com/watch?v=lcciJt93Nxs","name":"lcciJt93Nxs","caption":"","thumbnail":"https://www.youtube.com/watch?v=lcciJt93Nxs","source":"YOUTUBE"},{"id":"https://www.youtube.com/watch?v=0zKYgs7vQAE","name":"0zKYgs7vQAE","caption":"","thumbnail":"https://www.youtube.com/watch?v=0zKYgs7vQAE","source":"YOUTUBE"},{"id":"https://www.youtube.com/watch?v=AdAmGd2VRLI","name":"AdAmGd2VRLI","caption":"","thumbnail":"https://www.youtube.com/watch?v=AdAmGd2VRLI","source":"YOUTUBE"},{"id":"https://www.youtube.com/watch?v=LTxdIt8n_2Q","name":"LTxdIt8n_2Q","caption":"","thumbnail":"https://www.youtube.com/watch?v=LTxdIt8n_2Q","source":"YOUTUBE"}],"metadata":[{"id":"references","value":"[{\"id\":\"oQUxYCE6uc\",\"url\":\"https://www.hashnote.com/\",\"description\":\"Hashnote website\",\"timestamp\":1744054815392},{\"id\":\"R0Z4E3fe1W\",\"url\":\"https://blockworks.co/author/leo-mizuhara\",\"description\":\"Blockworks author profile\",\"timestamp\":1744054815392},{\"id\":\"MJL21BtIsz\",\"description\":\"Leo Mizuhara | LinkedIn\",\"timestamp\":1744055228918,\"url\":\"https://www.linkedin.com/in/leo-mizuhara/\"},{\"id\":\"nsVZA2bGag\",\"description\":\"Mizuhara Experience | LinkedIn\",\"timestamp\":1744055260032,\"url\":\"https://www.linkedin.com/in/leo-mizuhara/details/experience/\"},{\"id\":\"AGpPmavmv6\",\"description\":\"Circle Acquires Hashnote | YouTube\",\"timestamp\":1744055421903,\"url\":\"https://www.youtube.com/watch?v=z3C9s0l6yUI&pp=ygUVbGVvIG1penVoYXJhIGhhc2hub3Rl\"},{\"id\":\"R6MvDKfVN5\",\"description\":\"What's the Fallout from CFTC Binance Lawsuit | YouTube\",\"timestamp\":1744055455901,\"url\":\"https://www.youtube.com/watch?v=lcciJt93Nxs&pp=ygUVbGVvIG1penVoYXJhIGhhc2hub3Rl\"},{\"id\":\"kFBF1EeEp9\",\"description\":\"Hashnote on The Scoop | YouTube\",\"timestamp\":1744055527871,\"url\":\"https://www.youtube.com/watch?v=0zKYgs7vQAE&ab_channel=Hashnote\"},{\"id\":\"csq1mzi0el\",\"description\":\"Collateral mobility in crypto | YouTube\",\"timestamp\":1744055556642,\"url\":\"https://www.youtube.com/watch?v=AdAmGd2VRLI&pp=ygUVbGVvIG1penVoYXJhIGhhc2hub3Rl\"},{\"id\":\"rA8sv0MNtW\",\"description\":\"BattleFin Miami 2024 - Macro Events and Catalysts for Market Participants | YouTube\",\"timestamp\":1744055613965,\"url\":\"https://www.youtube.com/watch?v=LTxdIt8n_2Q&pp=ygUVbGVvIG1penVoYXJhIGhhc2hub3Rl\"}]"},{"id":"linkedin_profile","value":"https://www.linkedin.com/in/leo-mizuhara"},{"id":"twitter_profile","value":"https://x.com/leomizuhara"},{"id":"commit-message","value":"\"Publishing the Leo Mizuhara wiki with detailed information on his career, education, and contributions to the fintech and blockchain sectors.\""}],"events":[],"user":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"author":{"id":"0x8af7a19a26d8fbc48defb35aefb15ec8c407f889"},"language":"en","version":1,"linkedWikis":{"blockchains":["hashnote","circle"],"founders":[],"speakers":[]}}