Leo Mizuhara is a financial technology professional with experience across traditional finance and blockchain-based asset management. He founded Hashnote, an on-chain investment platform, and led it until its acquisition by Circle in 2025. ^[1]

Education

Mizuhara 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]

Career

Mizuhara 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 Systems LLC, a part-time role focused on blockchain technology. In 2017, he joined DRW Holdings, LLC, as head of systematic trading for fixed-income options, where he remained for five years.

In 2022, he founded Hashnote and served as its chief executive officer until early 2025. In late 2023, he joined the Asia Web3 Alliance Japan as a board member. As of January 2025, Circle, creators of USDC, acquired Hashnote, with Mizuhara becoming vice president of product. ^{[2] [4]} 

Interviews

Joining Circle

In this interview on the Security Token Show, Mizuhara discussed Circle's acquisition of Hashnote, where he previously served as CEO and now holds a VP position at Circle. He explained that USYC, Hashnote’s yield-bearing collateral token, played a key role in the acquisition due to its instant redemption capabilities, regulatory-first approach, and integration potential with Circle’s USDC. Mizuhara noted the advantages of using blockchain for 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 benefits, and addressed the growing interest from traditional financial institutions in blockchain-based products. He intends to scale innovation at 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 market by 2025. ^[5] YOUTUBE@VID

CFTC-Binance Lawsuit

On the Daily Crypto News, Mizuhara analyzed the fallout from the CFTC’s lawsuit against Binance, focusing on potential consequences for Binance, U.S. crypto regulation, and the broader market. Mizuhara noted that although 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 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 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 had been a major liquidity provider. Mizuhara emphasized the need for regulated platforms and mentioned that Hashnote aimed to fill this gap compliantly. Finally, the dialogue touched on regulatory uncertainty, suggesting stablecoins 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] YOUTUBE@VID

About Hashnote

In this episode of The Scoop, Mizuhara discussed the Hashnote’s role in bridging traditional finance and crypto through on-chain asset management. Mizuhara, who previously worked at Bank of America and DRW, explained that Hashnote aimed to integrate blockchain's transparency and decentralized benefits with institutional financial structures. He reflected on the evolution of crypto-structured products and noted that, despite expectations, institutional interest remained focused on Bitcoin and Ethereum, rather than a broader set of altcoins. Mizuhara emphasized that client demand largely centered on yield-generating strategies and secure exposure to core crypto assets, with limited appetite for long-tail tokens. He also highlighted the growing relevance of tokenized real-world assets (RWAs). He advocated for blockchain as a settlement layer for finance, citing historical failures in traditional finance that on-chain systems could potentially mitigate. ^[7] YOUTUBE@VID

Panels

Collateral Mobility

At the Digital Asset Summit 2024, the panel discussion on "Collateral Mobility in Crypto" explored how fragmented infrastructure in crypto 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 differs from traditional finance, where roles like custodians, brokers, and clearinghouses are separate. In crypto, 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. The panel also covered the importance of enabling yield-bearing collateral, such as Hashnote's USYC token, which can serve in trading and lending activities. Overall, the discussion emphasized the ongoing trend toward unbundling services in crypto to mirror traditional financial structures, aiming to unlock more efficient and scalable capital mobility. ^[8] YOUTUBE@VID

Macro Events and Catalysts

At BattleFin Miami 2024, the “Macro Events and Catalysts for Market Participants” panel featured fund managers discussing macroeconomic and regulatory factors affecting crypto markets. Participants included Mizuhara, Paola Origel (Hyla Fund Management), 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 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] YOUTUBE@VID