Hashnote is an on-chain-first financial technology firm focused on fully regulated and compliant institutional investments and capital allocations.hashnote.com MiamiJoined October 2023
📣 Hashnote is excited to announce the integration of Hashnote's yield-bearing $USYC into @bouncebit - a blockchain ecosystem and platform designed to democratize access to institutional-grade yields. ⬇️
Key Highlights:
✅ Direct RWA-to-CEX Credit: Investors can now use #RWA as collateral for trading on centralized exchanges such as @DeribitExchange
✅ Yield Opportunities: Enhanced yield generation within the BounceBit ecosystem
Institutional Advantages:
✅ Immediate Yield Access
✅ Regulated Market Entry
✅ Access to #CeDeFi Trading Strategies
We're building infrastructure for dual yield generation: Treasury-backed assets + basis trading strategies.
Today we're partnering with @Hashnote_Labs, a @circle company to integrate USYC, marking a key milestone in our RWA + CeDeFi expansion.
Big congratulations to @LeoMizuhara and Hashnote for becoming part of @circle ! Proud to have delivered the integration of always-on reserve verification for $USYC. We’re excited to continue building with the Circle team and $USDC ecosystem, driving the future of tokenized institutional assets.
Circle announced today the acquisition of Hashnote and USYC Tokenized Money Market Fund.
This strategic move, alongside a partnership with global trading firm DRW via @CumberlandSays and news that we’re bringing native USDC to the @CantonNetwork, is set to redefine the landscape
EXCLUSIVE: Interview with @LeoMizuhara on the @circle acquisition of @Hashnote_Labs, coming up in this afternoon's episode of @TheSTOShow!
"I think the adoption from traditional institutions is going to be enormous as regulatory clarity opens up and I think Circle is really in a full position to take advantage of the changes" - Leo Mizuhara
📢Two years ago, we started @Hashnote_Labs with a simple, first-principles question: How can we build something that traditional finance players will actually use?
Fast forward, and we’ve created the world’s largest Tokenized Money Market Fund, $USYC, adopted by many institutions as yield-bearing collateral.
Today, I’m excited to share that Hashnote is now part of @circle .
I want to thank our customers, partners, investors, and the incredible teams at Hashnote, Circle, @DRWTrading , @CumberlandSays, and @CumberlandLabs for believing in this shared vision.
None of this would have been possible without the incredible people who supported and believed in us along the way.
I couldn’t be more excited for what lies ahead.🚀
*Disclaimer: Information about Hashnote’s advisory services and USYC is directed only to individuals and entities who are not US Persons, as defined in Regulation S under the Securities Act of 1933
We’re thrilled to announce that Hashnote (@Hashnote_Labs)—a company born from a conversation between Leo Mizuhara and Don Wilson, backed by Cumberland Labs in 2022, and surpassing $1.5B in AUM by the end of 2024—is being acquired by @Circle. 🎉
This acquisition aligns with Hashnote’s mission to deliver seamless, institutional-grade financial solutions that bridge TradFi and blockchain. Integrating their market-leading USYC with USDC paves the way for unparalleled liquidity, accessibility, and efficiency in institutional markets.
In partnership with Cumberland (@CumberlandSays), USYC is poised to become a marquee collateral product for trading operations.
At Cumberland Labs, we’re absolutely delighted for Leo and the Hashnote team, and we can’t wait to see what comes next.
circle.com/pressroom/circ…
Circle announced today the acquisition of Hashnote and USYC Tokenized Money Market Fund.
This strategic move, alongside a partnership with global trading firm DRW via @CumberlandSays and news that we’re bringing native USDC to the @CantonNetwork, is set to redefine the landscape of digital asset capital markets.
circle.com/pressroom/circ…
The US Yield Coin (USYC), the world’s largest Tokenized Money Market Fund (TMMF) with $1.52B deployed into USYC as of January 15, 2025, will now play a pivotal role as collateral in digital asset markets.
The partnership with DRW, a major player in traditional and crypto markets via its affiliate Cumberland, is a huge unlock for supporting USDC and USYC and elevating institutional adoption and operational efficiencies in digital finance.
Planned native USDC support on the Canton Network will enable private transactions and seamless integration of USDC and USYC in traditional finance (TradFi) markets, signifying a major shift towards enhancing liquidity and accessibility in the digital economy.
With USYC as a key collateral product, institutional players can expect smoother operations and innovative financial solutions.
We're thrilled to embark on this journey with the team from Hashnote, DRW and Cumberland, and the Canton Network to reshape the future of finance!
🗞️It’s official! Today, we are a @circle company, and we’re ready to rapidly scale adoption by pairing $USDC, a widely used, liquid payment and trading stablecoin, with $USYC.
Alongside news of Circle’s partnership with global trading firm @DRWTrading via @CumberlandSays and plans to bring native USDC to the @CantonNetwork, we’re set to unlock new efficiencies in digital asset capital markets together.
More here 👇
circle.com/pressroom/circ…
BREAKING NEWS: 3 big announcements from @circle.
1) We have acquired Hashnote, issuer of the world’s largest Tokenized Money Market Fund (USYC);
2) we have entered into a strategic partnership with global trading firm DRW to drive USDC and USDY in crypto and TradFi markets; and
3) we have announced our plans to launch USDC, alongside USYC, on the Canton blockchain network.
circle.com/pressroom/circ…
Let me break all of this down.
First, we are thrilled to bring the Hashnote team and family into Circle. As one of the leading pioneers of tokenization (USDC is arguably the largest form of regulated tokenized cash in the world), we have seen a rapid shift towards tokenized treasury assets through TMMFs. There is an enormous and immediate opportunity to bring yield-bearing collateral into crypto market structures, and through seamless integration with USDC, enable market participants to convert between USDC and USYC on a 24/7/365 basis. Hashnote has been a pioneer and is the largest issuer of TMMFs in the world today.
As more and more institutions get involved in the digital asset market, we are taking what are common practices in traditional finance and importing those onchain, but with the incredible super powers of global, real-time settlement, programmability and composability. Indeed, one of the holy grails of capital markets is the ability to move between cash and collateral instantly. We are unlocking this with a focus on the well established crypto capital markets.
With DRW, we are expanding on an already strong and nearly 10 year working relationship with DRW subsidiary Cumberland. Don Wilson is a true visionary in markets, and Cumberland continues to be one of the largest and most important global trading firms in crypto. Through this expanded partnership, Cumberland will expand its liquidity and settlement services for USDC and USYC, driving broader institutional adoption in crypto. Additionally, we will work together to bring these onchain innovations into traditional financial markets, where tokenized cash and collateral can unlock enormous value for every financial market participant.
And on this note, Circle is also announcing its planned deployment of native USDC on Canton, the leading public blockchain for fully private and secure financial applications. With over $3.6 trillion in RWA issued and over $1.5 trillion repo/month, Canton is already used and supported by major traditional banks, trading firms, asset managers and exchanges. With USYC already supported on Canton, offering native USDC integration will enable a seamless and 24/7/365 convertibility between collateral and cash for use in TradFi markets onchain.
TLDR – Circle is leading the way in bringing the most important building blocks of money onchain, fostering a more scalable model of global institutional adoption of crypto infrastructure, while also paving the way for onchain money to become the core of traditional financial markets.
Stay tuned for a lot more on all of these fronts!
Jeremy
Tokenized treasury growth in 2024 was driven by five major issuers:
1) Hashnote (@Hashnote_Labs): USYC
2) BlackRock (@BlackRock): BUIDL
3) Ondo (@OndoFinance): USDY + OUSG
4) Franklin Templeton (@FTI_US): FOBXX
5) Superstate (@superstatefunds): USTB
📣 “There's no scenario in the next several years where interest rates go back to what they were pre-Covid,”
- @dave_shapiro, CTO and Co-Founder of Hashnote,
during his recent discussion with @MercadoBitcoin, @Securitize , and @FireblocksHQ at #SPARK’24 by Fireblocks.
Tune in for more insights!🔽
1) Hashnote (@Hashnote_Labs): $USYC +$1.6B YoY
Hashnote was founded by Leo Mizuhara, who served as Managing Director of Corporate Investments at Bank of America before leading FICC Options Trading at DRW.
USYC dominated the market in 2024, scaling from $0B to $1.6B. The product, which tokenizes Hashnote's International Short Duration Yield Fund (iSDYF), operates through a Delaware-based management company with Cayman Islands domicile and uses Marex as prime broker for overnight reverse-repurchase agreements.
USYC's explosive growth was driven by its integration with Usual Protocol's USD0 stablecoin, which adopted USYC as its primary collateral. This partnership demonstrated how tokenized treasuries could become foundational infrastructure for stablecoin assets.
New year! New season! Fresh episodes, orange lovers; we are back! 🍊⛓️
And we are kicking off this season with Jason Lebo @LeboBTC , the head of private wealth for @Hashnote_Labs .
@jediblocmates engages with Jason, discussing:
- Jason’s transition story from Wall Street to
📣 “There's no scenario in the next several years where interest rates go back to what they were pre-Covid,”- @dave_shapiro of Hashnote,
during his discussion with Guilherme Pimentel of @MercadoBitcoin, Jorge Serna of @Securitize, and Michael Shaulov of @FireblocksHQ ⬇️
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