Tokenizing T-Bills is a 'giant misnomer,' says Hashnote CEO

Quick Take

  • Hashnote CEO Leo Mizuhara explores the risks in tokenized real-world assets.

Episode 97 of Season 5 of The Scoop was recorded with The Block's Frank Chaparro and Hashnote Founder & CEO Leo Mizuhara.

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Leo Mizuhara is the founder and CEO of Hashnote — a digital asset management platform that aims to provide institutions with a regulated gateway to DeFi.

In this episode of The Scoop, Mizuhara explores the recent hype around tokenized real-world assets and examines some of the hidden risks under pinning this sector of the digital assets market.


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According to Mizuhara, many purported 'tokenized' T-Bills are not actually providing direct exposure.

"I think it's a giant misnomer — it's really dumb that people are calling them tokenized treasuries... People are tokenizing ETFs, people are tokenizing SPVs, they're tokenizing funds — I've literally seen nobody actually tokenizing the Treasuries or the T-Bills themselves."

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© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Authors

Davis Quinton is the Director of Podcasts at The Block and runs our flagship podcast called The Scoop, hosted by Frank Chaparro. Since joining The Block as an 'intern' in early 2022, he has worked closely with leaders across departments to translate The Block's written content into engaging multimedia formats. He holds a degree in Social Research & Public Policy from New York University in Abu Dhabi and is based in Sydney, Australia.
Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].