Tokenizing T-Bills is a 'giant misnomer,' says Hashnote CEO
Nov 15, 2023
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Leo Mizuhara, Founder and CEO of Hashnote, discusses the hype around tokenized real-world assets and the risks involved. He highlights that tokenized T-Bills are not providing direct exposure as many other assets are being tokenized instead. The podcast also explores topics such as the evolution of crypto funds, advantages of crypto transactions, stablecoins, utilizing assets through blockchain, and the prospects for institutional adoption of cryptocurrencies.
Tokenization of T-Bills is a misnomer as they are not actually being tokenized.
HashNote envisions a future where traditional finance and decentralized finance merge into a unified financial system with increased productivity and value.
Deep dives
Asset Management Platform for On-Chain Assets
HashNote is an on-chain asset management platform that aims to build towards a future of finance with a combination of different types of custody. They focus on the benefits of decentralized systems, real asset ownership, and the potential of DeFi. Through their platform, they offer services that resemble structured products, while also providing yield on crypto assets and access to different types of funds. They emphasize the importance of trust, safety, and regulatory compliance in the crypto industry, and aim to be a trusted provider of on-chain services.
The Potential of Tokenized Real World Assets
HashNote believes that the future of finance will involve the tokenization of real world assets, such as digital assets, securitized assets, and even traditional assets like real estate and gold. They highlight the ability to move assets on chain and the potential for greater efficiency, transparency, and accessibility. They recognize that tokenization should provide more utility than simply fractionalizing assets, and emphasize the importance of building trust and ensuring the safety of tokenized assets.
The Convergence of TradFi and DeFi
HashNote envisions a future where the boundaries between traditional finance (TradFi) and decentralized finance (DeFi) blur, and the two merge into a unified financial system. They anticipate a mix of blockchain technology and traditional financial instruments, where settlement happens on chain and assets, both digital and traditional, are productive and yield-generating. They believe that this convergence will lead to increased productivity of assets at rest, unlocking a significant amount of value in the financial ecosystem.
The Journey towards On-Chain Finance
In the short term, HashNote sees the movement towards on-chain finance being driven by the demand for accessible and safe investments. They highlight the need to rebuild trust in the ecosystem and the importance of safety as a top priority. They aim to onboard individuals and institutions into the crypto space, providing value through their asset management platform. In the medium term, they focus on the tokenization of digitally native assets, such as music, video, and equity, as well as other real world assets. In the long term, they anticipate all financial assets settling on chain and the possibility of more on-chain native firms disrupting traditional financial institutions.
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.
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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