Hashnote
The business, the turning points, and the decisions behind them.
Some sections are still being researched2 / 4
Sections to complete：02 · 05
01 / WHAT IT BUILT
What the company did
Hashnote, the on-chain-first digital asset manager incubated by Cumberland Labs (built with the support of Cumberland and DRW) and led by CEO Leo Mizuhara, issued USYC, a tokenized short-duration yield fund that invests in short-term U.S. Treasury Bills via repo-reverse repo activities. USYC became the largest tokenized treasury and money market fund in the world ($1.52B deployed as of January 2025) and was registered with the CFTC as a Commodity Pool Operator. On January 21, 2025 Circle announced it had acquired Hashnote, planning to fully integrate USYC with USDC.
02 / FAILURE REASONS
Material for this section is being gathered and checked. It will appear here once ready.
03 / EVENT HISTORY
Events in the structured record
- Acquired by Circle
Circle announced its acquisition of Hashnote, the issuer of USYC incubated by Cumberland Labs, on January 21, 2025, planning to integrate USYC with USDC.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN / AFTERMATH
Material for this section is being gathered and checked. It will appear here once ready.