Racism against Asians is often ignored worldwide, and the field of mathematics education is no exception. The anti-Asian racism unveiled during the COVID-19 pandemic necessitates that we rethink the current discussions of equity and social justice in mathematics education regarding how the needs of many Asian students have been forgotten and often excluded from these discussions. When Asian students are mentioned, it is often for the purpose of reifying a racial hierarchy of mathematical ability (Martin, "Teachers College Record" 111(2):295-338, 2009; Martin et al., 2017). Based on an analysis of the particularities of the U.S. context, this essay argues that the "model minority myth" and other covert forms of anti-Asian racism, such as yellow peril and forever foreigner myths, racialize Asian Americans and create a monolithic view of diverse groups of people with different histories and needs, including within mathematics education. While incorporating current race and racism concepts from Asian Critical Theory (Iftikar & Museus, "International Journal of Qualitative Studies in Education" 31(10):935-949, 2018), we aim to conceptualize the racialization that Asian-American students experience in mathematics classrooms and how it affects their well-being, and propose implications to (re)construct Asian-American students' counterstories and identities in mathematics education. We also scrutinize mathematics education researchers' and educators' roles in advancing equity for all students by countering the hidden racism toward Asian Americans.