Key Takeaways
- • Laser Digital, the digital asset subsidiary of Japan's Nomura Group, is partnering with Keyring Network to bring institutional fixed income strategies onchain, according to Markets Media.
- • Laser Digital cites outstanding global fixed income securities of $160 trillion at the end of 2025, versus just $25.2bn in active real-world assets onchain at the end of March 2026, which it describes as a "tiny" market.
- • Laser Digital aims to act as an advisory risk governor for low-risk DeFi vaults, combining quantitative risk modelling with institutional governance, with initial focus on lending and borrowing markets.
- • Keyring will supply access verification, quantitative risk parameterisation and liquidation framework design, while Laser Digital's asset management division contributes governance standards and portfolio structuring.
- • Laser Digital's chief operating officer Andrea Vianelli expects more onchain bond funds to emerge and aims for a full suite of onchain strategies within a year, starting with fixed income.
Summary
Laser Digital, the digital asset subsidiary of Japan's Nomura Group, has formed a partnership with Keyring Network to bring fixed income products onchain, according to a Markets Media report. The firm's report cites outstanding global fixed income securities of $160 trillion at the end of 2025, while active real-world assets onchain stood at only $25.2bn at the end of March 2026. The report describes the onchain market as "tiny" relative to that opportunity.
Dr. Jez Mohideen, chief executive and co-founder of Laser Digital, said institutional interest in onchain fixed income is no longer theoretical, but that constraints remain. He said the firm is focused on assets whose behaviour more closely resembles conventional fixed income instruments than volatile crypto tokens, while preserving the efficiency benefits of onchain settlement. According to the report, Laser Digital aims to become an advisory risk governor for low-risk DeFi vaults, combining quantitative risk modelling with institutional governance. Laser Digital is a regulated, full-spectrum digital asset firm offering institutional-grade OTC trading, asset management, structured financing and early-stage venture capital, established by Nomura in 2022.
The Keyring partnership, first announced in September 2026, targets institutional fixed income products in DeFi, initially focused on lending and borrowing markets that meet established standards of governance, compliance and risk control. Keyring, a UK fintech providing compliance, verification and trust infrastructure for onchain markets, will supply access verification, quantitative risk parameterisation and liquidation framework design. Laser Digital's asset management division will contribute governance standards, portfolio structuring and market practice expertise. The partners plan to combine zero-knowledge permissioning, risk modelling, cyber insurance and settlement technology via Keyring's [un]wind to let onchain products scale beyond the current DeFi liquidity base. Alex McFarlane, founder and chief executive of Keyring Network, said the aim is to enable fixed income strategies that can function at institutional scale onchain.
Andrea Vianelli, chief operating officer for asset management and structuring advisory at Laser Digital, told Markets Media the firm had sought the right partner for a long time, and said Laser Digital will focus predominantly on bringing traditional finance strategies onchain. He expects the scarcity of onchain bond funds to change, positioning Laser Digital as an entry point for traditional investors and an option for onchain natives who value strong due diligence. Vianelli noted the firm's track record in digital assets, citing KAIO, the institutional tokenization platform Laser Digital incubated, which launched its governance token in May 2026 with five institutional-grade funds across more than ten blockchains and approximately $100m in total value locked. KAIO works with BlackRock, Brevan Howard, Hamilton Lane and Laser Digital. Laser Digital aims to have a full suite of onchain strategies within a year, starting with fixed income, and Vianelli indicated tokenized equities are also under consideration.
Dr. Jez Mohideen, chief executive and co-founder of Laser Digital, said institutional interest in onchain fixed income is no longer theoretical, but that constraints remain. He said the firm is focused on assets whose behaviour more closely resembles conventional fixed income instruments than volatile crypto tokens, while preserving the efficiency benefits of onchain settlement. According to the report, Laser Digital aims to become an advisory risk governor for low-risk DeFi vaults, combining quantitative risk modelling with institutional governance. Laser Digital is a regulated, full-spectrum digital asset firm offering institutional-grade OTC trading, asset management, structured financing and early-stage venture capital, established by Nomura in 2022.
The Keyring partnership, first announced in September 2026, targets institutional fixed income products in DeFi, initially focused on lending and borrowing markets that meet established standards of governance, compliance and risk control. Keyring, a UK fintech providing compliance, verification and trust infrastructure for onchain markets, will supply access verification, quantitative risk parameterisation and liquidation framework design. Laser Digital's asset management division will contribute governance standards, portfolio structuring and market practice expertise. The partners plan to combine zero-knowledge permissioning, risk modelling, cyber insurance and settlement technology via Keyring's [un]wind to let onchain products scale beyond the current DeFi liquidity base. Alex McFarlane, founder and chief executive of Keyring Network, said the aim is to enable fixed income strategies that can function at institutional scale onchain.
Andrea Vianelli, chief operating officer for asset management and structuring advisory at Laser Digital, told Markets Media the firm had sought the right partner for a long time, and said Laser Digital will focus predominantly on bringing traditional finance strategies onchain. He expects the scarcity of onchain bond funds to change, positioning Laser Digital as an entry point for traditional investors and an option for onchain natives who value strong due diligence. Vianelli noted the firm's track record in digital assets, citing KAIO, the institutional tokenization platform Laser Digital incubated, which launched its governance token in May 2026 with five institutional-grade funds across more than ten blockchains and approximately $100m in total value locked. KAIO works with BlackRock, Brevan Howard, Hamilton Lane and Laser Digital. Laser Digital aims to have a full suite of onchain strategies within a year, starting with fixed income, and Vianelli indicated tokenized equities are also under consideration.
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