Nomura's Laser Digital Partners with Keyring Network to Enter DeFi Fixed Income

Nomura Securities' digital asset subsidiary, Laser Digital, has announced a partnership with Keyring Network to become a risk governance provider in the institutional lending market, with the first market set to launch on Euler Finance. The parties did not disclose committed capital, fee terms, or launch dates. According to the cooperation framework, Keyring will provide infrastructure and tools, including access verification, quantitative risk parameter settings, and clearing framework design; Laser Digital's asset management division will contribute governance standards, portfolio structure, and market practices. Both parties noted that institutional participation in DeFi lending faces four major obstacles: licensing, vulnerability risks, governance, and settlement. The solution combines zero-knowledge licensing, quantitative risk modeling, network insurance, and Keyring's settlement technology. DefiLlama data shows that Euler has locked a total value of $368.8 million across 17 chains, with outstanding loans of $555.4 million. Previously, Laser Digital supported ZIGChain's emerging market private credit in August, while Keyring plans to introduce a zero-knowledge identity layer for DeFi vaults on Avalanche by August 2025.

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