Nomura's Laser Digital enters the DeFi fixed-income sector
Nori Securities' digital asset subsidiary Laser Digital announced a collaboration with Keyring Network, appointing it as the risk governance provider for institutional lending markets, with the first market launching on Euler Finance. The parties did not disclose committed capital, fee terms, or launch date. Under the collaboration framework, Keyring provides infrastructure and tools, including access verification, quantitative risk parameter setting, and liquidation framework design; Laser Digital's asset management division contributes governance standards, portfolio structures, and market practices. Both parties noted four major barriers to institutional participation in DeFi lending: licensing, vulnerability risks, governance, and settlement, with solutions combining zero-knowledge licensing, quantitative risk modeling, network insurance, and Keyring's settlement technology. According to DefiLlama data, Euler locks up a total value of $368.8 million across 17 chains and has $555.4 million in outstanding loans. Laser Digital previously supported ZIGChain's emerging market private credit in August, while Keyring introduced a zero-knowledge identity layer for DeFi vaults on Avalanche in August 2025. Nori established Laser Digital in 2022, with operational headquarters in Dubai and Switzerland.
Nomura's subsidiary Laser Digital is entering DeFi institutional lending by partnering with Keyring and launching first via Euler Finance, which signals growing institutional adoption expectations and improves credibility for DeFi credit markets. As a result, perceived compliance and risk-management barriers may ease, potentially attracting future institutional capital flows; Euler, as the initial venue, stands to gain most. However, no capital commitment or launch date was disclosed, so near-term flows remain uncertain. DeFi lending sector and Euler are short-term bullish (medium).