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The RWA tokenization protocol KAIO officially announces the launch of its governance token KAIO, with a fixed total supply of 10 billion tokens, and simultaneously establishes the KAIO Foundation, responsible for ecological governance, treasury management, and protocol development.KAIO is incubated by Nomura Group's digital asset division Laser Digital and has received strategic investments from institutions such as Tether (the world's largest stablecoin issuer), BH Digital Assets, and Further. The platform currently has 5 institutional-grade funds launched, with a TVL of approximately 100 million USD, spanning over 10 blockchains. The supported asset managers include BlackRock, Brevan Howard, Hamilton Lane, and Laser Digital, with a collaboration with Mubadala Capital set to be announced soon.In terms of token distribution, the community and liquidity incentives account for the highest proportion at 37.5%; the foundation holds 17%; the team, investors, and Pre-TGE sales collectively account for 45.5%, with a lock-up ratio of zero on the day of TGE. Unlocking has a cliff period of 6 to 12 months, followed by monthly linear releases, with a maximum period of up to 60 months.The core uses of the token include: access to protocol products, participation in staking to earn rewards, and governance voting rights on key protocol decisions and treasury allocations. The protocol will generate revenue by charging basis points on tokenized assets, but token holders do not have statutory rights to fee distribution. The KASH product aimed at retail users is planned to launch in the second quarter of 2026, aiming to provide ordinary users with exposure to RWA returns.

Arkham stated that trader Murad's portfolio has rebounded to about $12 million, up approximately 50% from the previous low of $7.8 million, but still down about 82% from the historical peak. During this period, Murad did not sell his holdings in SPX and other meme coins.

The Japan Securities Clearing Corporation (JSCC), a clearing institution under the Japan Exchange Group, has partnered with Mizuho Bank, Nomura Securities, and Digital Asset to launch a proof-of-concept trial aimed at exploring the use of blockchain technology for collateral management of Japanese Government Bonds (JGBs).According to a joint statement released on Monday, the trial will integrate existing systems from multiple institutions through the Canton Network to test the on-chain transfer and management of JGBs. This initiative aims to assess the feasibility of achieving real-time collateral trading while ensuring compliance with relevant financial instruments and trading laws. The trial will also investigate cross-border use cases involving clearinghouses, institutional investors, and other market participants.JSCC stated that this trial is part of a broader initiative under the Financial Services Agency's "Payment Innovation Project." As overseas markets like the United States make progress in testing similar infrastructures, advancing JGBs collateral management has become an "urgent priority." Previously, the Depository Trust & Clearing Corporation (DTCC) in the U.S. launched a pilot to tokenize U.S. Treasury securities, and South Korea is also conducting related tests.

The "2026 Digital Asset Institutional Investor Survey" released by financial giant Nomura Securities shows that nearly 80% of institutional investors plan to allocate 2% - 5% of their total managed assets to the cryptocurrency sector. 65% of the surveyed institutions view cryptocurrencies as a diversification tool on par with stocks, bonds, and commodities.The survey covered institutional investors and family offices managing over $60 billion in assets. In terms of investment direction, more than two-thirds of respondents hope to earn returns through DeFi mechanisms such as staking, 65% are focused on lending and tokenized assets, and 63% are exploring derivatives and stablecoins. Additionally, 63% of respondents believe that stablecoins have practical uses for managing cash, cross-border payments, and investing in tokenized assets, with stablecoins issued by major financial institutions being the most trusted.Nomura Securities stated that regulatory clarity, increased awareness, and improved risk control frameworks are key to expanding investments. Although challenges such as the lack of clear methods for asset valuation and regulatory uncertainties still exist, the development of diversified investment products and improvements in risk management practices are accelerating institutional adoption.

According to Jinshi News, Nomura Securities has postponed the Federal Reserve's interest rate cut expectations to September and December, citing new inflation risks arising from the Middle East conflict. Nomura's Chief U.S. Economist Jeremy Schwartz pointed out that the delay in the confirmation process for Federal Reserve Chair nominee Kevin Walsh is also a reason for his revision of the interest rate cut timetable. Although price pressures are viewed as transitory, the Federal Reserve may remain cautious in the short term, with policymakers still maintaining a preference for easing.

According to Jinshi reports, Nomura Securities expects the Federal Reserve to cut interest rates by 25 basis points in September and December, while the previous forecast was for June and September.

Nomura Securities expects the Bank of England to cut interest rates by 25 basis points in April and July, whereas the previous forecast was for cuts in March and June.

According to Nikkei News, Japan's Nomura Holdings and Daiwa Securities Group are collaborating with Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, and Mizuho Financial Group to jointly promote a pilot project for securities trading based on stablecoins, aiming to achieve 24-hour real-time settlement on the blockchain.The project plans to convert assets such as stocks, government bonds, corporate bonds, investment trusts, and ETFs into digital securities. After investors place orders through brokers, transactions will be settled in real-time using yen stablecoins jointly issued by the three major banks, with asset rights simultaneously transferred to the buyer. The experiment is expected to start as early as this month after notifying financial regulatory authorities, and may attract more financial institutions in the future.The project aims to support round-the-clock trading through the tamper-proof characteristics of blockchain, extending trading hours and shortening settlement cycles to invigorate the markets for stocks, bonds, and investment trusts. However, implementation still faces compliance and practical challenges related to broker order verification and other operational processes, and the pilot will focus on identifying and addressing related obstacles.

According to Arkham data, at 23:26, 1000.94 PAXG (worth approximately 4.852 million USD) was transferred from samurai.eth to Fluid (Instadapp).

Nomura Securities in Japan manages approximately 153 trillion yen in client assets and has reduced its cryptocurrency holdings after incurring losses in the third quarter. The company's Chief Financial Officer, Hiroyuki Morinai, stated that they are lowering the risk exposure of their European crypto subsidiary, Laser Digital, to curb short-term profit volatility.Nevertheless, Nomura emphasized that its commitment to digital asset-related businesses remains unchanged and hopes to expand its crypto operations in the medium to long term. Laser Digital has recently applied for a federal banking charter in the United States, planning to provide crypto custody and spot trading services for U.S. businesses and residents.Nomura established Laser Digital in Switzerland in September 2022, focusing on cryptocurrency trading and venture capital, with an original expectation of achieving profitability by 2024.

Nomura Holdings' stock price fell by 5.3% to 1,338 yen during the morning session on the 2nd. This followed the company's disclosure of its financial report, which indicated losses in its cryptocurrency business, leading to a negative market reaction.Reports indicate that Laser Digital Holdings, Nomura's Swiss subsidiary engaged in cryptocurrency trading, recorded losses in the quarter due to market volatility, although the specific amount has not been disclosed. Analysts estimate that the losses could exceed 10 billion yen. Nomura's CFO stated that they have reduced risk exposure through stricter position management but still believe that the cryptocurrency business has growth potential in the medium to long term.The financial report showed that Nomura Holdings' consolidated net profit for the third quarter was 91.6 billion yen, below the market expectation of 95.1 billion yen. Additionally, the company announced a stock repurchase plan of up to 60 billion yen, accounting for approximately 3.2% of the issued shares.

According to Jinshi reports, Nomura Securities pointed out that the US dollar and US Treasury yields are facing upward pressure. At the same time, the policy stance of former Federal Reserve governor Kevin Walsh is considered to be less dovish.

According to market news, Nomura Securities' digital asset subsidiary Laser Digital has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter. If approved, the charter will allow Laser Digital to operate nationwide without the need to apply for custody licenses on a state-by-state basis, although the business will not involve accepting retail deposits. It is reported that the company also plans to offer spot cryptocurrency trading services.

According to a report by Nikkei, the Financial Services Agency of Japan is expected to lift the ban on spot cryptocurrency ETFs, such as Bitcoin, by 2028.To achieve this goal, authorities plan to amend the enforcement order of the Investment Trust Act to classify virtual currencies as "specific assets" eligible for investment trusts. Reportedly, major financial institutions like SBI Holdings and Nomura Holdings are advancing the development of related products. If approved for listing by the Tokyo Stock Exchange, individual investors will be able to trade cryptocurrency ETFs through their brokerage accounts, just like buying and selling stock or gold ETFs.Previous surveys have shown that at least six asset management companies are researching and developing related products, targeting both individual and institutional investors. The lifting of the ban is contingent upon tax reform. Currently, Japan applies comprehensive taxation to virtual assets, with a maximum tax rate of 55%. Discussions are underway to adjust this to a separate taxation system with a unified tax rate of 20%. Reports analyze that this move will expand asset allocation options for both individual and institutional investors.

The digital asset company Laser Digital, supported by Nomura Securities, has launched a Bitcoin Diversified Yield Fund, providing excess returns for long-term Bitcoin holders through arbitrage trading strategies, market-neutral arbitrage, lending, and options.The fund achieves native tokenized Bitcoin yields through KAIO (formerly Libre Capital), with custodial services provided by Komainu. This newly launched fund is an upgraded version of the Bitcoin Adoption Fund initiated by Laser Digital in 2023, and it is open only to accredited investors in specific jurisdictions (excluding the United States), with a minimum subscription amount of $250,000 or equivalent BTC.

According to CoinDesk, Nomura's crypto trading company Laser Digital has launched a tokenized Bitcoin yield fund.The fund aims to provide asset returns for long-term holders through market-neutral arbitrage, lending, and options strategies. Its goal is to achieve a net return exceeding 5% above the performance of Bitcoin spot over a rolling 12-month period.The fund will be natively tokenized through the specialized institution KAIO and will be custodied by Komainu, a joint custody institution of Nomura, CoinShares, and Ledger. It is open only to specific qualified investors in eligible jurisdictions (excluding the U.S.), with a minimum subscription amount of $250,000 or the equivalent in Bitcoin.

According to Jin Ten, Matthew Parry, Chief Investment Officer of Nomura Asset Management, stated in a memo that the latest data points to a slowdown in inflation and a weak labor market, making another rate cut possible. He noted that the new economic forecasts should reflect a moderation in inflation over the next few quarters, opening the door for another rate cut. Parry also mentioned that the current level of divergence among the Federal Reserve Committee regarding the monetary policy path is greater than ever before.

According to Jinshi News, Nomura Securities has changed its stance, expecting the Federal Reserve to cut interest rates by 25 basis points at the December policy meeting, reversing its previous expectation of maintaining rates. Nevertheless, Nomura pointed out that there is still considerable uncertainty regarding the policy decision in December. The bank believes that there are enough dovish signals to support further "risk management-style rate cuts."It is expected that four hawkish members will oppose the rate cut, while Milan supports a 50 basis point cut. Nomura also anticipates that under the leadership of the new Federal Reserve Chair in 2026, the Federal Reserve will cut rates by 25 basis points in both June and September.

According to Jin Shi reports, Robert Subbaraman, Chief Economist for Asia (excluding Japan) at Nomura Securities, stated that the U.S. economy is expected to remain strong, with a growth rate projected to reach 2.5% in the first half of 2026. He attributes this outlook to the ongoing AI investment boom and fiscal expansion. Subbaraman expects the Federal Reserve to keep interest rates unchanged in December, but the baseline view is that there will be rate cuts in March, June, and September of 2026. Consumer inflation may remain around 3%, and if financial conditions and liquidity increase, inflation could rise.