Nomura Subsidiary Laser Digital Tests USDC Transfer With Keyring Network

The institutions are here.

Institutional crypto firm Keyring Network has facilitated the transfer of a wrapped version of the USDC stablecoin for Laser Digital, a subsidiary of Japanese banking giant Nomura.

The move signals broader institutional experimentation with permissioned blockchains and crypto assets such as stablecoins, said Mélodie Lamarque, co-founder of Keyring.

She explained to The Defiant that her firm wrapped USDC and enabled a permissioned trade within the Laser Digital ecosystem, leveraging Keyring’s compliance framework.

Lamarque noted that Laser Digital tested the transfer on Ethereum’s mainnet, not in a sandboxed environment. That’s a testament to the company's willingness to truly test crypto systems, an impressive move considering its close ties to Nomura.

Nomura Asset Management is a behemoth of the financial system, with $531 billion in AUM, according to the company. Although through a subsidiary, its involvement in the digital asset industry only strengthens the case that crypto is penetrating the largest financial institutions in the world – even if through the margins at first.

Laser Digital, with help from Keyring — a firm that specializes in building compliance tools for institutions looking to leverage smart contracts — is “rebuilding the bank,” said Lamarque. Keyring has raised $6 million in seed funding.

Lamarque did note that she doesn’t see the regulatory environment becoming one unified framework, nor that it makes sense. “Trying to harmonize international laws won’t work,” she said, adding that the company is focused on a rule framework that checks all the boxes.