KAIO Research @KAIO_xyz (formerly Libre Capital) is a sovereign app chain protocol for institutional RWA (Real World Asset) tokenization, transitioning its brand from Libre Capital in July 2025, aiming to establish an on-chain infrastructure for regulated assets. It secured a $11 million seed round led by Nomura's Laser Digital, gaining institutional credibility by tokenizing funds from global asset managers such as BlackRock, Brevan Howard, and Hamilton Lane. The basic structure of the protocol is designed around a 'regulation-friendly multi-chain infrastructure.' KAIO operates on a sovereign Layer 1 chain based on Polygon CDK, enforcing all KYC/AML certification processes and accredited investor requirements at the protocol level. It incorporates a structure that meets regulatory certification requirements without exposing personal information using a zkVM based on RISC Zero, and verifies the actual net asset value (NAV) of off-chain assets in real-time through Chainlink's PoR and NAVLink oracles. Additionally, it integrates LayerZero and CCIP to maintain a single liquidity across more than 120 chains, automating subscriptions and redemptions with over 10,000 transactions per second on the Hedera network at low fees (around $0.0001). KAIO's tokenization model is based on a fund-level structure. Representative examples include BlackRock's money market fund (MMF) 'ICS USD Liquidity,' Brevan Howard's global macro fund, Hamilton Lane's private credit fund, and Laser Digital's Bitcoin yield fund, all of which are 1:1 mapped to on-chain tokens. However, of the total tokenization scale announced at $200 million, the actual on-chain TVL is only $42 million, indicating that a significant portion likely remains in off-chain custody or has been redeemed. Investors must meet a minimum entry requirement of over $10,000 and undergo strict KYC procedures, generally issued through Singapore entities and Cayman structures. Technically, it demonstrates a level of completeness that qualifies as 'RWA 2.0 infrastructure,' but actual market response has been minimal. Due to the structure that excludes retail participation, trading volume is nonexistent, and on-chain activity is primarily limited to pilot operations between institutions. The content strategy is also largely focused on institutional promotion, with press releases centered around partnerships with BlackRock, Hedera, and Aave Horizon dominating. There are no community programs, AMAs, webinars, or SDK-based ecosystem incentives identified for general investors or developers. As a result, while KAIO is technically sophisticated, its market exposure and community outreach are extremely low. In a competitive landscape, KAIO differentiates itself from general-purpose RWA or lending-focused protocols like Centrifuge and Maple by emphasizing 'fund-level regulatory asset tokenization.' It also manages distribution across multiple chains rather than relying on a single chain, integrating oracle, compliance, subscription, and redemption processes at the protocol level. However, it lags behind competitors in actual metrics such as TVL, trading volume, and active wallet numbers, particularly showing that its $42 million scale compared to Centrifuge's $1.1 billion and Maple's $4 billion AUM indicates a lack of substantial market validation. In summary, KAIO is a project that possesses structural completeness and institutional connections as an infrastructure for safely issuing and managing regulated institutional assets on the blockchain. However, it remains in the experimental stage regarding key operational metrics such as actual liquidity acquisition, user activity, and exchange integration. In the short term, it needs to secure liquidity and enhance transparency, while in the medium to long term, it requires a strategy for external expansion beyond institutional partners, alongside community and educational content to build market recognition and trust. KAIO's potential is evident, but currently, it is assessed to be in a 'quiet infrastructure' stage, unable to exert sufficient influence in the market solely through technological innovation and institutional trust. Transforming Institutional Funds Onchain.