KAIO Review 2026: Tokenised Institutional Funds Onchain

KAIO, formerly Libre Capital, is a real-world asset protocol that brings regulated institutional funds onchain. Its homepage lists five products: a BlackRock money market fund, a Hamilton Lane private credit fund, a Laser Digital crypto basis fund, a Brevan Howard macro fund and a Mubadala Capital private equity fund.

DefiLlama tracks about $34.7 million in TVL across fourteen chains, including Ethereum, Solana, Sei, Sui, Avalanche and Injective. The site also reports larger fund-level AUM figures, such as $64.7 million for MCAS, which do not match the DefiLlama total. The two numbers likely measure different things, and the project does not explain how. DefiLlama lists KAIO as listed since January 2025 and shows a seven-day TVL change of -12.6%.

Recent news on the site includes a tokenised Mubadala Capital strategy on Base, Solana and Sui, and BlackRock and Brevan Howard funds on Sei. The product is built for institutions and accredited investors, not for casual DeFi users.

KAIO takes shares in regulated institutional funds and represents them as tokens that can live on public blockchains. The underlying funds are run by their own managers, such as BlackRock or Brevan Howard. Conduit Asset Management Pte. Ltd. is named as investment manager for the funds listed on the site.

Because the funds are regulated, the tokens cannot simply circulate freely. KAIO's pitch is that it handles compliance checks, so only onboarded eligible investors can hold them, while still letting the tokens move across chains. The homepage describes a sovereign AppChain for this purpose, but the project does not give technical detail.

Once held, the tokens are meant to be more than a passive position. The site mentions secondary market trading and loans using the fund tokens as collateral. Redemption follows each fund's liquidity schedule, which is daily or monthly depending on the product.

KAIO's fees are not published. Fund-level management and performance fees, subscription and redemption costs, and any protocol charges would appear in the fund documents, which are only provided to eligible investors after onboarding.

The visible costs are minimum investments ($100 to $100,000) and liquidity terms (daily for CASH, monthly for the others). Users also pay network gas fees on whichever chain they use.

Fund access is gated. The site states that products are only for onboarded accredited and institutional investors, and that availability may be restricted by jurisdiction. The investment manager, Conduit Asset Management Pte. Ltd., is said to be incorporated in Singapore and to hold a Capital Markets Services License from the MAS. The site also notes that the MAS does not review or approve the website contents.

DefiLlama lists no audits for KAIO. Tokenised fund structures carry several layers of risk: smart contract bugs, bridge or cross-chain risk, issuer and fund-manager risk, and legal risk over how the tokens map to the underlying shares. The project does not describe custody arrangements or any incidents. Past performance is not a guide to future results, and this review is not investment advice.

KAIO is for accredited and institutional investors, treasuries and DeFi-native funds that want tokenised exposure to money market, credit, crypto basis, macro or private equity strategies and can pass onboarding. Casual retail users will not be able to use the fund products.