Banking Giant UBS Rolls Out Tokenized Money Market Fund on Ethereum (ETH)

UBS Asset Administration unveils its first tokenized funding fund on main good contract platform Ethereum (ETH).

In a press release, the worldwide asset supervisor and multinational funding financial institution stated say the UBS USD Cash Market Funding Fund Token (uMINT) will likely be made accessible by means of licensed distribution companions.

The Swiss firm with greater than $5.7 trillion in belongings below administration as of March 2024 says the launch of uMINT is a part of the broader enlargement of UBS Tokenize, the banking big’s in-house tokenization service that originally centered on bonds, funds and structured merchandise.

Thomas Kaegi, co-chairman of UBS Asset Administration Asia-Pacific, says:

“We’ve seen rising investor curiosity in tokenized monetary belongings throughout all asset courses. By leveraging our international capabilities and dealing with colleagues and regulators, we are able to now provide prospects an modern resolution.”

Final 12 months, UBS launched a stay pilot program of a tokenized Variable Capital Firm (VCC) fund in Singapore as a part of an initiative to carry actual belongings on-chain. UBS stated its international distributed ledger expertise technique goals to leverage each private and non-private blockchain networks to enhance the issuance and distribution of funds.

Monetary service supplier Franklin Tempelton additionally just lately launched its US Authorities Cash Fund (FOBXX), which invests in US authorities bonds, money and repurchase agreements, on crypto trade Coinbase’s layer-2 chain Base.

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