UBS, Banking Giant, Initiates Pilot for Tokenized Money Market Fund on Ethereum (ETH)
Swiss multinational investment bank and financial services company UBS initiates a pilot program for a "tokenized money market fund" on the Ethereum (ETH) blockchain.
.png)
In a recent blog post, UBS Asset Management introduces what it describes as the "first blockchain-native tokenized VCC fund pilot" in Singapore. Thomas Kaegi, Head of UBS Asset Management, Singapore & Southeast Asia, expresses that this marks a significant milestone in comprehending fund tokenization, leveraging UBS's proficiency in tokenizing bonds and structured products. The pilot program, led by the Monetary Authority of Singapore (MAS), employs UBS Tokenize, the firm's in-house tokenization service, enabling fund subscriptions and redemptions to be executed through a smart contract.
The announcement emphasizes that this initiative aligns with the company's global strategy to enhance fund issuance and distribution by leveraging distributed ledger technology (DLT) on both public and private blockchain networks. UBS is expanding its tokenization services through the UBS Tokenize program.
As the company states, "Following the successful launch of the first pilot transactions, UBS Asset Management will be looking to execute further live pilot use cases under Project Guardian – working with a wider set of partners and exploring various investment strategies."
Oct 03, 2023
