UBS Asset Administration is unveiling its first tokenized funding fund on the main sensible contract platform Ethereum (ETH).
In an announcement, the worldwide wealth supervisor and multinational funding financial institution says the UBS USD Cash Market Funding Fund Token (uMINT) might be made accessible via licensed distribution companions.
The Swiss agency with over $5.7 trillion in property beneath administration as of March 2024 says uMINT’s launch kinds a part of the broader growth of UBS Tokenize, the banking big’s in-house tokenization service initially centered on bonds, funds and structured merchandise.
Says UBS Asset Administration Asia-Pacific co-head Thomas Kaegi,
“We’ve seen rising investor urge for food for tokenized monetary property throughout asset lessons. By leveraging our international capabilities and collaborating with friends and regulators, we are able to now present purchasers with an revolutionary answer.”
Final 12 months, UBS launched a reside pilot program of a tokenized Variable Capital Firm (VCC) fund in Singapore as a part of an initiative to convey real-world property on-chain. UBS stated its international distributed ledger expertise technique is concentrated on leveraging each private and non-private blockchain networks to enhance the issuance and distribution of funds.
Monetary providers agency Franklin Templeton additionally lately launched its U.S. Authorities Cash Fund (FOBXX), which invests in US authorities securities, money and repurchase agreements, on crypto trade Coinbase’s layer-2 chain Base.
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