UBS launches its first tokenized fund on Ethereum blockchain
UBS launches its first tokenized fund on Ethereum blockchain UBS launches its first tokenized fund on Ethereum blockchain
UBS faucets into rising tokenization trends, offering customers enhanced access and transparency.
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UBS Asset Administration, a subsidiary of Zurich-headquartered funding monetary institution UBS, has launched its inaugural tokenized fund on the Ethereum blockchain, aiming to amplify access for its purchasers.
Per a Nov. 1 assertion, the unusual product â the “UBS USD Money Market Funding Fund Token” or “uMINT” â offers purchasers an innovative funding resolution.
Token holders will glean access to UBS Asset Administration’s institutional-grade cash management technique, which makes use of high quality money market instruments beneath a conservative, probability-managed framework.
Thomas Kaegi, Co-Head of UBS Asset Administration, emphasized that the open aligns with rising investor pastime in tokenized sources. He commented:
“We have viewed rising investor appetite for tokenized monetary sources all the contrivance in which thru asset classes. Via leveraging our global capabilities and taking part with mates and regulators, we are able to now present purchasers with an innovative resolution.”
This open also helps UBS’s broader “UBS Tokenize” initiative, which began in June 2023 by rising entirely digitally structured notes value CNH 200 million for a third-celebration issuer. By November, UBS had accomplished the first-ever glum-border repurchase transaction the usage of a natively issued digital bond on a public blockchain.
UBS Asset Administration acknowledged these efforts accept as true with its ongoing commitment to each public and inner most blockchain networks, enabling it to amplify choices cope with fund issuance and distribution, rising more streamlined and accessible monetary products.
As of the fourth quarter of 2023, UBS managed $5.7 trillion of its purchasers’ invested sources. The firm operates in extra than 50 markets worldwide.
Like a flash impart
Tokenization, representing worn sources such because the US Treasury-backed money market funds on blockchain networks, has gained necessary traction among established finance firms, in conjunction with BlackRock, over the past twelve months.
Particularly, the US Treasury Department has acknowledged tokenization’s capability to reshape markets, noting that it could possibly boost efficiency, expand investor access, and create bigger transparency within the Treasury market.
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's capability. He imparts insights on a vary of issues cope with DeFi, hacks, mining and culture, underlining transformative vitality.
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