UBS Asset Management unveils its first tokenized investment fund on leading smart contract platform Ethereum (ETH).
In a statement, the global asset manager and multinational investment bank said say the UBS USD Money Market Investment Fund Token (uMINT) will be made available through authorized distribution partners.
The Swiss company with more than $5.7 trillion in assets under management as of March 2024 says the launch of uMINT is part of the broader expansion of UBS Tokenize, the banking giant’s in-house tokenization service that initially focused on bonds, funds and structured products.
Thomas Kaegi, co-chairman of UBS Asset Management Asia-Pacific, says:
“We have seen growing investor interest in tokenized financial assets across all asset classes. By leveraging our global capabilities and working with colleagues and regulators, we can now offer customers an innovative solution.”
Last year, UBS launched a live pilot program of a tokenized Variable Capital Company (VCC) fund in Singapore as part of an initiative to bring real assets on-chain. UBS said its global distributed ledger technology strategy aims to leverage both public and private blockchain networks to improve the issuance and distribution of funds.
Financial service provider Franklin Tempelton also recently launched its US Government Money Fund (FOBXX), which invests in US government bonds, cash and repurchase agreements, on crypto exchange Coinbase’s layer-2 chain Base.
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