UBS Asset Management Unveils Its First Tokenized Investment Fund on Ethereum (ETH)
- Patricia ArquetteOriginal
- 2024-11-04 07:38:21368browse
In a statement, the global wealth manager and multinational investment bank says the UBS USD Money Market Investment Fund Token (uMINT) will be made available
UBS Asset Management is launching its first tokenized investment fund on the Ethereum (ETH) network.
The global wealth manager and multinational investment bank announced in a statement on Friday that the UBS USD Money Market Investment Fund Token (uMINT) will be made available through authorized distribution partners.
The Swiss firm, which had over $5.7 trillion in assets under management as of March 2024, says uMINT’s launch 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.
“We have seen growing investor appetite for tokenized financial assets across asset classes,” said Thomas Kaegi, co-head of UBS Asset Management Asia-Pacific.
“Through leveraging our global capabilities and collaborating with peers and regulators, we can now provide clients with 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-world assets on-chain.
According to the announcement, UBS’s global distributed ledger technology strategy is focused on using both public and private blockchain networks to enhance the issuance and distribution of funds.
In related news, financial services firm Franklin Templeton recently launched its U.S. Government Money Fund (FOBXX), which invests in US government securities, cash and repurchase agreements, on crypto exchange Coinbase’s layer-2 chain Base.
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