UBS Group's UBS Asset Management announced on Friday the launch of its first tokenized investment fund, named "UBS US Dollar Money Market Investment Fund Token" (uMINT). This money market investment fund is built on Ethereum's decentralized ledger technology and will be issued through authorized distribution partners.
According to a press release from UBS, token holders can now utilize UBS Asset Management's institutional-grade cash management solutions, which are based on high-quality money market instruments grounded in a conservative and risk-controlled framework.
UBS Asset Management noted that its global decentralized ledger technology strategy "focuses on leveraging public and private blockchain networks to enhance the issuance and distribution of funds." Thomas Kaegi, co-head of UBS Asset Management in the Asia-Pacific region, stated:
"We see a growing demand from investors for tokenized financial assets across various asset classes. By leveraging our global capabilities and collaborating with peers and regulators, we are now able to offer innovative solutions to our clients."
According to previous reports from Zombit, UBS Asset Management launched its first tokenized money market fund's live pilot on the Ethereum chain last October using its internal tokenization service UBS Tokenize, to test various fund activities on-chain, including subscriptions and redemptions. UBS is one of the partners in the collaborative industry initiative "Project Guardian," led by the Monetary Authority of Singapore (MAS).