UBS launches its first tokenized investment fund uMINT on the Ethereum chain

UBS Asset Management, a subsidiary of UBS Group, announced on Friday the launch of its first tokenized investment fund, named the "UBS USD Money Market Investment Fund Token" (uMINT). The money market investment fund is built on top of Ethereum's distributed ledger technology and will be issued through authorized distribution partners.

According to a press release released by UBS, token holders can now use UBS Asset Management's institutional level cash management solutions, which are based on high-quality money market tools based on a conservative and risk controlled framework.

UBS Asset Management stated that its global distributed ledger technology strategy is focused on utilizing public and private memory blockchain networks to enhance fund issuance and distribution. Thomas Kaegi, Co Head of UBS Asset Management Asia Pacific, 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 regulatory agencies, we are now able to provide innovative solutions to our clients

According to previous reports from Zombie, UBS Asset Management launched its first on-site pilot of tokenized money market funds on the Ethereum chain in October last year, using its internal tokenization service UBS Tokenize, to test various fund activities on the chain, including subscriptions and redemptions. UBS is one of the partners of Project Guardian, a collaborative industry initiative led by the Monetary Authority of Singapore (MAS).