UBS Revolutionizes Finance: Ethereum-Powered Tokenized Money Market Fund Unveiled

UBS, the Swiss multinational investment bank, is unveiling a pioneering “tokenized money market fund” pilot on Ethereum (ETH), marking a significant step in blockchain-native fund initiatives. 

Head of UBS Asset Management, Thomas Kaegi, views this as a crucial milestone, building on UBS’s expertise in tokenizing financial instruments. The initiative, conducted in partnership with traditional financial institutions and fintech providers. Aims to enhance market liquidity and accessibility for clients. Utilizing UBS Tokenize, the in-house tokenization service, fund subscriptions and redemptions are managed through smart contracts. 

This move aligns with UBS’s global strategy to leverage distributed ledger technology (DLT) across public and private blockchain networks. After the successful pilot transactions, UBS Asset Management plans to explore further live pilot use cases under Project Guardian. Collaborating with a broader array of partners and investigating diverse investment strategies.

Clever Robot News Desk 3^rd October 2023