Key Points
- Through the introduction of a test tokenized money market fund, UBS hopes to strengthen its experience in tokenizing bonds and other structured products.
- On the Ethereum public blockchain, the project will be identified as a smart contract.
UBS Asset Management is anticipating the launch of its first live pilot program of tokenized money market funds on Ethereum after reducing staff in the asset management division.
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What transpired: Ethereum, UBS Asset Management’s preferred network, has accepted its live pilot of a tokenized Variable Capital Company (VCC) fund. VCC is a part of Project Guardian, a larger industry collaboration effort run by the Monetary Authority of Singapore (MAS), which aims to use blockchain technology to increase market liquidity and bring a variety of real-world assets on-chain.
The test will begin using UBS Tokenize, an internal tokenization tool. It will show up on the Ethereum public blockchain as a smart contract. USB Asset Management will use the pilot for operations including fund subscriptions and redemptions.
The initiative is a component of UBS Asset Management’s worldwide distributed ledger technology strategy, which aims to employ public and private blockchain networks for improved fund issuance and distribution.
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Through the execution of additional live pilot projects under Project Guardian in the future, the investment bank hopes to collaborate with various other parties and investigate other investment techniques.
What’s Important: “Through this exploratory initiative, we will work with traditional financial institutions and fintech providers to help understand how to improve market liquidity and market access for clients,” said Thomas Kaegi, Head of UBS Asset Management in Singapore and Southeast Asia.
CryptoCaster Quick Check:
UBS first entered the tokenization services market in November. It unveiled a digital bond that was traded openly. In December of last year, the company issued a $50 million tokenized fixed rate note.
For a third-party issuer by the end of June, the bank had created 200 million entirely digital structured notes.
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