News - UBS launches tokenized money market fund on Ethereum

By Mike Hesp

UBS launches tokenized money market fund on Ethereum

Ethereum (ETH)
Crypto acceptance

Even conservative banks can no longer close their eyes to the potential of tokenization. UBS is breaking new ground with its VCC fund on Ethereum.

UBS is launching a tokenized version of its VCC fund under Central Bank of Singapore's Project Guardian. The leading Swiss bank announced this in a press release.

The tokenized version of the fund is part of a broader VCC strategy to bring different types of real assets (RWA) onto the blockchain.

Thomas Kaegi, head of UBS Asset Management for Singapore and Southeast Asia, stressed that this project is an important milestone in understanding tokenization of funds.

UBS Asset Management launched the pilot project through its own tokenization service, UBS Tokenize, using smart contracts on the Ethereum blockchain.

The pilot project is part of the global DLT strategy of UBS. It focuses on private and public blockchains to improve the distribution and issuance of funds.

Protocols that focus on risk-weighted assets are an emerging topic, as they are booming in DeFi.

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