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Swiss bank UBS launches tokenized money market fund on Ethereum

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The fund is a ingredient of a substantial broader VCC umbrella that brings various right-world assets to the blockchain.

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Leading Swiss bank UBS has launched a stay pilot of a tokenized version of its variable capital company (VCC) fund as fraction of Project Guardian, an initiative led by Singapore’s central bank. 

In an announcement, UBS Asset Management launched that the fund is fraction of a broader VCC umbrella designed to raise fairly a number of kinds of right-world assets (RWA) to the blockchain. In line with Thomas Kaegi, the head of UBS Asset Management for Singapore and Southeast Asia, the mission is a milestone in notion funds tokenization. Kaegi stated:

“By this exploratory initiative, we will work with dilapidated monetary institutions and fintech suppliers to help ticket be taught the design to enhance market liquidity and market ranking admission to for purchasers.”UBS Asset Management launched the controlled pilot of the tokenized money market fund via the corporate’s in-dwelling tokenization carrier called UBS Tokenize. Utilizing a neat contract on Ethereum, the firm utilized various activities, along with redemptions and fund subscriptions.

The pilot is additionally a ingredient of the corporate’s world dispensed ledger technology approach, which specializes in the utilization of non-public and public blockchains to help fund distribution and issuance.

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The fresh construction realizes earlier predictions on the tokenization of RWAs. In a panel dialogue at the World Token Summit 2023, United Arab Emirates government adviser Ellis Wang suggested Cointelegraph that tokenization of RWAs offers various advantages relish transparency and security, that are parts embedded into blockchains. In line with the manager, the tokenization of RWAs might per chance most definitely snatch on, because it gifts well-known alternatives for many industries.

Earlier this one year, protocols focusing on RWAs became a hot topic as they outperformed other subsectors of decentralized finance. On June 9, token positive aspects of RWA tokenization platform Centrifuge had surged by 32% one year-to-date.

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