UBS, the global private banking giant, announced on November 1 the launch of its tokenized investment fund. The fund is called “UBS USD Money Market Investment Fund Token” or “uMINT”.
In a press releaseUBS explained that it is an investment instrument in money markets and that is based on the Ethereum network ecosystem. The institution also clarified that clients who acquire these tokens will have access to “high-quality money market instruments.” Although such instruments were not detailed in the document.
Thomas Kaegi, co-head of UBS Asset Management APAC, commented that the motivation for this initiative arose from the “increase in investor appetite for tokenized financial assets across all asset classes” that they have noticed.
UBS has already been taking steps in the tokenized asset market through its UBS Tokenize service. However, it is not the only financial institution that offers this type of instruments. BlackRock, another world-class financial giant, has also entered this area.
In March of this year, BlackRock announced the launch of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). A fund that, like UBS, is tokenized in Ethereum.
CriptoNoticias reported in July of this year that BUIDL became the first tokenized US Treasury bond fund. to exceed USD 500 million in assets under management. They reached this milestone just 4 months after its launch.
In this sense, the global consulting firm McKinsey published a report in the middle of this year in which it stated that “asset tokenization would reach $2 trillion by 2030.”
