Mitsubishi UFJ Asset Management
Mitsubishi UFJ Asset Management, Mitsubishi UFJ Trust and Banking, Mitsubishi UFJ Morgan Stanley Securities and Progmat said they would build a tokenised yen money management fund, aiming to offer it to institutional investors in 2026, with the trust bank keeping the register of beneficial interests on a blockchain.
- Status
- Live
- Announced
- (announcement)
- Original title
- 本邦初のトークン化投資信託の商品化に向けた基盤整備に関する協業開始
- Stage
- Test
- Chain or network
- Progmat (chain not named in the releases)
- Participants
- Mitsubishi UFJ Trust and Banking, Mitsubishi UFJ Morgan Stanley Securities, Progmat
- Next review
Scorecard
As of the review on . How pilots are scored
| Ledger | Unknown |
|---|---|
| Settlement | Off-ledger cash |
| Access | Closed |
| Legal standing | Token is the legal record |
| Scale | Single transaction |
What they said they would do
- OpenPrepare to offer Japan's first yen-denominated tokenised money management fund to institutional investors in 2026. (by )
- OpenMake the tokenised fund movable and exchangeable with stablecoins.
Decisions
Expanded
The four companies set up Japan's first domestic tokenised investment trust as a test fund, not offered to outside investors, with the register of beneficial interests planned to be kept onchain.
Source: tr.mufg.jp
Review history
Live Test
A test fund was set up on 31 August 2026 inside the MUFG group and is not sold to outside investors, so access is closed and stage test. The release says the register of beneficial interests is to be kept onchain, so legal is native. Neither release names the chain, so ledger is unknown; no digital money is named for subscriptions, so settlement takes offchain.
Evidence: tr.mufg.jp
What was announced
On 4 December 2025 Mitsubishi UFJ Asset Management, Mitsubishi UFJ Morgan Stanley Securities, Mitsubishi UFJ Trust and Banking and Progmat said they would build the base for Japan’s first tokenised investment trust, starting with a tokenised money management fund (TMMF), a bond investment trust that holds no shares. They said yen money management funds had left the Japanese market under negative interest rates and that rising rates make them useful again. The first aim is to offer a yen TMMF to institutional investors in 2026, with retail investors and more products considered later. The releases say a tokenised fund that can move and be exchanged with stablecoins would be worth more to investors, because stablecoins pay no interest.
How it works
Mitsubishi UFJ Asset Management manages the fund, Mitsubishi UFJ Trust and Banking is trustee and keeps the trust property and the register of beneficial interests, and Mitsubishi UFJ Morgan Stanley Securities sells it. The beneficial interests are security tokens on Progmat. The diagram in the December 2025 release shows institutional investors holding them first, and self-custody wallets and stablecoin use as a later stage.
The 3 September 2026 release says the rights to the beneficial interests are shown on a certificate and the register is to be kept onchain (footnote 2). That makes the token record the register of holders, so legal is native. Neither release names the chain, so ledger is unknown. No subscription in digital money is described, so settlement is offchain.
Record so far
On 31 August 2026 the four companies set up a test fund, which they call Japan’s first domestic tokenised investment trust. It runs the management, trustee, rights management and system processes in a live environment, and its beneficial interests are not offered to outside investors, institutional or retail. The release names wider access for outside investors, and links with stablecoins and tokenised deposits, as later stages without dates. The claim to offer the fund to institutional investors in 2026 stays open until the end of the year.
What to watch
An offer to institutional investors before the end of 2026, which would meet the first claim and move access to whitelisted. A release naming the chain, or a subscription paid in a stablecoin or tokenised deposit.