UBS Asset Management
UBS Asset Management said it had launched a controlled live pilot of a tokenised money market fund in a Singapore Variable Capital Company umbrella, represented as a smart contract on Ethereum, under Project Guardian.
- Status
- Live
- Announced
- (announcement)
- Stage
- Pilot
- Chain or network
- Ethereum mainnet
- Next review
Scorecard
As of the review on . Changes since the previous review are marked. How pilots are scored
| Ledger | Permissioned tokens on a public chain |
|---|---|
| Settlement | Off-ledger cash |
| Access | Whitelisted institutions or investors |
| Legal standing | Unclear |
| Scale | Single transaction |
What they said they would do
- OpenUBS Asset Management will look to execute further live pilot use cases under Project Guardian, working with a wider set of partners and exploring various investment strategies.
Decisions
Expanded
UBS Asset Management launched uMINT, a tokenised USD money market fund built on Ethereum and available through authorised distribution partners. UBS's release cites the October 2023 VCC pilot as background.
Source: ubs.com
Review history
Live Pilot
UBS reported the first pilot transactions in a controlled pilot on Ethereum, with the contract handling subscriptions and redemptions. UBS calls the fund blockchain-native, hence native; no outside investors or holder rules were named, so access is closed and the ledger is recorded as public-permissioned.
Evidence: ubs.com
Live Pilot
UBS opened a tokenised money market fund on Ethereum, uMINT, to investors through authorised distribution partners; access moves to whitelisted. The release does not say whether the token is the fund's register, so legal moves to unclear. UBS does not describe uMINT as a Project Guardian pilot, so claim 0 stays open.
Evidence: ubs.com
Live Pilot
In November 2025 UBS reported the first on-chain subscription and redemption of uMINT through distributor DigiFT using Chainlink's Digital Transfer Agent standard. No volumes or holder counts are published, so scale stays single and stage stays pilot.
Evidence: ubs.com, mas.gov.sg
What was announced
On 2 October 2023 UBS Asset Management said it had launched its first live pilot of a tokenised Variable Capital Company (VCC) fund, Singapore’s corporate structure for investment funds. The fund sits in a VCC umbrella meant to bring “real world assets” on-chain under Project Guardian, the Monetary Authority of Singapore’s tokenisation programme. UBS said it would look to run further live Guardian pilots with a wider set of partners.
How it works
UBS used its in-house service, UBS Tokenize, to run a controlled pilot of a tokenised money market fund. The fund is represented as a smart contract on the Ethereum public blockchain and handles subscriptions and redemptions. UBS did not publish the contract address, the token standard, holder restrictions or how cash moved. The rubric therefore records the less open values: public-permissioned for the ledger and offchain for settlement.
Record so far
The first review, on 2 October 2023, records a live pilot: UBS reported its first pilot transactions but named no outside investors and gave no amounts. UBS titled the release a “blockchain-native” fund pilot, which is the basis for native at that review.
On 1 November 2024 UBS launched uMINT, the UBS USD Money Market Investment Fund Token, built on Ethereum and sold through authorised distribution partners. UBS’s release recalls the 2023 VCC pilot but does not present uMINT as that fund or as a Project Guardian pilot. This entry records uMINT as an expansion by the same team on the same chain. Access widens to whitelisted, and legal status becomes unclear because the release says nothing about the register.
On 4 November 2025 UBS reported the first on-chain subscription and redemption request for uMINT, processed by DigiFT as on-chain distributor using Chainlink’s Digital Transfer Agent standard. That is activity inside the last twelve months, so the pilot is live. The Guardian claim remains open: UBS has not announced a further Guardian pilot with new partners, although the MAS Guardian page lists UBS Group among firms with live use cases.
For Ethereum
Both the pilot fund and uMINT sit on Ethereum mainnet. UBS has not published contract addresses, so neither supply nor holder counts can be checked on an explorer. The November 2025 transaction shows an order flow where a distributor submits subscription and redemption requests on-chain through a transfer-agent standard.
What to watch
A published contract address would allow tier 1 checks. Stage moves to production when UBS reports repeated subscriptions or fund size, and claim 0 is met if UBS announces another Guardian pilot with new partners.