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 The fund is a part of a wider VCC umbrella that brings various real-world assets to the blockchain. 
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<div class="cointelegraph"> 
 Leading Swiss bank UBS has launched a live pilot of a tokenized version of its variable capital company (VCC) fund as part of Project Guardian, an initiative led by Singapore’s central bank.&nbsp; 
 In a press release, UBS Asset Management announced that the fund is part of a broader VCC umbrella designed to bring different types of real-world assets (RWA) to the blockchain. According to Thomas Kaegi, the head of UBS Asset Management for Singapore and Southeast Asia, the project is a milestone in understanding funds <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>ization. Kaegi said: 
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 “Through this exploratory initiative, we will work with traditional financial institutions and fintech providers to help understand how to improve market liquidity and market access for clients.” 
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 UBS Asset Management launched the controlled pilot of the <a rel="noopener noreferrer nofollow" title="tokenized" href="https://thebittimes.com/tag/tokenized.html">tokenized</a> <a rel="noopener noreferrer nofollow" title="money" href="https://thebittimes.com/tag/money.html">money</a> <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> fund through the company’s in-house <a rel="noopener noreferrer nofollow" title="token" href="https://thebittimes.com/tag/token.html">token</a>ization service called UBS Tokenize. Using a smart contract on Ethereum, the firm carried out various activities, including redemptions and fund subscriptions. 
 The pilot is also a part of the company’s global distributed ledger technology strategy, which focuses on using private and public blockchains to enhance fund distribution and issuance. 
 Related: Singapore commits $112M to support fintech solutions like Web3 
 The new development realizes previous predictions on the tokenization of RWAs. In a panel discussion at the World Token Summit 2023, United Arab Emirates government adviser Ellis Wang told Cointelegraph that tokenization of RWAs&nbsp;gives various advantages like transparency and security, which are features embedded into blockchains. According to the executive, the tokenization of RWAs may catch on, as it presents significant opportunities for many industries. 
 Earlier this year, protocols focusing on RWAs became a hot topic as they outperformed other subsectors of decentralized finance. On June 9, token gains of RWA tokenization platform Centrifuge had surged by 32% year-to-date. 
 Magazine: Hyperbitcoinization is underway, RFK seeks Bitcoin donations and other news: Hodler’s Digest 
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/swiss-bank-ubs-launches-tokenized-money-market-fund-on-ethereum-tbt64816.html">https://thebittimes.com/swiss-bank-ubs-launches-tokenized-money-market-fund-on-ethereum-tbt64816.html</a>

Swiss bank UBS launches tokenized money market fund on Ethereum

TheBitTimes

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