**BREAKING: Ethereum Achieves a Significant Milestone as UBS Launches New Fund**
Author: Mete Demiralp
Date: 01.11.2024 – 21:03
Update: 11 hours ago
Swiss banking powerhouse UBS, which oversees an impressive $3 trillion in assets, has made its foray into the blockchain world by introducing its inaugural investment fund on the Ethereum platform.
This strategic move sees UBS joining the ranks of financial giants like BlackRock and Franklin Templeton, both of which have recently unveiled tokenized funds that are secured by U.S. Treasury bonds. These two funds boast impressive valuations of $530 million and $410 million, respectively, as reported by RWA.xyz.
The new offering from UBS is named the USD Money Market Investment Trust Token (uMINT) and will be supported by various “money market instruments,” as stated in a press release from the bank on Friday. While specifics regarding the potential inclusion of U.S. Treasury assets were not disclosed, this initiative represents a significant step forward in UBS’s venture into blockchain-based financial solutions.
Thomas Kaegi, co-head of Asia at UBS Asset Management, highlighted the growing interest in tokenized financial assets: “We have seen increasing investor appetite for tokenized financial assets across asset classes.”
*This article does not constitute investment advice.*
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