UBS, Chainlink Execute First Onchain Tokenized Fund Redemption in $100T Market

UBS, in collaboration with Chainlink, executed the first on-chain redemption of a tokenized fund, specifically the UBS USD Money Market Investment Fund Token (uMINT) on Ethereum, with DigiFT acting as the onchain distributor. This transaction, which utilized Chainlink’s Digital Transfer Agent (DTA) standard, marks a significant milestone in integrating blockchain infrastructure with the $100 trillion global fund industry. Mike Dargan, UBS’ group chief operating and technology officer, stated that this achievement demonstrates how smart contract technologies enhance fund operations and investor experience by driving operational efficiencies. This effort is part of UBS Tokenize's broader initiative to automate key functions like order-taking and settlement, aiming to reduce complexity and processing time for the fund industry. The success follows a prior pilot where Chainlink connected existing bank systems to blockchains via Swift using its Cross-Chain Interoperability Protocol.

(Source：CoinDesk)