UBS and Chainlink Achieve First On-Chain Tokenized Fund Redemption
- UBS completed the first on-chain redemption of a tokenized fund using Chainlink’s Digital Transfer Agent (DTA).
- The transaction involved the UBS USD Money Market Investment Fund Token (uMINT) built on Ethereum.
- DigiFT acted as the on-chain distributor, executing the redemption through Chainlink’s DTA standard.
- This initiative is part of UBS Tokenize, aimed at enhancing operational efficiency in the $100 trillion global fund industry.
- The process automated key functions like order-taking and settlement across digital and traditional systems.
This milestone demonstrates how blockchain technology can streamline operations in financial sectors, particularly in managing large-scale funds efficiently. The integration of smart contract-based technologies is expected to drive new efficiencies in fund operations.
The successful execution of this on-chain redemption illustrates a significant advancement for tokenized finance, reflecting UBS’ commitment to innovation within the $100 trillion market.(Source)
