Summary
- UBS said that, using Chainlink technology, it completed the first on-chain redemption transaction of a tokenized money market fund.
- The transaction was described as an example of blockchain infrastructure being put into full-scale use in the $100 trillion global fund industry.
- UBS explained that smart contract-based technology is emerging as a key element in improving fund management efficiency and investor experience.
UBS has completed the first on-chain redemption of a tokenized money market fund using Chainlink technology. The transaction is being regarded as an example of blockchain infrastructure being put into full-scale use in the $100 trillion global fund industry.
According to CoinDesk on the 4th (local time), UBS carried out the on-chain redemption using the Ethereum-based 'UBS USD Money Market Investment Fund Token'. The Chainlink Digital Transfer Agent (DTA) standard was applied to the transaction.
UBS said this achievement demonstrated that smart contract-based technology is emerging as a key factor in improving fund management efficiency and investor experience. Mike Dargan, UBS Group Chief Operating and Technology Officer, said, "This transaction shows how tokenized finance in the asset management industry can increase operational efficiency and expand product composability."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
