According to Foresight News, banking giant UBS Group announced the launch of its first tokenized variable capital company (VCC) fund, which aims to bring various "real-world assets" to the chain. UBS Asset Management has launched a controlled pilot of tokenized money market funds using the company's internal tokenization service UBS Tokenize. The pilot project is represented by smart contracts on the Ethereum public blockchain, enabling UBS Asset Management to carry out various activities including fund subscriptions and redemptions.
UBS said the pilot is part of Project Guardian, a collaborative initiative led by the Monetary Authority of Singapore (MAS). Following the successful launch of the first pilot transaction, UBS Asset Management will seek to execute further live pilots under Project Guardian.