Swiss bank UBS has initiated a live pilot of a tokenized variable capital company (VCC) fund as part of Singapore's central bank-led Project Guardian. UBS Asset Management's pilot aims to bring various real-world assets (RWA) to the blockchain under a broader VCC umbrella. The tokenized money market fund was launched through UBS's in-house tokenization service, UBS Tokenize, and utilized a smart contract on Ethereum for activities like redemptions and fund subscriptions. This move aligns with predictions on the tokenization of RWAs, which offer advantages such as transparency and security.