Chainlink, UBS Asset Management, Swift Complete Pilot to Extract Cash From Tokenized Funds
Summary
Chainlink, Swift, and UBS successfully completed a pilot under Singapore's Project Guardian, demonstrating the ability to settle and redeem fiat cash from tokenized funds. The project highlighted Swift's infrastructure's capability to facilitate off-chain cash settlements for tokenized assets, enhancing rather than replacing its existing network. This development is crucial as jurisdictions like Singapore expand tokenized fund offerings, allowing traditional finance investors to access cash efficiently. The pilot enables TradFi investors to subscribe to tokenized funds using familiar Swift transfers instead of digital assets like stablecoins or CBDCs. The system also supported the automatic minting and burning of UBS tokenized fund tokens.
