Wall Street’s UBS uMINT yield-bearing collateral has reached Bybit – but there’s a catch
Calais Digital Assets has put UBS’s tokenized money-market fund uMINT into a live margin workflow on Bybit, using ByCustody and DigiFT to let the position remain in custody while still count as exchange collateral. The setup lets an institutional trader keep exposure to a yield-bearing cash-management product instead of parking idle cash or stablecoins as margin. The deployment matters because it moves tokenized real-world assets from issuance to practical trading utility. It shows that a tokenized fund can function as collateral only when distributor, custodian, exchange, valuation, and legal controls align. uMINT launched in 2024 as UBS’s first tokenized investment fund on Ethereum, aimed at institutional cash management. The on-chain asset is still small, with roughly $18.7 million in value and 29 holders, so adoption remains early. Key open questions include haircut levels, valuation sources, liquidation mechanics, redemption timing, and legal enforceability during stress.
