### BREAKING: Ethereum Reaches New Heights with UBS Launching $3 Trillion Fund
**Author: Mete Demiralp**
**Date: 01.11.2024 – 21:03**
**Update: 11 hours ago**
In a groundbreaking development, UBS, the Swiss banking powerhouse managing a staggering $3 trillion in assets, has officially introduced its inaugural money fund on the Ethereum blockchain.
This strategic move sees UBS joining the ranks of other financial titans like BlackRock and Franklin Templeton, both of which have recently unveiled their own tokenized funds backed by U.S. Treasury bonds. According to RWA.xyz, these funds boast impressive values of $530 million and $410 million, respectively.
The new UBS offering, termed the USD Money Market Investment Trust Token (uMINT), is set to be supported by various “money market instruments,” as stated in the bank’s announcement released on Friday. While the specifics regarding the incorporation of U.S. Treasury assets remain undisclosed, this initiative signifies a significant advancement in UBS’s venture into blockchain-based financial solutions.
Thomas Kaegi, co-head of Asia at UBS Asset Management, highlighted the driving force behind this initiative: “We have seen increasing investor appetite for tokenized financial assets across asset classes.”
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