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Archived memo. Archived 2026-10-18: The memo’s first sentence said Ketju does not approve uMINT, but Ketju has not reached a verdict on it. UBS has not published the memorandum that says who may hold the fund. Ketju corrected the first sentence, and the verdict did not change. This page keeps the last verdict Ketju issued, and Ketju does not count it in current coverage. Ketju quotes this memo exactly as it issued it on 2026-09-23, so it keeps words Ketju has since retired, such as Rejected, which Ketju now calls Not approved.
Tokenized real-world assets

UBS USD Money Market Investment Fund Token (uMINT)

Under review The evidence is not yet settled
Verdict
Under review
The evidence is not yet settled
Who can freeze it
No freeze key
Withdrawals
DigiFT onboards the investor, whitelists the wallet, and takes subscriptions in dollars or stablecoins from 1,000 USD.
Reviewed
2026-09-23 · next 2027-03-23
Researched memo

Summary

Ketju does not approve uMINT: UBS has not published the memorandum that says who may hold it, and DigiFT sells it only to accredited and institutional investors it whitelists. uMINT represents Class AT-acc (USD) shares of UBS Money Market (USD), a sub-fund of UBS (SG) Global Opportunities VCC in Singapore. That sub-fund puts “all or substantially all of its assets” into UBS (Irl) Select Money Market Fund – USD, which held $8.55 billion in 2024. UBS Tokenize deployed the token on Ethereum on 1 November 2024, and DigiFT, a Singapore exchange licensed by MAS, sells it. The contract returns the fund’s ISIN, SGXZ89386486, and the class name. We found no fault with the fund itself; the gaps are in the documents. MAS states that the Singapore fund is “neither regulated nor supervised” by it, and UBS has not made the private placement memorandum public. No published document names the register keeper or says whether U.S. persons may hold. Our research stays unresolved until UBS publishes the memorandum. On chain, one private key holds the admin role, and the token has freeze, pause and forced-transfer functions.

Changes

2026-10-18The memo’s first sentence said Ketju does not approve uMINT, but Ketju has not reached a verdict on it. UBS has not published the memorandum that says who may hold the fund. Ketju corrected the first sentence, and the verdict did not change. The prior memo

Research

How it works

The holder owns a share of a feeder fund, and the token represents that share without being the share in law. UBS (SG) Global Opportunities VCC is a Singapore variable capital company. Singapore created this corporate fund form in 2020 so one company can hold several ring-fenced sub-funds. UBS Money Market (USD) is one of them. Class AT-acc (USD) keeps its income in the fund and pays none out, so the token’s price rises each day; DefiLlama priced it at $107.25 on 23 September 2026. The sub-fund owns shares of UBS (Irl) Select Money Market Fund – USD, an Irish fund that holds short-term government and bank debt, so the holder bears two layers of fund structure. DigiFT’s proposal says the Singapore fund’s assets “are held in trust at the Fund’s custodian which is a Global Tier 1 GSIB custodian bank.”

UBS and DigiFT pages refuse automated reads, so our quotations come from DigiFT’s own proposal to Ethena, which quotes the UBS due-diligence questionnaire. On the token’s legal status the proposal is careful: “the Tokens are not in and of themselves an electronic representation of the Shares,” yet holders “are generally regarded as shareholders.” A register kept off the chain governs ownership, and no published document names who keeps it. Holders may not vote except on a change to their class rights.

Withdrawals

DigiFT onboards the investor, whitelists the wallet, and takes subscriptions in dollars or stablecoins from 1,000 USD. It describes redemption as “real-time.” In November 2025 UBS ran what it called the first live subscription and redemption under Chainlink’s Digital Transfer Agent standard. DigiFT, as distributor, posts a request to a contract on Ethereum, and the fund administrator processes it. The payment token and the fund tokens then swap in one transaction. The fund’s own dealing cutoff and settlement terms are in the memorandum, which UBS has not made public. Secondary data sites cite a 10:30 a.m. subscription cutoff and same-day settlement, which we could not tie to a UBS document. Holders may transfer to any whitelisted wallet. DigiFT advised Ethena against moving tokens to a different beneficial owner “due to tax consideration.” KuCoin and Bybit accept uMINT as collateral held off the exchange, and most of its use outside the fund is there.

Eligibility

DigiFT offered the memorandum to Ethena “as a potential eligible accredited investor,” and its partner releases describe “institutional tokenholders.” A Secured Finance release says eligibility is “subject to issuer/platform requirements (e.g., allowlists, investor type, jurisdiction).” A secondary data site lists the fund as a Singapore restricted scheme under section 305 of the Securities and Futures Act. That section confines the offer to accredited and institutional investors in Singapore. The same site lists U.S. accredited investors and qualified institutional buyers as allowed, but no primary document supports that. The file uses the stricter reading, non-U.S. only. We do not treat the fund as open to a U.S. household until UBS says otherwise.

Who controls it

The contract is CMTAT_EVCC, UBS’s extension of the Capital Markets and Technology Association token standard. It is verified on Blockscout and is not upgradeable. We found a rule engine that checks each transfer, a freeze, a pause, a forced transfer, and a role-gated mint. The source comment on forceTransfer says it moves tokens “without restrictions,” and another grants the enforcer role “to the payingAgent, serves as custodian.” The default admin role belongs to 0xdac8…49c4, the deploying address, which we class as one private key. A second single key, 0x3797…cf58, holds the minter and burner role. CMTAT also has a kill function that ends the token. DigiFT’s proposal confirms the design: “whitelist/ blacklist and force transfer functions.” Under the fund’s constitution the fund may also redeem shares at its own option.

Size and holdings

On 23 September 2026 the contract held 105,302 tokens, about $11.3 million at DefiLlama’s price, across 32 holders. CoinGecko’s $20 million figure rests on a supply of 191,900 last updated in June. A June report counted 176,116 tokens, so supply has fallen by about 40 percent since. We found no suspension, loss, or regulatory action.

Comparison

uMINT has a lower minimum than BlackRock’s BRSRV, but its documents are weaker than those of BRSRV or Franklin’s BENJI. Those funds are registered in the United States, publish a prospectus, and name the transfer agent that keeps the register. Spiko’s Treasury funds publish a prospectus and a register rule; uMINT publishes neither. A U.S. client cannot buy uMINT on the terms published.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.

ChainVerdictFreezeWhat it can do
EthereumApproved No freeze key Ethereum has no sequencer, no upgrade key and no operator who can be compelled to act; rule changes require social consensus.
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