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tokenized-rwa

UBS USD Money Market Investment Fund Token (uMINT)

Research unresolved
Research assessment
unresolved
Firm shelf
research only
Model-client eligibility
unresolved
Selection
not considered
Action and amount
Not set by research
Reviewed
2026-09-23 · v1
Next review
2027-03-23
Research basis
Individual research
Chains
Ethereum · sovereign
Symbols
UMINT
Eligibility file
What the holder owns and who may hold it

Research, firm shelf, model-client eligibility, and advisor selection are recorded separately. The scheduled date is the outside bound; new evidence can reopen the file sooner.

uMINT is a share class of a Singapore fund that owns an Irish money market fund. The token stands for Class AT-acc (USD) shares of UBS Money Market (USD), a sub-fund of UBS (SG) Global Opportunities VCC. 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 itself names the fund: it returns the ISIN SGXZ89386486 and the class name. The weak point is the paperwork, not the fund. The Singapore fund is “neither regulated nor supervised” by MAS, and its private placement memorandum is not public. UBS and DigiFT pages refuse automated reads, so what we can quote comes from DigiFT’s own proposal to Ethena, which quotes the UBS due-diligence questionnaire. That proposal says the token is not “in and of itself” the share, that holders are “generally regarded” as shareholders, and that holders have no vote. It does not name the register keeper or say whether U.S. persons may hold. For a US adviser the product is out of reach on the terms published: DigiFT sells to accredited and institutional investors it whitelists, and the fund is a Singapore restricted offering. The research stays unresolved until UBS publishes the memorandum. On chain, one private key holds the admin role, and the token can freeze, pause, and force-transfer.

The research file

What the holder owns

A share of a feeder fund, recorded by a token that is not quite the share. UBS (SG) Global Opportunities VCC is a Singapore variable capital company, a corporate fund form that Singapore created in 2020 so one company can hold several ring-fenced sub-funds. UBS Money Market (USD) is one of them, and Class AT-acc (USD) accumulates its income rather than paying it 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.” 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.” Some register off the chain governs, and no published document names who keeps it. Holders may not vote except on a change to their class rights.

How it is bought and sold

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; the fund administrator processes it; and the payment token and the fund tokens swap in one transaction. The fund’s own dealing cutoff and settlement terms sit in the memorandum and are not 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, though 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, which is how most of its use outside the fund appears.

Who may hold

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, which confines the offer to accredited and institutional investors in Singapore; the same site lists U.S. accredited investors and qualified institutional buyers as allowed, which no primary document supports. The file takes the stricter reading, non-U.S. only, and this memo does not treat the fund as reachable for a U.S. household until UBS says otherwise.

Who controls the token

The contract is CMTAT_EVCC, UBS’s extension of the Capital Markets and Technology Association token standard, verified on Blockscout and not upgradeable. The reader 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 the reader classes as one private key; the minter and burner role belongs to a second single key, 0x3797…cf58. 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 record

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, and a June report counted 176,116 tokens, so supply has fallen by about 40 percent since. No suspension, loss, or regulatory action was found.

Comparison

Against Franklin’s BENJI or BlackRock’s BRSRV, uMINT offers a lower minimum than BRSRV but weaker paperwork than either: those funds are registered in the United States, publish a prospectus, and name the transfer agent that keeps the record. Against Spiko’s Treasury funds, it has no public prospectus and no public register rule. For a U.S. client none of it is reachable on the terms published.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The most administered layer sets the position’s effective control grade; that is a control description, not a quality or suitability score.

ChainVerdictGradeControl constraint
EthereumFavorable sovereign No sequencer, no upgrade key, no operator who can be compelled — rule changes require social consensus.
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