Morning Minute | Banking Giant UBS Launches Tokenized Fund
TylerD's Market Summary
💰 UBS Launches Tokenized Fund on ETH
Ethereum needed some good news.
It's been the local whipping boy as of late, with ongoing fud and poor price performance.
Well, they may have just gotten it - from a $5.7T banking giant.
What Happened
UBS Asset Management has launched its first tokenized fund, the "UBS USD Money Market Investment Fund Token" (uMINT).
Nice acronym.
It's built on Ethereum and available through authorized distributors, offering institutional-grade cash management, backed by conservative money market assets.
The product comes from UBS's digital asset arm UBS Tokenize, it's in-house tokenization service.
UBS Tokenize boasts a mission to "open the door to the world of decentralized finance reduce barriers and provide access to products and services to a broader range of market participants, bringing them closer together."
And they offer full lifecycle support from origination and issuance to custody, mostly focused on bonds, funds and structured products.
What They’re Saying
Thomas Kaegi, UBS Asset Management APAC Co-Head, said:
“We have seen growing investor appetite for tokenized financial assets across asset classes. Through leveraging our global capabilities and collaborating with peers and regulators, we can now provide clients with an innovative solution.”
Why It Matters
UBS’s move aligns with the bank’s expansion into digital assets and decentralized finance.
A trend we are seeing across the broader financial sector.
Franklin Templeton also offers an onchain investment fund, BlackRock is pursuing tokenization across blockchains - the list goes on.
This is an important signal for broader crypto.
Blockchain and crypto adoption is happening in real-time. These players aren't pausing and waiting on the results of the election.
They're pushing forward.
The digital asset future will be bright regardless of who wins tomorrow.
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- Ethereum led NFT trading volume with $2.9M on the day; Solana was next with $1.3M, and then Bitcoin with $1.1M
- ETH NFT leaders were mixed but ended the week down 5-10%; Punks even at 26 ETH, Pudgy -1% at 8.3, BAYC +1% at 10.5, Milady -1% at 4.3, Azuki -2% at 4.8
- Goblinarinos (+90%) and Blockgames Dice (+60%) led top movers
- BTC NFT leaders were mostly red; NodeMonkes -1% at 0.12 BTC, Puppets -3% at 0.128 BTC, OMB -5% at 0.147, Quantum Cats -1% at 0.227
- The Runes leaders were mixed; DOG +7% at $369M mc, PUPS -4% at $157M, GIZMO -10% at $17M mc, BDC +2% at $75M; MEMENTO MORI was the top winner +44% to $14M
- Fomo Mages dominated Solana, jumping 92% to 49 SOL and flipping Mad Lads (at 31 SOL)
- ApeChain NFTs briefly soared over the weekend led by MONKEES before retracing on Sunday
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
- Virtuals rolled out an updated AI Agent launchpad with different functionality at higher mc's
- An AI Agent tied to the ai16z team made its first autonomous token swap in testnet over the weekend
- Jpegs.fun partnered with Tensor to create a Pump Fun-like platform for NFTs
- Rekt Drinks sold out all 222k of its cans in under 48 hours, while also announcing Rewards Season 1 will end on Tuesday, Nov. 5 at 5:00 p.m. ET.
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are up 1% after a weekend dip; BTC +1% at $68,860; ETH +1% at $2,470, SOL +1% at $165; GRASS led top alt movers up 12%
- Memecoin majors were green up 1-6; DOGE +6%, SHIBA +2%, PEPE +1%, WIF +1%, POPCAT -10%, and MOG +2%
- Trump's lead on Polymarket stands at 57-43 just 1 day ahead of the election
- Bitcoin ETFs saw outflows on Friday for just the 2nd time in 2 weeks, after a week of massive inflows
- A memecoin PNUT, named after the euthanized squirrel which went viral, soared to $120M over the weekend on $300M+ volume (now $45M)
- UBS launched its first tokenized fund on Ethereum called the UBS USD Money Market Investment Fund Token
- Singapore is set to advance tokenization of financial services by making regulatory headway
- Ethereum researchers Justin Drake and resigned from their advisory roles at EigenLayer over conflict of interest concerns
-
Citi and Fidelity have created a proof-of-concept for conducting digital foreign exchange swaps within an on-chain money market fund
🚀 Memecoin Movers
- $ai16z (+135% to $28M market cap, SOL)
- $SUWI (+80% to $10M market cap, SOL)
- $ZEREBRO (+60% to $18M market cap, SOL)
- $ACT (+60% to $21M market cap, SOL)
- $FARTCOIN (+57% to $40M market cap, SOL)
📈 NFT Floor Price Increase (ETH)
- Fomo Mages (92%, 49 SOL Floor)
- Pengees (90%, 69 APE floor)
- Goblinarinos (90%, 0.07 ETH)
- BlockGames Dice (60%, 0.04 ETH)
- Velocity Pass 2.0 (27%, 0.09 ETH)
🗓 Upcoming Mints and Events
Today is a busy day of mints to start the week, mostly spanning new PFP collections across chains.
Synchrodogs is the meme card artist and Ai Weiwei has an Avant Arte drop.
See the full list and dive in for more details with Swizzy's daily mint monitor.
- Ai Weiwei x Avant Art (9:00 a.m. ET)
- Memes by 6529 (11:00 a.m. ET)
- MHeroes (12:00 p.m. ET)
- SkullX - Infinite (4:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.
