Share this article
Chainlink, UBS Asset Management, Swift Complete Pilot to Extract Cash From Tokenized Funds
The pilot was run as part of the Monetary Authority of Singapore's Project Guardian.
Updated Nov 5, 2024, 4:41 p.m. Published Nov 5, 2024, 4:38 p.m.
- Chainlink, Swift, and UBS successfully piloted fiat settlement for tokenized funds under MAS Project Guardian.
- Swift’s infrastructure showcased blockchain integration, enabling seamless off-chain settlements for institutional investors on a platform they are familiar with.
Blockchain company Chainlink, global financial messaging platform Swift and the asset management unit of Swiss bank UBS said they successfully wrapped up a pilot testing the ability to settle and redeem fiat cash from tokenized funds.
The project, completed as part of the Monetary Authority of Singapore's (MAS) Project Guardian, showcased how Swift's infrastructure can facilitate off-chain cash settlements for tokenized funds. It also demonstrates how tokenization and blockchain can work to improve, not replace, Swift, which connects over 11,500 financial institutions in more than 200 countries.
STORY CONTINUES BELOW
As Singapore and other jurisdictions around the world offer more tokenized funds, the ability to gain quick and efficient access to cash — which is what the multitrillion dollar traditional finance (TradFi) industry wants to settle in — is important.
"I think this shows where we're going with our work with Swift and how it can be useful for various parts of the financial services industry," Sergey Nazarov, co-founder of Chainlink, said in an interview.
Nazarov said the pilot enables the huge market of TradFi investors to subscribe to tokenized funds via a Swift transfer they are already familiar with, and not a stablecoin, central bank digital currency (CBDC) or other digital asset.
"We've been emphasizing for years the need for the large institutional market, where most of the world's value currently resides, to flow into the blockchain industry. We're now helping facilitate this shift in a reliable, technical and secure way," Nazarov said.
As part of the pilot, Swift’s system, combined with Chainlink’s platform, also facilitated the automatic minting and burning of UBS tokenized fund tokens.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
ZKsync Lite to Shut Down in 2026 as Matter Labs Moves On
The company framed the move, happening in early 2026, as a planned sunset.
What to know:
- Matter Labs plans to deprecate ZKsync Lite, the first iteration of its Ethereum layer-2 network, the team said in a post on X over the weekend.
- The company framed the move, happening in early 2026, as a planned sunset for an early proof-of-concept that helped validate their zero-knowledge rollup design choices before newer systems went live.
Top Stories
