UBS completes first on-chain tokenized fund redemption using Chainlink DTA

Swiss multinational investment bank UBS has completed the first-ever on-chain redemption of a tokenized fund using Chainlink's (LINK) Digital Transfer Agent (DTA) smart contract, CoinDesk reported. The transaction involved uMINT, the token for UBS's USD Money Market Investment Fund. Institutional tokenized asset exchange DigiFT acted as the on-chain distributor. The development follows a previous announcement by the three firms that they would collaborate to automate on-chain processes for tokenized funds.