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UBS

GSIB

UBS is the Swiss GSIB whose tokenisation footprint sits across both the bank-side franchise (UBS Group AG, including the institutional capital-markets and wealth-management businesses) and UBS Asset Management, with the asset-management arm running the Hong Kong tokenised money-market fund (MMF) pilot under Project Guardian and the bank holding-company-level participation across multiple Project Guardian workstreams. The post-Credit Suisse merger consolidated UBS's position as the largest wealth-manager globally with significant institutional capital-markets reach, and the tokenisation programme has been one of the more visibly diversified across asset classes (tokenised funds, tokenised bonds, tokenised structured products) and across jurisdictional sandboxes (MAS, HKMA, FINMA Switzerland) of any European GSIB. For an APAC tokenisation operator, UBS is the European GSIB whose Hong Kong and Singapore franchises have been most consistently named on regional pilots, and the firm whose tokenised MMF work in Hong Kong is the closest European-bank-side comparator to the BlackRock BUIDL and Franklin Templeton FOBXX programmes.

Tokenisation positioning

UBS's tokenisation posture spans two operationally distinct franchises with overlapping but complementary footprints. The bank-side franchise (UBS AG and UBS Switzerland AG) has been visible across institutional capital-markets tokenised-bond issuance, tokenised-collateral pilot work, and the broader Eurosystem and FINMA-supervised tokenisation infrastructure conversation. The asset-management franchise (UBS Asset Management) has been the natural counterparty for tokenised-fund work, with the Hong Kong tokenised MMF pilot under Project Guardian as the most visible single piece in current raw entries.

The strategic frame is closer to "tokenisation as cross-product franchise extension" than to "tokenisation as a standalone digital-asset business unit." UBS has not stood up a separately branded tokenisation venue equivalent to JPMorgan's Kinexys or Standard Chartered's Zodia, and tokenisation activity sits inside the existing banking, asset-management, and wealth-management licences rather than under a dedicated digital-asset perimeter. The structural choice mirrors HSBC's plural-rather-than-singular posture more than JPMorgan's consolidated Kinexys approach, although UBS's tokenised MMF activity in Hong Kong is more product-bearing than HSBC's tokenised gold programme has been in volume terms.

The post-Credit Suisse merger added relevant infrastructure pieces. The legacy Credit Suisse digital-asset and tokenisation activity (including the firm's pre-merger tokenised bond and tokenised structured-product work) has been integrated into the UBS franchise, although the consolidated post-merger tokenisation roadmap is not consolidated in current raw entries.

Named products and pilots

  • UBS Asset Management Hong Kong tokenised MMF pilot. The asset-management arm runs the Hong Kong tokenised MMF pilot under Project Guardian, structured as a tokenised SFC-authorised investment product distributed through the firm's Hong Kong wealth-management and institutional channels. The pilot is one of the more visible APAC-side tokenised MMF programmes outside the BlackRock BUIDL and Franklin Templeton FOBXX programmes; specific assets under management and the programme's named distribution counterparties are not consolidated in current raw entries.
  • UBS Tokenize. UBS's institutional tokenisation platform that has been used for tokenised-bond issuance and tokenised-structured-product work, including UBS-issued tokenised bonds. The platform sits inside the bank-side franchise rather than under a separately branded venue.
  • Project Guardian workstream participation across multiple workstreams. UBS has been a recurring named participant on Project Guardian workstreams covering tokenised funds, FX, fixed income, and selected adjacent asset classes. The consolidated workstream-level membership map is not in current raw entries.
  • HKMA Project Ensemble adjacency. UBS's Hong Kong franchises have been adjacent to the Project Ensemble sandbox, although named participation status on specific cohorts is not consistently surfaced in current raw entries and should be hedged before quoting.
  • Tokenised bond issuance work. UBS has issued tokenised bonds under the firm's own brand and has been an arranger or dealer on selected tokenised-bond issuances in the European and APAC markets. The deal-by-deal participation map is not consolidated in current raw entries.
  • Project Agorá adjacency. UBS has been mentioned in coverage of Project Agorá-adjacent commercial-bank participation; named participant status is not consistently surfaced in current raw entries.

Institutional partnerships

The Project Guardian relationship with MAS is the most consequential APAC tokenisation partnership in current raw entries, with the firm's named participation across multiple workstreams as the operational footprint. The asset-management arm's tokenised MMF pilot in Hong Kong gives the firm a direct relationship with SFC HK under the tokenised SFC-authorised investment products framework.

In the European market, UBS sits inside the broader European GSIB tokenisation ecosystem alongside BNP Paribas, Société Générale, Crédit Agricole, Deutsche Bank, HSBC, and Barclays. The firm has been a participant on the Eurosystem wholesale CBDC interoperability trials and on selected European tokenised-bond issuance work, with the cross-platform mandate map not consolidated in current raw entries.

The post-Credit Suisse merger added relevant cross-bank relationships. Legacy Credit Suisse partnerships across tokenisation platforms and selected counterparty banks have been integrated into the UBS franchise, although the consolidated post-merger partnership map is not in current raw entries.

Regulatory perimeter

UBS Group AG and UBS AG operate under FINMA (Swiss Financial Market Supervisory Authority) prudential and conduct supervision in Switzerland. UBS Asset Management operates under FINMA supervision for Swiss-domiciled activity and under local fund-management regulator supervision in each jurisdiction (FCA in the UK, SEC in the US, MAS in Singapore, SFC HK in Hong Kong, FSA Japan in Japan). The US franchise (UBS Americas Holding LLC, UBS Securities LLC) operates under Federal Reserve supervision at the holding-company level, OCC supervision for any national-bank subsidiary activity, and SEC supervision for broker-dealer activity.

For tokenisation activity, the relevant frameworks are the FINMA-supervised perimeter for Swiss-domiciled tokenisation activity (the Distributed Ledger Technology Act of 2021 provides the principal Swiss legal framework), the EU MiCA perimeter for any EU stablecoin-adjacent activity through the firm's European operating entities, the SFC framework for tokenised SFC-authorised investment products in Hong Kong, and the MAS Single-Currency Stablecoin framework for any SCS-related activity in Singapore.

For prudential capital treatment, the Basel SCO60 standard applies through FINMA implementation. The GHOS-endorsed March 2026 targeted review (see Basel Committee) is the relevant ongoing process for any expansion of the firm's principal-trading or balance-sheet exposure to tokenised assets.

Recent activity

  • UBS Asset Management Hong Kong tokenised MMF pilot under Project Guardian has continued through 2024 and 2025. Specific assets under management and the programme's distribution mandates are not consolidated in current raw entries.
  • UBS Tokenize and selected UBS-issued tokenised-bond work has continued through 2024 and 2025. The deal-by-deal participation map is not consolidated in current raw entries.
  • No major UBS-led tokenisation announcement has been recorded in current raw entries for the April 2026 period.

Open questions

  • The Hong Kong tokenised MMF pilot's assets under management, the named distribution counterparties, and the asset composition of the underlying MMF.
  • The consolidated post-Credit Suisse merger tokenisation roadmap and the integration of legacy Credit Suisse tokenisation infrastructure into the UBS franchise.
  • UBS's specific Project Guardian workstream membership map across the FX, fixed-income, asset-management, and trade-finance workstreams.
  • Named participation status in the Hong Kong Project Ensemble sandbox.
  • Named participation status in the Project Agorá commercial-bank cohort.
  • The deal-by-deal list of UBS-issued and UBS-arranged tokenised bonds, with participation status.
  • Whether UBS is positioning to stand up a stablecoin issuer subsidiary under the FINMA, MiCA, or GENIUS Act perimeter, or whether the strategy remains in the tokenised-fund and tokenised-bond layer.

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