Chainlink is capitalising on the industry’s growing demand for tokenisation and on-chain operations, announcing a data partnership with Tradeweb and completing the first live use of its tokenised fund workflow with UBS.
Tradeweb has partnered with the company to publish its FTSE US Treasury benchmark closing prices on its data publishing service.
The benchmark closing prices are calculated using executable pricing levels available on the Tradeweb platform.
Bringing these benchmark prices on-chain will improve the interconnectedness of markets, the firms say, improving flexibility and transparency.
Chris Bruner, chief product officer at Tradeweb, said, “Tokenisation represents one of the fastest-growing opportunities in our markets today, and our collaboration with Chainlink is a significant step forward in modernising traditional financial markets through blockchain applications.”
Elsewhere, UBS Tokenize and exchange DigiFT have used the Chainlink Digital Transfer Agent (DTA) technical standard to complete an on-chain subscription and redemption request of a tokenised fund.
Mike Dargan, group chief operations and technology officer at UBS, said, “This transaction represents a key milestone in how smart contract-based technologies and technical standards enhance fund operations and the investor experience.”
The tokenised fund workflow covers the entire lifecycle of a fund, from order taking to execution, settlement and data synchronisation across both on- and off-chain systems.
DigiFT was the on-chain fund distributor for the transaction, which processed the Ethereum distributed ledger technology-based UBS USD Money Market Investment Fund Token (uMINT).
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