Switzerland's largest bank is positioning itself in the growing market for tokenized financial products. CEO Sergio Ermotti described UBS as a "fast follower" in blockchain technology during the earnings call in early February 2026. Rather than leading the way, the bank intends to follow strategically.
UBS is expanding its digital asset offering on multiple levels. This includes crypto access for wealthy private clients, tokenized deposit solutions for corporates, and institutional investment products on the blockchain. With $6.6 trillion in assets under management, the strategic direction carries significant weight. Still, UBS does not appear fully convinced.
Subscribe to our newsletter
The best articles of the week, directly delivered into your mailbox.
From pilot projects to production infrastructure
UBS says it has been working with blockchain technology since 2015. Its proprietary platform UBS Tokenize processed the first productive transaction in 2023 -- a tokenized structured product for Bank of China International. More firsts followed. In February 2024, UBS launched Hong Kong's first tokenized warrant on Ethereum.
Back in November 2023, the bank completed another milestone together with SBI and DBS. These three institutions executed the world's first cross-border repo transaction using a natively issued digital bond on a public blockchain.
UBS Tokenize deliberately supports both public and private blockchains. Its platform covers the entire lifecycle: origination, tokenization, distribution, and custody. In addition, the bank tested a digital gold product on ZKsync Validium, an Ethereum Layer 2 solution. By 2025, it completed the first fully on-chain redemption of a tokenized fund in collaboration with Chainlink.
Crypto trading and institutional products
In January 2026, UBS also announced plans to offer Bitcoin and Ethereum to select wealthy private clients. Initially, the launch will begin in Switzerland with a phased rollout to a limited client group. Following this, the bank plans to expand to Asia-Pacific and the United States. Custody and execution partners are still under evaluation.
"As part of UBS's digital asset strategy, we actively monitor developments and explore initiatives that reflect client needs, regulatory developments, market trends, and robust risk controls." - UBS media office in response to a CVJ.CH inquiry
For institutional investors, UBS launched the tokenized money market fund uMINT on the Ethereum mainnet in November 2024. This Singapore-domiciled fund grew out of a pilot project under the Monetary Authority of Singapore's "Project Guardian." Demand for tokenized institutional products is growing. Thomas Kaegi, Co-Head of UBS Asset Management APAC, noted "growing investor interest in tokenized financial assets across all asset classes." Also in November 2024, UBS launched Digital Cash as a blockchain-based multi-currency payment solution for corporate clients.
From Bitcoin skeptic to crypto provider
The announced crypto trading offerings mark a notable strategic shift. UBS rejected Bitcoin for years. Axel Weber, former UBS Chairman of the Board, called Bitcoin a speculative bubble as recently as 2021 and argued the cryptocurrency had a "fundamental design flaw." In a warning letter, clients were advised to stay away from digital assets. Without a central bank as lender of last resort, extreme volatility would result. Instead, the bank focused on blockchain technology and central bank digital currencies -- not on cryptocurrencies themselves.
This ideological stance clashes with the current "fast follower" rhetoric. For tokenized assets, UBS may deliberately take the second step. Yet for cryptocurrencies, the bank is following under considerable pressure. Three Swiss cantonal banks and PostFinance already offer crypto services. BlackRock manages a Bitcoin ETF with over $12 billion. Meanwhile, Morgan Stanley and JPMorgan Chase have expanded their digital asset offerings for clients.
Demand from wealthy private clients is forcing UBS to act. A spokesperson carefully framed the strategy as "actively monitoring developments." Simply put, the bank cannot afford to stand on the sidelines while competitors gain market share. As a result, the announced crypto trading looks less like proactive innovation and more like a late reaction to market pressure.
