UBS uMINT Accepted as Yielding Collateral on Bybit

Calais Digital Assets has started using UBS’s uMINT token as recognized collateral on the Bybit exchange in a setup that keeps the tokenized money-market position in custody while it backs trading margin. The deployment went live on June 18 and runs through DigiFT as distributor, ByCustody as custodian and Bybit as the trading venue.

Under the three-party workflow, DigiFT provides regulated distribution and access to the UBS USD Money Market Investment Fund Token, ByCustody holds the fund position in custody, and Bybit accepts that custodied position as exchange collateral. Calais posts uMINT as off-exchange settlement collateral while the position remains invested in the underlying money-market fund and continues to earn yield.

The arrangement differs from traditional margin practices where posted cash or cash-like assets are often parked in a form that prevents the posting party from earning yield. In the Calais setup, the tokenized fund is maintained in an institutional custody arrangement while it is recognized by the exchange as margin support.

Public materials do not disclose several operational and legal details. Bybit has not published the haircut applied to uMINT collateral, the valuation source used for marking positions, the frequency of collateral revaluation or the liquidation waterfall if losses exceed available buffers. Documentation also does not specify who can move custodied tokens, under what conditions transfers may occur, or how bankruptcy or counterparty failures would be handled across the distributor-custodian-exchange stack.

Liquidity and timing are additional open items. Money-market funds are designed for stability, but their subscription and redemption procedures differ from stablecoins and may affect the timing of margin calls and forced deleveraging during fast-moving market events. Public product fields list subscription and redemption mechanics, but details on how those windows interact with exchange margin processes are not included in the deployment materials.

DigiFT’s documentation notes the product and services are available only through authorized, regulated intermediaries to eligible investors, indicating an initial focus on professional and institutional clients rather than retail traders. Calais is identified as a Singapore-headquartered quantitative investment fund in the deployment materials.

UBS launched uMINT in November 2024 as an ERC-20 token representing the UBS USD Money Market Investment Fund for institutional cash management. Earlier institutional-access work between Bybit, DigiFT and UBS was announced in October 2025. As of June 21, the uMINT asset page showed roughly $18.7 million in total asset value, 176,116 tokens and 29 holders.

Public information on haircuts, valuation methodology, redemption mechanics and liquidation procedures remains limited. The deployment is described in materials as a first-client implementation linking a tokenized fund to an exchange collateral workflow, with further detail to be provided by participants or in subsequent implementations.