Blockchain technology has reached a new milestone as Chainlink, Swift, and UBS have successfully completed a pilot project leveraging these tools to facilitate fiat settlements for tokenized funds. This pilot was part of the Monetary Authority of Singapore's Project Guardian.

• The experiment highlighted Swift's infrastructure in integrating blockchain, allowing smooth off-chain cash settlements, which will benefit institutional investors.
• As Singapore and various jurisdictions begin to offer more tokenized funds, efficient access to cash is crucial for the multitrillion dollar traditional finance (TradFi) sector.

"I think this shows where we are going with our work with Swift and how it can be beneficial for the financial services industry," noted Sergey Nazarov, co-founder of Chainlink.

"We have consistently advocated for making traditional finance investors comfortable with using tokenized assets instead of stablecoins or digital currencies."

The pilot successfully demonstrated how Swift’s systems combined with Chainlink’s capabilities could also handle the minting and burning of UBS tokenized fund tokens.