UBS uMINT Accepted as Bybit Collateral for Calais Trade

On June 18 Calais Digital Assets began using UBS’s uMINT token as recognized collateral on the Bybit exchange while the underlying position remained held in ByCustody. Access to the arrangement is limited to authorized intermediaries and eligible investors under distributor terms.

The arrangement involves three parties. DigiFT provides regulated distribution and investor access to the tokenized fund, ByCustody holds the uMINT position in custody, and Bybit recognizes the custodied position as eligible exchange collateral. The custodied position continues to earn money-market yield while it is accepted as margin on Bybit.

uMINT launched in November 2024 as the UBS USD Money Market Investment Fund Token on the Ethereum network and is managed by UBS Asset Management (Singapore) Ltd. Institutional access to use uMINT as collateral with Bybit, DigiFT and UBS was outlined in an earlier institutional announcement in October 2025. As of June 21 the uMINT asset page showed a total asset value of about $18.7 million, 176,116 tokens outstanding and 29 holders.

Public materials for the Calais deployment do not disclose key margin and operational details. Bybit has not published the haircut applied to tokenized money-market collateral, the valuation sources, the frequency of collateral marks, or the liquidation waterfall that would apply if losses exceeded available collateral. Documentation also does not specify how margin calls would interact with the fund’s subscription and redemption mechanics.

Liquidity timing and legal controls present potential issues. Money-market funds have subscription and redemption processes that differ from instant-transfer stablecoins, and those timing differences could affect how quickly collateral can be converted or transferred during exchange stress. Materials from the distributor note the product and services are available only through authorized and regulated intermediaries and to eligible investors, indicating institutional use rather than retail access.

Questions about custody and counterparty rights remain. Public descriptions do not specify who may move or liquidate the custodied tokens under different scenarios, or how bankruptcy, control and enforceability would be treated across distributor, custodian and exchange agreements.

The Calais transaction represents a first-client implementation in which a tokenized money-market fund is used as exchange collateral while remaining in institutional custody. Factors that would affect wider adoption include published rules for custody, valuation, haircuts, redemption mechanics and default handling.