Dubai, United Arab Emirates, June 18, 2026 - Calais (Calais Digital Assets), a Singapore-headquartered multi-strategy quantitative investment fund, has executed a live trading arrangement that uses UBS Asset Management’s tokenised USD money market fund, uMINT, as off-exchange settlement (OES) collateral. The deployment makes Calais the first institutional client reported to run uMINT in active trading as exchange-recognised collateral while the tokens remain in regulated custody.
The transaction was carried out across a purpose-built infrastructure that brings together DigiFT, the authorised distributor of the UBS USD Money Market Investment Fund (uMINT); ByCustody, the institutional custody arm associated with Bybit; and Bybit, the exchange platform that accepts the custodied tokenised fund as settlement collateral. Under this arrangement, Calais’s uMINT holdings continue to be held by ByCustody while simultaneously serving as live collateral for trading on Bybit - allowing the fund to earn yield on assets that would otherwise be immobilised as margin.
From framework to live execution
The live deployment follows prior technical and regulatory work between Bybit and DigiFT in 2025 that expanded institutional collateral support for uMINT and established the acceptance framework for the tokenised fund as trading collateral. Calais’s use of uMINT in live trading conditions closes a gap between that infrastructure work and operational practice: it shows the regulated, on-chain instrument can be accepted and used by an institutional trading entity on an exchange without removing the asset from custodied status.
In traditional OES arrangements, counterparties post cash or cash equivalents to an exchange and that collateral generally sits idle while trades are executed. The Calais arrangement substitutes those idle positions with a tokenised institutional money market fund built on the Ethereum public blockchain. Because uMINT carries yield characteristics of a USD money market product, Calais preserves an income stream while the asset functions as margin - enhancing capital efficiency for the fund without changing the custody status of the asset.
Why custody separation matters
The setup relies on a three-layer architecture intended to maintain regulatory separation between custody and deployment. DigiFT acts as the regulated distribution layer and authorised licenced distributor of the uMINT token, the entry point through which institutional clients can subscribe to and hold the token on-chain. ByCustody provides segregated, institutional-grade custody for the token within Bybit’s operating structure. Finally, Bybit’s exchange infrastructure recognises the custodied uMINT as eligible settlement collateral, enabling trading without pre-funding positions with traditional cash.
Operationally and from a risk management perspective, this separation is a critical distinction: the asset does not need to leave regulated custody to function as exchange collateral. That design intends to preserve institutional-grade security and the custody assurances that large allocators require while enabling the collateral to remain operationally useful.
Capital efficiency and institutional utility
Calais emphasised capital efficiency as a primary driver for the deployment. The fund’s leadership described the ability to earn yield on collateral as more than a marginal improvement - it is a structural enhancement to how the fund constructs and manages portfolios.
Lily Yan, Founder & CEO, Calais Digital Assets: "As a systematic, quantitative fund, capital efficiency is not a marginal consideration - it is core to how we construct and manage portfolios. Deploying uMINT as OES collateral through this infrastructure allows us to earn yield on assets that would otherwise be frozen as idle margin. This is precisely the kind of structural improvement that institutional adoption of tokenised assets should enable, and we are pleased to be among the first to execute it in live trading conditions."
The practical effect is that assets conventionally held as non-earning margin can be redeployed in a way that preserves liquidity and meets the settlement and risk profiles required by institutional trading desks. The parties involved positioned the outcome as an example of tokenised real-world assets delivering measurable utility in an institutional trading context rather than as a pilot or theoretical exercise.
Statements from counterparties
Leaders from DigiFT and Bybit framed Calais’s adoption as a milestone in institutional uptake. They highlighted that a large, systematic quantitative fund electing to use regulated tokenised collateral on an exchange is a validation of the broader infrastructure work to make RWAs usable in active trading.
Henry Zhang, Founder & Group CEO, DigiFT: "Institutional adoption of any new financial infrastructure follows a disciplined path - and it should. The fact that a sophisticated quantitative fund like Calais has deployed uMINT as live OES collateral is precisely the validation that matters. This is not a pilot or a proof of concept. It is a fund making a deliberate, operationally considered decision to improve capital efficiency through regulated tokenised assets - and that is the clearest signal yet that institutional RWA utility has arrived."
Yoyee Wang, Bybit’s Global Head of RWA and TradFi: "Bybit has always believed that the future of institutional trading lies in making capital work smarter - not harder. Accepting uMINT as OES collateral is a natural extension of that conviction: it allows sophisticated trading firms like Calais to maintain yield on assets that would traditionally sit idle as margin, while trading on one of the world’s most liquid platforms. ByCustody provides the custody backbone that makes this possible safely and within a regulated framework. Together, this demonstrates what institutional-grade infrastructure looks like when exchange, custody, and regulated distribution are built to work in concert."
What the transaction architecture does and does not change
The three-party structure changes how collateral is used operationally without altering the custody arrangement. The token remains in segregated custody with ByCustody and is recognised by Bybit as eligible for settlement. In practice, this means the token does not have to be moved out of regulated custody to be applied as margin on the exchange. The parties assert this preserves the security model institutional allocators expect while giving those allocators the ability to earn yield on assets that are serving as collateral.
The arrangement also underscores the roles of regulated distribution and custody in enabling the utility of tokenised funds for institutional clients. DigiFT supplies the regulated distribution channel for institutional subscriptions to uMINT; ByCustody provides custodial assurances; and Bybit supplies the exchange infrastructure that accepts the custodied token as collateral for trading.
Regulatory and investor eligibility notes
The offering of the product and its distribution is constrained by regulatory eligibility and investor qualification. The parties note that the product is available only to Accredited Investors, Professional Investors, and Institutional Investors through authorised regulated intermediaries. The materials also remind prospective investors to seek independent legal, financial, and tax advice before making investment decisions and to consider investment objectives, risk appetite, and financial circumstances.
Disclaimer
DigiFT and/or its affiliates endeavour to ensure the accuracy and reliability of the information provided, but do not guarantee its accuracy or reliability, and accept no liability (whether in tort, contract, or otherwise) for any loss or damage arising from any inaccuracy or omission, or from any decision, action, or non-action based on or in reliance upon the information contained in this material. This information does not constitute an invitation, recommendation, or offer to subscribe for, purchase, or enter into any transaction involving the above-mentioned product/service or any other services mentioned. The above-mentioned product/service is only available to Accredited Investors, Professional Investors, and Institutional Investors through authorised regulated intermediaries.
Before making any investment decision, please seek independent legal and financial advice. Clients intending to trade this product are reminded of the risks associated with such products and should carefully assess their investment objectives, risk appetite, financial situation, and particular needs before making any investment decision. This content is for general informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any product or service. Eligibility to access or invest in any products mentioned is subject to applicable laws and investor qualification requirements. DigiFT products and services are available only through authorised and regulated intermediaries to eligible investors. Readers should seek independent legal, financial, and tax advice before making any investment decision.
Company profiles
Calais Digital Assets - Calais is a Singapore-headquartered quantitative investment fund with offices in New York and Hong Kong. The firm specialises in macro asset class enhancement strategies, combining fundamental macro research with systematic quantitative models. Calais deploys a diversified set of enhancement strategies across major asset classes through algorithmic execution, governed by a conservative risk management framework that emphasises dynamic risk budgeting, real-time scenario analysis, and continuous liquidity monitoring to preserve portfolio resilience under stress.
DigiFT - DigiFT is a tokenisation platform for real-world assets regulated by the Monetary Authority of Singapore (MAS) and the Hong Kong Securities and Futures Commission (SFC) for Type 1 and Type 4 regulated activities. It offers tokenisation, issuance, distribution, trading, and instant liquidity for institutional RWAs. The platform serves as the authorised distribution partner for the UBS uMINT token and is positioned as a regulated on-chain tokenisation and distribution partner for various institutional asset managers.
Bybit - Bybit is described as the world’s second-largest cryptocurrency exchange by trading volume and serves a global user base. ByCustody is presented as its institutional custody arm, offering enterprise-grade security, MPC technology, multi-layer approval workflows, and dedicated on-chain addresses for each client, all intended to provide segregated custody and deep integration into the broader digital asset ecosystem.
Operational significance
For institutional allocators, the arrangement represents a method to use regulated, yield-bearing tokenised funds as operational collateral for exchange trading without removing assets from custody. The parties involved frame the transaction as a step in which regulated distribution, segregation of custody, and exchange acceptance converge to make tokenised RWAs operationally relevant for institutional trading desks.
While the transaction is described as the first institutional live deployment of uMINT as OES collateral, the materials emphasise that the offering remains available through authorised, regulated intermediaries to eligible investors and that investor suitability and regulatory constraints govern access.
Contact information
Media contact details for the involved parties were provided in the announcement materials for DigiFT, Calais, and Bybit.
End of report.