Calais Becomes 1st Quantitative Hedge Fund to Deploy UBS uMINT as OES Collateral via Bybit, ByCustody & DigiFT

Calais, a multi-strategy quantitative investment fund, has become the first institutional client to deploy UBS uMINT as off-exchange settlement (OES) collateral in active trading operations — marking a significant milestone in the real-world adoption of institutional-grade tokenised assets.

The transaction was executed across an integrated infrastructure layer comprising Bybit, the world’s second-largest cryptocurrency exchange by trading volume and a licensed virtual asset platform operator across multiple jurisdictions; ByCustody, Bybit’s institutional custody arm; and DigiFT, authorised distributor of the UBS USD Money Market Investment Fund (“uMINT”), the first tokenized investment fund launched by UBS Asset Management. Under the OES collateral model, Calais’s uMINT holdings remain in ByCustody’s custody while simultaneously serving as live trading collateral on Bybit — allowing the fund to maintain yield on its collateral position throughout the duration of its trading activities.

From Infrastructure to Capital Efficiency

The announcement follows the collaboration between Bybit and DigiFT in 2025 to expand institutional collateral support for UBS uMINT, which established the technical and regulatory framework for uMINT to be accepted as trading collateral. Calais’s live deployment closes the loop between infrastructure and practice — demonstrating that the efficiency gains of yield-bearing tokenised collateral are not theoretical, but executable at institutional scale today.

Traditional OES collateral arrangements require trading counterparties to post idle cash or cash equivalents to an exchange — capital that sits undeployed and earns nothing. By utilizing uMINT — an institutional style USD money market fund built on the Ethereum public blockchain — Calais maintains continuous yield on assets that would otherwise be locked in a non-earning position. The result is a meaningful improvement in capital efficiency: collateral that works harder, without compromising the security or liquidity profile required by institutional trading operations.

A Multi-Party Infrastructure Stack

The transaction is enabled by a purpose-built three-layer architecture.

• DigiFT, as the authorised licensed distributor of the UBS uMINT token, provides the regulated access layer through which institutional clients subscribe to and hold uMINT on-chain.
• ByCustody provides institutional-grade, segregated custody of the token within Bybit’s licensed operating structure, ensuring assets are held securely and recognised as eligible collateral for trading purposes.
• Bybit’s exchange infrastructure accepts the custodied uMINT as settlement collateral, enabling Calais to trade without pre-funding positions with cash.

This structure separates custody from deployment — a distinction that matters operationally and from a risk management perspective. Assets do not need to leave regulated custody to function as exchange collateral, preserving the security architecture institutional allocators require.

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.”

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.”

Disclaimer

Calais 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.

About Calais

Calais is an investment fund specializing in multi-asset yield enhancement, portfolio optimization and systematic investment strategies across traditional and digital assets.

The firm leverages quantitative research, rigorous risk management and systematic execution to manage a diversified suite of strategies, including market-neutral arbitrage, options volatility trading, statistical arbitrage and CTA strategies.

Calais manages capital for qualified investors and institutional clients. Drawing on macro analysis, cross-asset research and AI-powered modeling, the firm constructs diversified portfolios with disciplined risk controls and clearly defined risk-return objectives.Beyond Beta,Building Alpha.