Just looked at it. Wow! This fills a big gap.
Looks like their registry is OCI compliant so the following works out of the box:
INFO: Starting build...
Getting image source signatures
Copying blob sha256:787f47dbeaac926cc8c927a48e8a84fc97e05fbd1c08a4c9c4ddcaddfd87e2f7
67.66 MiB / ? [-----=----------------------------------------------------] 11s
Copying blob sha256:6a5240d60dc4e1ade0d103badb2a897e8103ebf0ebe08350cd582bbc9671cc7a
1.45 KiB / ? [-----------------------------------------=------------------] 0s
Copying config sha256:c7ecba346988e47e2a78ecaf25f7cbe834f161ffd9d7c807600cb297f157ee06
1.98 KiB / 1.98 KiB [======================================================] 0s
Writing manifest to image destination
Storing signatures
INFO: Creating SIF file...
INFO: Build complete: ubi_latest.sif
vagrant@vagrant:~$ singularity shell ubi_latest.sif
Singularity ubi_latest.sif:~> cat /etc/redhat-release
Red Hat Enterprise Linux release 8.0 (Ootpa)
Would be interested to know about use cases.