Dubai’s regulator approves the first tokenized money market fund

What’s new? The Dubai Financial Services Authority (DFSA) has approved a tokenized money market fund for the first time. The QCD Money Market Fund (QCDT) product from the Middle East and Africa’s largest commercial bank, Qatar National Bank (QNB), and fintech company DMZ Finance will be available in the Dubai International Financial Center (DIFC) special economic zone.

Material by CoinDesk

What else is known? The fund, which was created to convert traditional assets, such as US Treasury bonds, into blockchain-based assets, aims to serve a wide range of institutional purposes, including bank collateralization, stablecoin backing, foreign exchange reserves, and Web3 payment infrastructure.

In tokenization, ownership of assets (e.g., securities or real estate) is converted into digital coins on the blockchain, which can be traded 24/7 without intermediaries, thereby increasing liquidity, cost-effectiveness, and accessibility to a wide range of investors.

DMZ Finance is a real-asset tokenization and stablecoin infrastructure platform. It was one of the first to be allowed to operate in the regulatory sandbox of blockchain technology under the supervision of the Qatar Central Bank as part of the Qatar Financial Centre (QFC) business and financial center.

DMZ has entered into a strategic partnership with QNB to advance the integration of asset tokenization into the regional financial system. In working on the new fund, QNB will be responsible for the investment strategy, while DMZ will provide technology solutions.

“Tokenization of real-world assets is no longer experimental — it is foundational. Our goal at DMZ is to provide the connective tissue between traditional markets and the digital asset ecosystem, particularly in regions ready for innovation,” said DMZ Finance co-founder Nathan Ma.

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In May, it was reported that the Dubai Land Department (DLD) would launch a real estate tokenization project on the XRP Ledger (XRPL) blockchain from fintech company Ripple, which issues the XRP token.