Dubai has taken a significant step in digital finance by approving the Middle East’s first tokenized money market fund.
The Dubai Financial Services Authority (DFSA) authorised the QCD Money Market Fund (QCDT), a joint initiative by Qatar National Bank (QNB) and DMZ Finance, marking a milestone in the region’s push towards integrating traditional finance with blockchain technology.
Dubai’s First Tokenized Money Market Fund Receives Official Approval from DFSA, a Partnership Project by QNB and DMZ Finance
We are proud to announce that the QCD Money Market Fund (QCDT), a partnership project of @DMZ_Finance with @QNBGroup, as investment manager, has… pic.twitter.com/AYFX0IxIcY
— DMZ Finance (@DMZ_Finance) July 8, 2025
The fund, domiciled in the Dubai International Financial Centre (DIFC), leverages blockchain technology to bring traditional assets, such as U.S. Treasuries, on-chain. This innovation enables these assets to be used in various Web3 applications, including stablecoin reserves, payment systems, exchange collateral, and tools for institutional liquidity management.
QNB, the largest bank in the region, manages asset origination and investment strategy, while DMZ Finance provides the blockchain infrastructure. Nathan Ma, Co-Founder and Chairman of DMZ Finance, emphasised that tokenizing real-world assets is a crucial bridge between conventional capital markets and the emerging digital asset economy.
This development aligns with global trends, as a recent study by Ripple and Boston Consulting Group forecasts the real-world asset tokenization market could reach $18.9 trillion by 2033. Dubai and Doha are positioned as early leaders in this space, benefiting from regulatory clarity and strategic partnerships.
Silas Lee, CEO of QNB Singapore, described the fund as a pivotal moment in QNB’s digital asset journey, laying the groundwork for future multi-asset tokenization efforts. The collaboration between a major bank and a fintech firm marks a broader shift toward compliant digital financial instruments, reshaping the way finance operates in the region.
Dubai’s approval of the QCD Money Market Fund reinforces its ambition to become a global hub for blockchain innovation and digital finance. This move also reflects the UAE’s growing attractiveness for crypto ventures amid tightening regulations in other jurisdictions, such as the European Union.
A notable decision has been the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) granting regulatory approval to Circle as a licensed money services provider.
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