Dubai has approved its first tokenized money market fund, highlighting its growing ambitions in the tokenized real-world asset (RWA) sector, according to an official announcement on July 9.
The Dubai Financial Services Authority (DFSA) has given the green light to the QCD Money Market Fund, issued through a partnership between Qatar National Bank (QNB) and DMZ Finance. The fund, known by its blockchain ticker QCDT, is the first to operate within the Dubai International Financial Centre (DIFC).
At its core, QCDT digitizes money market fund shares—traditionally low-risk, short-term investment vehicles—onto a blockchain. QNB oversees the fund’s financial management, while DMZ Finance handles the tokenization process. The result is a blockchain-based product aimed primarily at institutional investors, who can use QCDT as collateral, stablecoin backing, or for Web3-based financial operations.
The project reflects growing institutional demand for regulated digital yield products, particularly those that bridge traditional finance and blockchain infrastructure. A source familiar with the fund’s launch said the goal is to meet institutional expectations for compliance, speed, and transparency—traits often missing in existing onchain options.
The launch of QCDT aligns with Dubai’s broader push to integrate blockchain into its economic and public sectors. In recent months, the city has allowed Ripple’s RLUSD stablecoin as a legal payment option and partnered with Crypto.com to facilitate crypto payments for government services.
Globally, interest in tokenized assets is rising. Tokenized US Treasury products alone have surpassed $1.5 billion in total value locked this year, underlining a shift in how traditional assets are packaged and traded.
