DFSA Approves Dubai’s First Tokenized Money Market Fund: A Landmark Collaboration Between QNB and DMZ Finance

Dubai has taken a major step forward in RWA tokenization with the DFSA’s official approval of the QCD Money Market Fund (QCDT) — the first tokenized money market fund launched within the Dubai International Financial Centre (DIFC).

A joint initiative between Qatar National Bank (QNB) and DMZ Finance, the fund represents a regulatory milestone for blockchain-based financial instruments in the region.

Key Highlights:

• First DFSA-approved tokenized money market fund in Dubai

• Brings U.S. Treasuries on-chain through a compliant framework

• Regulated by the Dubai Financial Services Authority (DFSA)

• Unlocks access to over $1 trillion in capital across the MENA region for RWA innovation

QNB, the largest financial institution in the Middle East and Africa, holds a brand value of USD 9.36 billion and consistently ranks among the world’s top 50 banking brands. DMZ Finance, meanwhile, provides the tokenization infrastructure behind QCDT, enabling the secure and compliant on-chain representation of traditional assets.

Silas Lee, CEO of QNB Singapore, commented on the fund’s significance:

“QCDT is not only the first DFSA-approved tokenized money market fund in Dubai but also a pivotal step in QNB’s digital asset journey. It marks a new phase in our strategic roadmap and lays a strong foundation for the future of multi-asset tokenization”.

Middle East’s Strategic Push for RWA Tokenization

The launch of QCDT aligns with the Middle East’s broader ambition to become a global hub for digital finance, especially in the RWA tokenization space. According to a joint report by Ripple and BCG, the global market for tokenized real-world assets is projected to reach USD 18.9 trillion by 2033.

To capture this momentum, regional financial centers like Dubai and Qatar are actively building regulatory frameworks, central bank cooperation mechanisms, and innovation-friendly sandboxes that encourage compliant tokenization efforts.

Nathan Ma, Co-Founder and Chairman of DMZ Finance, emphasized:

“The tokenization of real-world assets is becoming a fundamental bridge between traditional capital markets and the digital asset economy. DMZ Finance is working closely with regulatory and financial institutions across the Middle East and other emerging markets to promote compliant development of RWA infrastructure”.

The QCD Money Market Fund is designed to serve various institutional use cases — ranging from eligible collateral for banks and centralized exchanges, to reserves backing stablecoins and a foundational layer for Web3 payment systems.

With its regulated structure, stable yield, institutional-grade custody, and on-chain transparency, QCDT sets a new benchmark for tokenized financial instruments in the region.