🚨 Urgent ‼️ The Dubai government has issued digital assets directly
on record #XRP
In a significant step towards innovation in the public sector supported by blockchain technology, the Dubai government has officially issued digital assets directly on the XRP Ledger (XRPL), marking a pivotal advancement in the field of property tokenization. This groundbreaking development was revealed by XRPL Commons via its official X account, confirming the growing role of XRPL technology in supporting institutional use cases in the real world.
This initiative, facilitated by a licensed local issuer in Dubai, has enabled the conversion of government assets, specifically tied to real estate, into tokens and their transfer on-chain using the fast, secure, and cost-effective infrastructure of XRPL. The transaction process not only enhanced transparency and verification of ownership but also resulted in a significant reduction in operating costs, as transaction fees were cut by 50%. This represents one of the first examples of a government entity adopting XRPL technology to issue assets in the real world at scale, furthering Dubai's leadership in the global blockchain technology adoption movement.
