According to a report by CoinDesk on July 8, the Dubai Financial Services Authority (DFSA) has approved the QCD Money Market Fund (QCDT), which is the first formally established tokenized money market fund in the Dubai International Financial Centre (DIFC). The fund is jointly launched by Qatar National Bank (QNB) and DMZ Finance, with the former responsible for investment strategy and asset allocation, and the latter providing the underlying digital infrastructure technology.
The fund aims to bring traditional assets such as U.S. Treasury bonds on-chain, serving various institutional applications such as bank-eligible collateral, stablecoin backing, exchange reserves, and Web3 payment infrastructure. DMZ Finance is a fintech company based in Singapore that focuses on the tokenization and custody of real-world assets (RWA).