First tokenized money market fund approved in crypto-friendly Dubai

The United Arab Emirates, which has developed a positive outlook on cryptocurrencies in recent years, has also approved its first tokenized money market fund. The fund, developed in collaboration with Qatar’s giant bank QNB, has been approved at a time when interest in real-world assets (RWAs) is increasing significantly. The fund will be traded in the Dubai International Financial Centre (DIFC)

The Dubai Financial Services Authority (DFSA) has approved the QCD Money Market Fund (QCDT), developed in collaboration with Qatar National Bank (QNB) and DMZ Finance. This fund becomes the first tokenized money market fund approved by the DFSA.

The increasing interest in RWA and tokenization around the world has thus also come to DIFC, which is known as the global financial center of Dubai and has an independent legal system and regulatory authority.

According to the information provided, DMZ Finance will manage the technology side of this fund, that is, provide the tokenization infrastructure. QNB will establish the fund and manage the investments. In addition, this fund is designed to be used in different areas in the financial sector. For example, banks can accept this fund as collateral or the fund can be a supporting reserve behind stablecoins.

QNB's Singapore CEO Silas Lee said regarding this step of the bank, "QCDT has not only become the first money market fund accepted in Dubai, but also showed the world our bank's desire for digitalization."

Last month, the Dubai Financial Services Authority (DFSA) approved Ripple's newly released stablecoin RLUSD. RLUSD can be used as a payment system in the financial center DIFC.

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