On July 8, 2025, Dubai marked an important milestone in the digital transformation of the financial sector by officially approving the QCD Money Market Fund (QCDT) – the first legally operating tokenized money market fund within the financial center of this Emirate. This is seen as a breakthrough step, helping Dubai solidify its position as a leading fintech hub in the region.
According to the published information, Qatar National Bank will take on the operational and investment management role of the QCDT fund, while the tokenization technology part will be handled by DMZ Finance, a fintech company based in Singapore 🇸🇬.
QCDT is developed to serve various purposes in the modern digital financial ecosystem, including:
Serving as collateral for banks and centralized exchanges (CEX);
Serving as a reserve fund supporting stablecoins, ensuring a stable pegged value;
Providing liquidity for Web3 payment systems, especially in the context of the growing decentralized finance (DeFi) platforms.
The approval for the deployment of QCDT is part of a broader strategy of Dubai to promote blockchain applications, asset tokenization, and decentralized finance within the national financial system. Previously, this Emirate had approved Ripple's RLUSD stablecoin – a stablecoin backed by real assets, while also collaborating with Crypto.com to test public service payments in cryptocurrency, demonstrating a strong openness to new financial technologies.
