Stacy Pereira
- The Dubai Financial Services Authority (DFSA) has given its approval for the QCD Money Market Fund.
- The fund will be launched by Qatar National Bank in partnership with DMZ Finance.
- This move marks the first approval of a tokenized money market fund in Dubai.
Dubai’s Financial Services Authority (DFSA) has officially approved the QCD Money Market Fund, a tokenized money market fund launched by Qatar National Bank (QNB) in partnership with DMZ Finance at the Dubai International Financial Centre (DIFC). DMZ Finance brings tokenization tech and infrastructure, while QNB handles fund origination and asset management.
The fund seeks to digitize traditional assets on the blockchain and support a range of institutional use cases, strengthening the Middle East’s position as a center for digital asset finance. A joint report by Ripple and BCG projects the global tokenized real-world assets (RWA) market to reach $18.9 trillion by 2033, with regions like Dubai and Doha positioned as frontrunners in this emerging shift.
How will the fund operate?
The fund will have underlying assets, composed of traditional money-market instruments like short-term government bonds and high-grade commercial papers. The fund will then convert each unit into a digital token on a blockchain, enabling instant settlement, 24/7 trading, and lower admin costs. This will enable institutional participants like banks, asset managers, treasury desks with on-chain collateralization and efficient liquidity deployment.
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Global tokenized RWA market surge
As of May 2025, the market (excluding stablecoins) reaches $22.6 billion, expected to surpass $50 billion by year-end. Studies by McKinsey, Standard Chartered, and BCG show that this market could grow to $2 trillion to $30 trillion, by 2030 to 2034. Financial institutions, including BlackRock, Franklin Templeton, and J.P. Morgan, are leading adoption with tokenized bond and treasury funds.
Dubai’s approval of the QCD tokenized money-market fund marks a milestone—ushering in a new era of blockchain-native financial products. Its success could help pave the way for broader tokenization of bonds, real estate, and beyond.
