QCDT Is Dubai’s First Tokenised Money Market Fund

The QCD Money Market Fund (QCDT), a partnership project of DMZ Finance with QNB, as investment manager, has obtained the Letter of Consent and formal regulatory approval from the Dubai Financial Services Authority (DFSA), making it the first tokenised money market fund set up in Dubai International Financial Centre (DIFC).

Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa (MEA), will serve as the fund’s lead originator and investment manager. DMZ Finance, acting as co-originator, provides the exclusive tokenisation infrastructure powering the fund.

This landmark approval of QCDT by the DFSA marks a major milestone in the advancement of real-world asset (RWA) tokenisation in the Middle East region, DMZ Finance said in a release.

As major global economies accelerate the development of regulatory frameworks for tokenised assets and stablecoins, RWAs are increasingly recognised as a critical bridge between traditional finance (TradFi) and decentralised finance (DeFi).

According to a recent report by Ripple and BCG, the market for tokenised RWAs is projected to grow to $8.9 trillion by 2033 under a midpoint scenario, DMZ Finance pointed out.

Financial hubs such like Dubai and Qatar are actively building comprehensive digital asset strategies, including regulatory frameworks, sandbox programs and central bank cooperation mechanisms. The approval of QCDT is a key component of the region’s broader strategic agenda and underscores the Middle East’s ambition to become a global centre for RWA innovation and capital formation.

Lauding the successful launch of QCDT, QNB Singapore CEO Silas Lee said that QCDT is not only the first DFSA-approved tokenised money market fund in Dubai but also a pivotal step in QNB’s digital asset journey.

“It marks a new phase in our strategic roadmap and lays a strong foundation for the future of multi-asset tokenization. As the Middle East rapidly emerges as a global hub for financial innovation, the successful deployment of QCDT further consolidates QNB’s leadership in the regional financial ecosystem and reflects our long-term vision to shape the next generation of financial infrastructure,” Lee said.

Co-Founder and Chairman of DMZ Finance Nathan Ma emphasised that the tokenisation of RWA has become a fundamental bridge between traditional capital markets and the digital asset economy. DMZ Finance is working closely with regulatory and financial institutions across the Middle East and other emerging markets to promote the compliant development of RWA infrastructure.

“Our mission is deeply aligned with our brand name DMZ, which stands for “Demilitarized Zone,” reflecting our commitment to build a secure, efficient and transparent financial buffer between on-chain and off-chain markets,” Ma explained.

Support for RWA Tokenisation

The launch of QCDT reflects the region’s growing regulatory maturity and strategic support for RWA tokenisation. With its core strengths in stable yield, institutional-grade custody, on-chain transparency and regulatory endorsement, QCDT sets a benchmark for compliant tokenized financial products in the Middle East.

Looking ahead, QCDT is designed to serve a wide range of institutional use cases: as eligible collateral for banks, mapped collateral for centralised exchanges, reserves for stablecoins and a foundational layer for Web3 payment infrastructure. It offers high institutional compatibility and strong potential for ecosystem-wide integration.