Dubai Approves Tokenized Money Market Funds to Drive RWA Development

BlockBeats News, July 8 — According to The Block, the Dubai Financial Services Authority (DFSA) has approved the QCD Money Market Fund (QCDT) as a tokenized money market fund within the Dubai International Financial Centre. The fund is a joint initiative launched by Qatar National Bank and DMZ Finance.

In a statement released on Monday, DMZ Finance announced that it will act as a co-initiator and provide specialized tokenization technology infrastructure, while QNB will lead the fund’s issuance and investment management.

QCDT is designed to support a variety of institutional-grade applications within the financial industry. For example, banks can use it as eligible collateral, and centralized trading platforms can use it as a mapped collateral asset. Additionally, the fund can serve as a reserve backing asset for stablecoins and provide foundational support for Web3 payment systems.