Dubai approves the tokenization of the currency market fund QCDT to promote RWA adoption.

Gate News bot news, the Dubai Financial Services Authority (DFS) has approved the QCD money market fund (QCDT) jointly initiated by Qatar National Bank (QNB) and DMZ Finance, as a tokenized money market fund within the Dubai International Financial Centre.

DMZ Finance stated in a statement released on Monday that it will act as a co-sponsor, providing specialized tokenization technical infrastructure, while QNB will be responsible for fund initiation and investment management.

QCDT aims to support various institutional applications in the financial industry. For example, banks can use QCDT as qualified collateral, while centralized exchanges can deploy it as mapped collateral. Furthermore, the fund can also serve as a supporting reserve for stablecoins and as the foundational layer for Web3 payment systems.

Silas Lee, the CEO of QNB Singapore, stated in a statement: "QCDT is not only the first tokenized currency market fund approved by DFSA in Dubai, but also a key step in QNB's digital asset journey." As the Middle East rapidly emerges as a global financial innovation hub, the successful deployment of QCDT further consolidates Qatar National Bank's leadership position in the regional financial ecosystem and reflects our long-term vision of shaping the next generation of financial infrastructure."

Source: The Block