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 tokenized money market fund officially set up in Dubai International Financial Centre (DIFC) — the same hub partnering banks like Commercial Bank of Dubai.
QNB, the largest financial institution in the Middle East and Africa — a region increasingly central to crypto, as shown at Dubai’s Blockchain Economy Summit —, will serve as the fund’s lead originator and investment manager. DMZ Finance, acting as co-originator, provides the exclusive tokenization infrastructure powering the fund. This landmark approval of QCDT by the DFSA marks a major milestone in the advancement of real-world asset (RWA) tokenization in the Middle East region — part of Dubai’s tech push seen at events like the Dubai AI Festival.
Middle East on the Rise: RWA as Core Infrastructure for Digital Finance
As major global economies accelerate the development of regulatory frameworks for tokenized assets and stablecoins, RWAs are increasingly recognized as a critical bridge between traditional finance (TradFi) and decentralized finance (DeFi). According to a recent report by Ripple and BCG, the market for tokenized RWAs is projected to grow to USD18.9 trillion by 2033 under a midpoint scenario.
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.
Mr. Silas Lee, CEO of QNB Singapore, highly praised the successful launch of QCDT. He stated: “QCDT is not only the first DFSA-approved tokenized 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.”
Mr. Nathan Ma, Co-Founder and Chairman of DMZ Finance, emphasized: The tokenization of real-world assets is becoming 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.
QCDT as a Landmark for Regulated RWA Tokenization in the Region
The launch of QCDT reflects the region’s growing regulatory maturity and strategic support for RWA tokenization. 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 centralized exchanges, reserves for stablecoins and a foundational layer for Web3 payment infrastructure. It offers high institutional compatibility and strong potential for ecosystem-wide integration.
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About Qatar National Bank (Q.P.S.C.)
(QNB Group) was established in 1964 as Qatar’s first Qatari-owned commercial bank, with 50% ownership held by the Qatar Investment Authority. Since its inception, QNB Group has grown steadily to become the largest financial institution in the Middle East and Africa (MEA) region. QNB Group has consistently maintained its position as Qatar’s highest-rated bank and one of the world’s top-rated banks, with prestigious credit ratings from leading agencies such as Standard & Poor’s and Fitch (A+) and Moody’s (Aa2). The Group has also been recognized with numerous awards from renowned international financial publications, further cementing its leadership and excellence in the global financial industry.
About DMZ Finance
DMZ Finance is a leading platform for real-world asset (RWA) tokenization and stablecoin infrastructure. It is among the first cohort of companies admitted to the Qatar Financial Centre (QFC)’s Digital Asset Lab. DMZ has established a strategic partnership with Qatar National Bank (QNB), the largest bank in the Middle East and Africa to jointly advance the integration of asset tokenization into the regional financial system.
