On July 8, 2025, the Dubai Financial Services Authority (DFSA) approved the QCD Money Market Fund (QCDT) in Dubai. This marks the first tokenized money market fund authorized within the Dubai International Financial Centre (DIFC).
The fund, a collaboration between Qatar National Bank (QNB) and DMZ Finance, intends to tokenize traditional assets like U.S. Treasury bonds. It will support institutional applications, including collateral for banks and backing stablecoins. Silas Lee, CEO of QNB Singapore, emphasized its importance as a key step in QNB's digital asset strategy.
This approval highlights Dubai's dedication to digital assets, following the May 2025 agreement with Crypto.com for cryptocurrency payments. The DFSA also approved RLUSD, Ripple's stablecoin. The tokenized market is anticipated to reach $18.9 trillion by 2033.