Dubai Approves Tokenized Cryptocurrency Money Market Fund to Drive Real World Asset Development

BlockBeats News, July 8th, 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 project initiated by Qatar National Bank and DMZ Finance.

DMZ Finance stated in a press release issued on Monday that it will act as a co-sponsor, providing professional tokenization technology infrastructure, while QNB will lead the fund's issuance and investment management.

The design of QCDT is intended to support various institutional applications in the financial industry. For example, banks can use it as eligible collateral, centralized trading platforms can use it as a mapping collateral asset. Additionally, the fund can also serve as a reserve-backed asset for stablecoins and provide underlying infrastructure for Web3 payment systems.