Dubai approves first tokenized money market fund backed by QNB and DMZ Finance

Key Points

1. The QCD Money Market Fund (QCDT) is the first tokenized fund approved by the Dubai Financial Services Authority (DFSA).

2. Qatar National Bank (QNB), the largest bank in the Middle East and Africa, leads the fund’s investment strategy and asset origination.

3. The fund aims to incorporate traditional financial instruments like U.S. bank-eligible collateral and stablecoin reserves into blockchain-based solutions.

4. The DFSA launched a Tokenization Regulatory Sandbox in March, attracting nearly 100 firms interested in tokenization projects.

5. Dubai's real estate tokenization market has seen significant growth, with tokenized property sales reaching nearly $400 million in May 2025, accounting for over 17% of total real estate transactions.