QNB and DMZ Finance Launch QCDT: A New Era of Tokenized Finance in Dubai
The QCD Money Market Fund (QCDT), a joint venture between Qatar National Bank (QNB) and DMZ Finance, has been authorized by the Dubai Financial Services Authority to operate as a tokenized money market fund inside the Dubai International Financial Center. According to a statement issued on Monday, QNB will take the lead in fund origination and investment management, while DMZ Finance will act as the co-originator and supply specialist tokenization technological infrastructure.
QNB CEO: QCDT Will Shape the Next Generation of Financial Infrastructure
QCDT is made to work with a variety of institutional applications in the financial industry. For instance, centralized exchanges can utilize QCDT as mapped collateral, while banks can use it as qualifying collateral. The fund can also be used as a fundamental layer for Web3 payment systems and as backing reserves for stablecoins.
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. 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.
Silas Lee, CEO of QNB Singapore
Is Dubai the Future of Crypto? New Partnerships and Approvals Say Yes
Dubai has taken action to grow its cryptocurrency sector. The Dubai City Department of Finance and Crypto.com inked a Memorandum of Understanding in May to accept cryptocurrencies as payment for public services. Additionally, Ripple’s U.S. dollar-pegged stablecoin, RLUSD, was authorized by the DFSA last month as a payment rail inside the Dubai International Financial Center. The fact that Dubai has taken these steps demonstrates how crypto-friendly the city is.
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