Tokenization startup DMZ Finance this week launched the QCDT tokenized money market fund in partnership with Qatar National Bank (Singapore), marking the first authorized tokenized MMF in the Dubai International Financial Centre (DIFC). QNB serves as lead originator and investment manager for the dollar-denominated fund, which is backed by US Treasuries and other short maturity assets.
The companies hope for quick traction as ByBit became the first exchange to adopt QCDT as collateral. “By recognising QCDT as collateral, we are opening the gateway for traditional financial institutions and established trading players to participate in the digital asset ecosystem with security, compliance, and efficiency,” said ByBit’s Yoyee Wang.
The tokenized MMF sector continues to attract new entrants, though popularity varies dramatically. While BlackRock’s BUIDL fund holds $2.1 billion, many competitors remain much smaller. UBS’s uMint token, despite its prominent brand recognition, maintains just a $24 million market cap.
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