On July 8, 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 Center. The fund is a joint initiative by Qatar National Bank and DMZ Finance.
DMZ Finance stated in a statement released on Monday that it will serve as a co-initiator and provide professional tokenization technology infrastructure, while QNB will lead the fund's issuance and investment management.
QCDT is designed to support various institutional-level applications in the financial industry. For example, banks can use it as eligible collateral, centralized trading platforms can use it as a mapped collateral asset. Additionally, the fund can serve as a reserve support asset for stablecoins and provide underlying infrastructure for Web3 payment systems.
