The Dubai Financial Services Authority (DFSA) has granted approval to the QCD (QCDT) money market fund, a tokenized fund jointly developed by the Qatar National Bank (QNB) and DMZ Finance within the Dubai International Financial Center (DIFC).
According to an announcement made on Monday, DMZ Finance will act as co-creator and provide the tokenization infrastructure, while QNB will oversee the creation of the fund and the management of investments.
The fund is structured to serve multiple institutional use cases, including bank guarantees, exchange-backed reserves, stablecoin backing, and Web3 payment systems.
Silas Lee, CEO of QNB Singapore, said the QCDT represents a key milestone in QNB's digital asset strategy and reinforces Dubai's position as a center for financial innovation.