In the latest XRP News, trading of tokenized properties in Dubai is now live on the XRPL. This comes as Ctrl Alt and Dubai Land Department announced they had commenced the second phase of the project.
XRP News: Phase Two of Dubai Tokenization Project Now Underway
In a recent press release, Ctrl Alt and Dubai Land Department have announced that they have begun the second phase of their project of bringing tokenization of real estate properties to the ledger.
This comes months after Ripple announced a new partnership with Ctrl Alt. They said at the time that they would implement Ripple’s institutional-level custody solution for securely storing tokenized real estate ownership titles. This was expected to be issued directly on the XRP Ledger for liquidity in the real estate sector of Dubai.
The update was also shared by Reece Merrick, the Managing Director of Ripple in the Middle East and Africa, in a recent X post. He also mentioned that secondary market trading is now live on the XRPL.
This latest development comes after the Ctrl Alt and Billiton plan to tokenize $280 million worth of diamonds. As part of the partnership, Billiton will offer the polished diamond inventory that is certified by approved partners. Additionally, Ctrl Alt will offer an end-to-end tokenization solution that will transfer the physical assets to the XRP Ledger.
Dubai Pivots More Into Digital Assets
The Dubai Financial Services Authority (DFSA) has recently been updating rules for digital assets. Within the last month, the DFSA has specifically defined stablecoins as “fiat crypto tokens.” This will be applicable to the tokens that are pegged to fiat currencies and are backed by high-quality and liquid assets that can meet claims in times of market stress.
With the increasing adoption of tokenization on the XRP ledger, crypto leaders such as Changpeng Zhao have mentioned Dubai as a major market in the crypto space. More than 65% of UAE citizens currently own crypto, according to some surveys.
The financial free zone in Abu Dhabi, UAE, ADGM, has also seen a 67% increase in new licenses in Q1 2025 compared to Q1 2024. More than 1,800 crypto companies are now operating in the UAE, with more than 8,600 employees.
Source: https://coingape.com/xrp-news-dubai-tokenized-properties-trading-goes-live-on-xrpl-as-ctrl-alt-advances-project/
