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Deployments · platform by DMZ Finance

QCD Money Market Fund (QCDT) tokenised MMFNew

A tokenised US dollar money market fund in the Dubai International Financial Centre, holding US Treasury bills and dollar deposits. Qatar National Bank originated it and manages the underlying investments, DMZ Finance co-initiated it and provides the tokenisation, Capricorn Fund Managers is the fund manager and Standard Chartered custodies the assets. The DFSA approved it in July 2025 and it went live in September 2025, aimed at bank and exchange collateral and stablecoin reserves; Bybit accepts it as collateral. It was deployed on Mantle in November 2025. No fund size has been published.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (limited) since 17 Sep 2025[2] — No assets, holders or on-chain supply published. · Reviewed 22d ago

Assets
Fund interest[2]
Tokenised units of a DFSA-approved US dollar money market fund
Networks
Mantle Public, permissionless[5]
Use cases
Collateral mobility[4][5]Fund subscription and redemption[2]
Jurisdictions
Dubai International Financial Centre (DIFC)

Participants

Assets

Timeline

  1. Happened 12 Nov 2025 · Scope expansion · recorded 17 Oct 2026
    DMZ Finance, Mantle and Bybit deploy QCDT on the Mantle layer 2.[5]
  2. Happened 17 Sep 2025 · Launch · recorded 17 Oct 2026
    QCDT goes live with Capricorn as fund manager and Standard Chartered as custodian; Bybit becomes the first exchange to accept it as collateral.[2][4][3]
  3. Happened 7 Jul 2025 · Regulatory approval · recorded 17 Oct 2026
    The DFSA approves QCDT as a tokenised money market fund in the DIFC.[1]

Sources

  1. [1]Dubai approves tokenized money market fund in RWA drive — The Block, 8 Jul 2025. Accessed 17 Oct 2026.C
  2. [2]Region’s first tokenized money market fund launches in DIFC — Enterprise AM (UAE), 18 Sep 2025. Accessed 17 Oct 2026. Based on a press release dated 17 Sept 2025..C
  3. [3]First Dubai tokenized MMF launched by Qatar National Bank, DMZ — Ledger Insights, 19 Sep 2025. Accessed 17 Oct 2026. Paywalled after the opening paragraphs..C
  4. [4]Bybit Becomes First Crypto Exchange to Partner with QNB Group and DMZ Finance to Accept QCDT, Unlocking Institutional Access to Digital Assets — DL News (partner press release), 19 Sep 2025. Accessed 17 Oct 2026. Joint press release; says the integration provides up to $1bn of borrowing capacity (a ceiling, not recorded as a figure)..B
  5. [5]DMZ Finance and Mantle Bring the World's First DFSA-Approved Tokenized Money Market Fund Onchain — PR Newswire (via TradingView), 12 Nov 2025. Accessed 17 Oct 2026.B

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