QNB Group, Standard Chartered, and DMZ Finance have launched the QCD Money Market Fund — known as QCDT — as the Dubai International Financial Centre's first regulated tokenised money market fund, with QNB immediately recognising it as eligible collateral and indicating its adoption as mirrored collateral by leading global exchanges.
The institutional roles are clearly delineated: QNB initiated the fund and manages underlying investments; DMZ Finance provides the tokenisation infrastructure; Standard Chartered acts as custodian; and Capricorn Fund Managers DIFC serves as fund manager. The combination of a major Gulf bank, one of the world's largest international banks, and a DIFC-regulated fund manager gives the product institutional credibility across the Middle Eastern and international markets it targets.
QNB's immediate recognition of QCDT as eligible collateral — and its indication that global exchanges will adopt it as mirrored collateral — signals a specific institutional use case beyond simple yield: tokenised money market fund units as exchange margin collateral in the Gulf market. This mirrors the trajectory of BlackRock's BUIDL, which was accepted as collateral at Crypto.com and Deribit in June 2025, and suggests tokenised Treasury and MMF collateral is becoming a standard institutional instrument rather than a niche product.
The DIFC is the Gulf's leading international financial centre, regulated under a framework aligned with UK financial regulation. A first regulated tokenised MMF within the DIFC carries regulatory weight for the broader Gulf institutional market — it establishes a precedent and a framework that other Gulf-based asset managers and banks can build on.