Cryptocurrency exchange Bybit entered into a strategic collaboration with QNB Group and DMZ Finance to introduce QCDT, a tokenised money market fund, as a collateral asset on its platform. Bybit is the first global crypto exchange to accept QCDT as collateral.
QCDT is described as the world’s first tokenised money market fund to be approved by the Dubai Financial Services Authority (DFSA). The fund is managed by Qatar National Bank (QNB), with tokenisation expertise provided by DMZ Finance and custody services from Standard Chartered Bank. It is backed by U.S. Treasuries and regulated within the Dubai International Financial Centre (DIFC).
Unlocking institutional capital with tokenised RWAs
The integration of QCDT as a collateral asset on Bybit is designed to bridge the gap between traditional finance and digital assets. According to the announcement, the deployment creates up to $1billion in borrowing capacity on the platform.
This move provides a new channel for both established crypto-trading institutions and traditional financial institutions. For crypto-native firms, it offers a secure and compliant way to deploy institutional funds that might otherwise remain idle in traditional bank accounts into exchange-based yield strategies. For traditional finance players, it provides a regulatory-aligned entry point into the digital asset ecosystem, combining U.S. Treasury-backed yields with low-risk, collateralised participation.
Yoyee Wang, head of the business-to-business unit at Bybit, commented: “This collaboration is a pivotal step for Bybit’s evolving institutional strategy. By recognising QCDT as collateral, we are opening the gateway for traditional financial institutions and established trading players to participate in the digital asset ecosystem with security, compliance, and efficiency. Our role as the bridge between traditional and digital finance has never been clearer.”
A new benchmark for real world asset integration
The partnership sets a new benchmark for the integration of Real World Assets (RWAs) in digital finance. By supporting a DFSA-approved, institutional-grade tokenised fund, Bybit aims to enhance its institutional credibility and attract new capital inflows to the digital asset space.
Silas Lee, chief executive officer of QNB Singapore, said: “QCDT, a tokenized money market fund, is a pioneering step of using blockchain technology to token real-world assets such as US Treasury securities and USD-denominated deposits, thereby empowering investors to seamlessly integrate high-quality, yield-bearing assets from traditional finance into the digital economy. This partnership with DMZ Finance and Bybit allows us to further extend the reach of institutional capital efficiently across traditional and digital markets, backed by a DFSA-approved framework and world-class partners.”
Nathan Ma, co-founder and chairman of DMZ Finance, added: “At DMZ Finance, our mission is to build powerful infrastructure that makes real-world assets accessible in digital form. Working with Bybit and QNB on QCDT demonstrates how tokenisation can bring innovation to institutional markets while bridging liquidity and access for more TradFi investors.”
The collaboration also opens the door for new RWA-linked products, such as QCDT-backed stablecoins and other yield strategies, further strengthening the connection between the crypto economy and traditional financial institutions in the Middle East and globally.
