Dubai’s QCDT Paves New Path for Institutional Crypto Access

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has taken a significant step in bridging traditional finance and digital assets by becoming the first exchange to support QCDT mirror staking. The innovative initiative, launched on September 19, 2025, involves a strategic partnership with Qatar National Bank (QNB) and DMZ Finance to integrate QCDT—a DFSA-approved tokenized money market fund (MMF)—into Bybit's platform as a collateral asset. This development marks a pivotal moment in the adoption of real-world assets (RWAs) within the digital finance ecosystem.

QCDT is powered by DMZ Finance's tokenization expertise and managed by QNB, with custodial support provided by Standard Chartered Bank. The fund is backed by U.S. Treasuries and regulated within the Dubai International Financial Centre (DIFC), offering a robust combination of institutional-grade security and regulatory clarity. By leveraging QCDT, Bybit enables institutional investors to deploy their capital in digital asset strategies while maintaining compliance with traditional financial standards. The deployment of QCDT as collateral on Bybit creates up to $1 billion in borrowing capacity, offering new avenues for liquidity generation and yield optimization.

For established crypto trading institutions, this partnership provides a secure and compliant channel to utilize funds that would otherwise remain idle in traditional banking systems. At the same time, it offers traditional financial institutions a low-risk entry point into the digital asset space. The QCDT-backed collateral allows these institutions to participate in the crypto ecosystem with the familiarity of U.S. Treasury-backed yields, thus bridging the gap between traditional and digital finance.

Yoyee Wang, Head of the Business-to-Business Unit at Bybit, highlighted the strategic importance of the collaboration, stating that it is a pivotal step in Bybit's institutional growth strategy. The integration of QCDT as collateral is intended to foster trust and open new opportunities for traditional financial institutions to engage in the digital asset ecosystem with security and efficiency. Silas Lee, CEO of QNB Singapore, emphasized the innovative use of blockchain technology in tokenizing real-world assets, which he said empowers investors to seamlessly integrate high-quality, yield-bearing assets from traditional finance into the digital economy.

Nathan Ma, Co-founder and Chairman of DMZ Finance, underscored the role of tokenization in driving institutional adoption of digital assets. He noted that the collaboration with Bybit and QNB exemplifies how tokenization can introduce innovation to institutional markets while enhancing liquidity and access for traditional finance investors. This initiative aligns with DMZ Finance's mission to create infrastructure that makes real-world assets accessible in digital form.

The QCDT tokenized money market fund was officially approved by the Dubai Financial Services Authority (DFSA) in July 2025, making it the first of its kind in the DIFC jurisdiction. This approval highlights Dubai's growing prominence in the tokenization sector and its strategic efforts to position itself as a global hub for digital asset innovation. The fund's regulatory endorsement by DFSA underscores the credibility and legitimacy of tokenized assets, fostering confidence among institutional investors.

As part of its broader institutional strategy, Bybit aims to continue expanding its product offerings and partnerships to support the integration of RWAs into the digital finance ecosystem. The introduction of QCDT as collateral is expected to unlock significant institutional liquidity, with potential implications for the development of new RWA-linked products such as QCDT-backed stablecoins and yield strategies. This initiative not only strengthens Bybit's institutional role but also reinforces its commitment to being a trusted bridge between traditional and digital financial systems.

The collaboration between Bybit, QNB Group, and DMZ Finance is a testament to the growing convergence of traditional finance and digital assets. It reflects a broader trend in the financial sector toward the tokenization of real-world assets, facilitated by regulatory clarity and technological innovation. As the digital asset landscape continues to evolve, such partnerships will play a crucial role in expanding access to institutional-grade opportunities in the crypto market.