MAG Shifts $500M Tokenization Deal to $10B Initiative with Mavryk

In July 2024, MAG Group, a Dubai-based real estate developer, announced a landmark $500 million tokenization pilot with Mantra, a blockchain platform, aiming to tokenize luxury real estate in Dubai. The deal featured high-profile assets like a $75 million Ritz-Carlton mansion and promised an 8% annual percentage yield (APY) on tokenized vaults, supported by $OM token incentives. The project was positioned as a gateway to “democratizing” real estate investing through blockchain technology [1].

For months, Mantra benefited from the project's visibility, securing media coverage, interviews, and participation in panels. However, as 2025 progressed, delays became apparent. The tokenized vaults and the Ritz-Carlton property failed to materialize on-chain. Regular updates diminished, and speculation within the industry pointed to challenges including regulatory complexities, a retail-focused strategy that lacked scalability, and potential misalignment with MAG’s long-term objectives [1].

By May 2025, MAG announced a dramatic shift: the $500 million deal with Mantra had been replaced by a $10 billion mandate, this time with Mavryk Network and backed by Multibank. The same Ritz-Carlton mansion was now part of a much broader portfolio that included high-end developments like The Ritz-Carlton Residences and Keturah Reserve. MAG’s leadership stated that Mavryk, with its institutional-grade, purpose-built Layer 1 blockchain, was appointed as its exclusive partner in the Gulf Cooperation Council (GCC) [1].

Mavryk’s institutional approach, paired with Multibank’s upcoming RWA Exchange, offers a full-ecosystem solution for trading, lending, and borrowing against tokenized real estate assets. This infrastructure, focused on compliance, scalability, and security, aligned with MAG’s need for a partner capable of executing at scale. With $10 billion in assets now moving on-chain, Mavryk and MAG now account for approximately half of the global real-world asset (RWA) tokenization market [1].

Industry observers acknowledge that Mantra’s initial $500 million agreement was significant in demonstrating MAG’s commitment to blockchain. However, without tangible execution, the project remained theoretical. Mavryk, by taking over the same high-profile assets and scaling the initiative twentyfold, is now positioned to deliver on the vision that Mantra could not. The transition reflects a broader shift from speculative potential to institutional execution [1].

For investors, the development marks a pivotal shift in the tokenization space—from a speculative “what if” to a concrete “what’s next.” With MAG and Multibank backing Mavryk, the $10 billion initiative could establish a global standard for real-world asset tokenization. The evolution of this initiative highlights the importance of execution in blockchain-based real estate innovation, where vision alone is insufficient to drive transformation [1].

Source: [1] What Happened to MAG’s $500M Tokenization Deal with Mantra? (https://coinmarketcap.com/community/articles/68a6d6abf76e41605f294a48/)