Dubai is moving ahead with a staged rollout of tokenized real estate, expanding a pilot program that couples regulated on-chain transfers with a real-world asset class. In parallel, the Maldives is drawing attention with a Trump-branded resort project that’s being explored for tokenization, signaling a broader push to finance large-scale developments through security tokens and distributed-ledger technology. The Dubai Land Department (DLD) said on Friday it would launch the second phase of its real estate tokenization pilot, following a prior milestone that tokenized roughly $5 million of property and produced about 7.8 million tradable tokens. The move underscores a growing belief among regulators and industry participants that tokenized real estate can unlock liquidity and widen investor access in markets where property is often illiquid and access is constrained. The effort uses a governance and settlement framework built by Ctrl Alt, a Dubai-licensed Virtual Asset Service Provider, to issue Asset-Referenced Virtual Asset management tokens intended for secondary-market trading. The on-chain transactions underpinning these tokens are recorded on the XRP Ledger (CRYPTO: XRP) and secured by Ripple Custody, illustrating a cross-border, regulated infrastructure that pairs real assets with blockchain settlement.
The plan, while ambitious, is grounded in concrete numbers. In its May 2025 forecast, Ctrl Alt and the DLD estimated that tokenization could contribute as much as $16 billion to Dubai’s real estate ecosystem by 2033—a figure equating to roughly 7% of the emirate’s overall property transactions over that period. Industry observers have noted that Dubai’s combination of a robust real estate market and a comparatively crypto-friendly regulatory environment helps explain why the emirate has emerged as a leading hub for tokenized assets. A veteran player in the Middle East crypto scene, Rep. Ripple’s footprint in the region has been discussed in multiple industry circles, including coverage linking Ripple’s leadership with regulatory engagement at the White House level.
The tokenization stack for the pilot hinges on Asset-Referenced Virtual Asset management tokens, a structure that allows the transfer of tokenized real estate units on secondary markets once the underlying property rights are tokenized and registered. Ctrl Alt, which operates with a Dubai license as a Virtual Asset Service Provider, is responsible for issuing these activity-backed tokens and enabling their circulation. All on-chain activity tied to these assets is recorded on the XRP Ledger (CRYPTO: XRP) and safeguarded by Ripple Custody, a custody solution designed for regulated digital assets. The architecture aims to pair familiar property investment mechanics with the transparency and settlement efficiency of blockchain rails, potentially broadening the pool of investors who can participate in high-value projects that historically required significant upfront capital.
While the DLD’s initiative is focused on Dubai’s boundaries, its implications resonate across the region. The project’s backers argue that tokenized real estate can unlock fractional ownership, streamline property sales, and enable more efficient price discovery in markets that have long relied on traditional, paper-based processes. In addition to the Dubai pilot, a related development is unfolding in the Maldives, where DarGlobal and World Liberty Financial—backed by interests connected to U.S. political circles—are pursuing a tokenization strategy for a Trump-branded resort development. The collaboration with Securitize aims to tokenize the development’s phased rollout, signaling a growing appetite among developers and fintech groups to use tokenized securities as a capital-raising tool for premium hospitality projects. A video presentation accompanying the Maldives project has circulated, with a public event at Trump’s Mar-a-Lago estate drawing notable attendees from both traditional finance and the crypto sector, including figures such as Goldman Sachs’ leadership and Coinbase’s chief executive, among others.
On a practical level, the Dubai project’s use of on-chain settlement backed by a regulated custodian reflects a broader industry trend: blending tokenized liquidity with real-world asset verification and custody to address risk and regulatory compliance. The CBD-led focus on asset-backed tokens aligns with ongoing discussions among policymakers about the role of digital assets in mainstream finance, particularly in real assets that can provide enduring value and tangible diversification for investors. The Dubai project’s framing as a pilot with a finite number of tokens and traceable on-chain activity helps test the viability of tokenized real estate as a legitimate financing mechanism rather than a speculative vehicle.
In parallel, the Maldives tokenization effort is framed as a tangible path for hospitality real estate to access a broader investor base. Ziad El Chaar, the CEO of DarGlobal, told Cointelegraph that tokenization could “take over the way other projects are being funded” by broadening participation beyond traditional high-net-worth circles. He emphasized that tokenization can democratize access to real estate investments by lowering the entry barrier for many potential investors who previously faced geographic, regulatory, or accreditation hurdles. World Liberty’s leadership championed the approach at a crypto-focused event hosted at Mar-a-Lago, highlighting the potential for tokenized offerings to accelerate capital formation for large-scale developments and to introduce new sources of liquidity to projects that were historically constrained by the capital markets’ tempo and risk profile. The event itself drew attention from a cross-section of participants, including leaders from traditional finance and the crypto industry, signaling that the lines between these realms continue to blur as digital asset structures mature.
As with any tokenization initiative, critical questions remain about regulatory alignment, investor protections, and the pace at which markets will absorb these instruments. The DLD’s May 2025 projection provides a target trajectory, but actual outcomes will depend on several factors, including the evolution of custody arrangements, the effectiveness of on-chain governance mechanisms, and the ability of the tokens to achieve reliable liquidity in secondary markets. Still, proponents argue that the Dubai model—grounded in a regulator-approved framework, a licensed tech partner, and a trusted custody solution—could serve as a blueprint for other jurisdictions seeking to harness tokenized assets to unlock liquidity in real estate while preserving investor protections. The Maldives project, if realized, would offer a high-profile test case for cross-border, hospitality-focused tokenization, potentially inspiring similar efforts in other tourism-heavy markets that require substantial capital for large-scale development projects.
For those tracking the intersection of crypto innovation and traditional property markets, these developments illustrate how nations with sophisticated real estate ecosystems are exploring how to use tokenization as a bridge to greater liquidity and broader investor access. While the path to broad adoption remains uneven and requires careful calibration of regulatory, custody, and market-making capabilities, the Dubai and Maldives initiatives underscore a wider move toward tokenized, asset-backed finance that could reshape how capital flows into real estate over the coming years.
Video and public discussions associated with the Maldives project are accessible via the accompanying materials, including a discussion that explored the role of tokenization in altering how projects are funded and who can participate in investment opportunities. A clip linked to the event and to related regulatory debates can be found here: Video discussion. The broader narrative around this trend includes references to policy dialogues and public-private collaborations that continue to shape how tokenized assets are perceived and regulated in different markets.
Related materials and commentary, including coverage of Ripple’s regulatory engagements and the evolving regulatory landscape for crypto-linked real estate, are referenced in the linked sources. For readers seeking to verify specifics, the primary documents and statements come from the Dubai Land Department’s press resources and Ctrl Alt’s official communications, as well as the associated press coverage of the Maldives project and the stakeholder discussions that accompanied the Mar-a-Lago event. The public-facing summaries of these initiatives highlight the ongoing collaboration between technology providers, property developers, and financial institutions as they experiment with tokenized real estate under regulated frameworks.
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Why it matters
The Dubai and Maldives tokenization initiatives capture a moment when regulated digital assets and real assets begin to converge in practical, high-value applications. Tokenized real estate has the potential to lower barriers to entry for investors, improve liquidity for often illiquid property markets, and stimulate faster price discovery through transparent on-chain activity. If the Dubai pilot scales toward the projected $16 billion by 2033, it could influence how developers structure funding for large projects and how regulators balance investor protection with the need to foster innovation. The Maldives project, connected to a high-profile hospitality development, underscores how tokenization could redefine project finance for premium destinations that require substantial upfront capital. Taken together, these efforts reflect a broader shift in capital markets where asset-backed digital tokens are increasingly viewed as tools for efficient liquidity, cross-border investment, and regulatory-compliant innovation.
At the same time, the path forward will require careful attention to custody, governance, and auditability. The use of the XRP Ledger with a regulated custody framework provides a credible model for secure settlement, while the involvement of a licensed VASP signals a regulatory track record that investors increasingly expect when dealing with tokenized real assets. The cross-border nature of these projects—spanning Dubai and the Maldives—also highlights the importance of harmonizing standards and ensuring that digital asset transactions remain compliant with local laws and international best practices. As institutions observe the outcomes of these pilots, the market will gain clarity on how tokenized real estate can coexist with traditional property markets, potentially unlocking a new spectrum of investment opportunities for both regional players and global capital pools.
What to watch next
- Milestones for Phase Two: timeline and go-live details from the Dubai Land Department.
- Secondary-market activity: liquidity, pricing, and investor participation metrics for tokenized assets in Dubai.
- Maldives project progress: partner confirmations with Securitize, issuance milestones, and regulatory updates.
- Regulatory updates: developments in asset-backed tokens, custody standards, and cross-border tokenization guidelines.
- Institutional interest: reactions from large financial players and potential participation in related tokenized offerings.
Sources & verification
- Ctrl Alt and Dubai Land Department press release announcing the Phase Two tokenization pilot and the $16 billion by 2033 forecast (https://www.ctrl-alt.co/press-releases/ctrl-alt-dld-phase-two).
- PR Newswire: Ctrl Alt and Dubai Land Department go live with tokenized real estate, forecasting $16B by 2033 (https://www.prnewswire.com/news-releases/ctrl-alt-and-dubai-land-department-go-live-with-tokenized-real-estate-forecasts-16b-market-by-2033-302464840.html).
- Reece Merrick, Ripple’s managing director for the Middle East and Africa, with a cited post referenced in coverage (https://x.com/reece_merrick/status/2024761451060351272).
- Cointelegraph coverage on the Maldives Trump-branded resort tokenization through DarGlobal and World Liberty Financial (https://cointelegraph.com/news/crypto-tradfi-execs-mingle-trump-crypto-event).
- Related coverage on Ripple’s regulatory interactions and White House meetings (https://cointelegraph.com/news/ripple-ceo-white-house-meeting-crypto-banking-clarity).
Tokenized real estate moves accelerate in Dubai and Maldives
Dubai’s ambitious plan to tokenize real estate is designed to test whether regulated, asset-backed tokens can deliver faster settlement, greater liquidity, and wider access to property investments without compromising investor protections. By recording transactions on the XRP Ledger (CRYPTO: XRP) and securing them with Ripple Custody, the pilot attempts to bridge the traditional real estate sector with the demands of modern digital asset markets. Ctrl Alt’s role as a licensed VASP stands at the center of this architecture, providing the issuance framework, governance oversight, and technical infrastructure required to support asset-backed token transfers that can move quickly on secondary markets. The stated objective is not merely to tokenize a property tranche but to establish a repeatable model that could be scaled across additional properties and markets, provided the pilots demonstrate robustness and regulatory alignment.
Meanwhile, the Maldives initiative showcases the willingness of developers to leverage tokenization for increasingly premium projects. The collaboration between DarGlobal, World Liberty Financial, and Securitize points to a future where hospitality ventures may seek multiple financing channels, combining traditional equity with digital securities that enable global participation. The public announcements and the presence of high-profile attendees at a Mar-a-Lago event signal that the tokenization story has moved from niche experiments to discussions with mainstream financiers and policymakers. If these pilots succeed, they could influence how other jurisdictions structure real estate finance, offering a model where property rights are tokenized, traded, and settled with the efficiency of blockchain rails while preserving the governance and due-diligence standards expected by regulated markets.
The trajectory hinges on several key levers: the ability to maintain secure custody and compliant on-chain settlement; the clarity of regulatory expectations for asset-backed tokens; and the market’s appetite for fractionalized real estate exposure in a risk-managed format. The Dubai pilot already demonstrates a potential pathway for real estate tokenization that emphasizes transparency, custody, and on-chain traceability, which could help build trust among institutional investors who demand rigorous risk controls. As the landscape evolves, the industry will watch how these pilots influence the broader ecosystem of tokenized assets, including potential spillovers into related sectors such as infrastructure financing, urban development projects, and cross-border investment strategies. For investors and builders alike, the Dubai and Maldives efforts offer a glimpse into a future where real estate can be financed and traded with the tools and efficiencies of digital asset markets, while anchored in the solidity of regulated frameworks and custody assurances.