Dubai chooses XRP Ledger to power new real estate tokenization initative

Over 3,000 investors have reportedly showed interest as Dubai aims for $16 billion in tokenized real estate by 2033.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The Dubai Land Department (DLD) has selected XRP Ledger (XRPL) to power its landmark real estate tokenization initiative.

The announcement, made on May 25, introduces several new partners to the project, including the Dubai Future Foundation, real estate investment platform Prypco, and blockchain infrastructure firm Ctrl Alt.

Ctrl Alt will oversee the tokenization framework, ensuring title deeds can be securely issued and tracked on-chain. This integration will link blockchain-based records with Dubai’s traditional property ledger, creating a unified data system that supports digital and physical real estate transactions.

The move would make real estate ownership more accessible through fractionalization, allowing individuals to invest in property with as little as AED 2,000 using the Prypco Mint platform.

Matt Ong, the CEO and Founder of Ctrl Alt, said:

“We are proud to create the tokenization infrastructure that enables DLD’s partners to offer fractional real estate to investors. Dubai’s leadership in embracing next-generation financial technologies is truly world-class and this project is a powerful signal of what’s to come.”

Mahmoud AlBurai, a senior advisor at the Land Department, revealed that over 3,000 investors have already shown interest in the tokenization project. If projections hold, the project could drive $16 billion in real estate activity by 2033, accounting for 7% of Dubai’s total property transactions.

XRPL gains ground

Dubai’s decision reinforces XRPL’s influence in the tokenized asset space.

XRPL was selected for its fast transaction speeds, minimal fees, and compatibility with the country’s regulatory frameworks.

Ripple has worked hard to position the XRPL network for institutional adoption. Last year, the company invested $10 million into tokenized US Treasury bills via OpenEden, followed by a $5 million commitment to Abrdn’s Luxembourg-based fund focused on tokenized assets.

XRPL’s momentum continued last week with the addition of new stablecoin products that broaden its appeal to both fintech firms and traditional financial institutions exploring blockchain-based settlement and custody solutions.

Mentioned in this article