Billiton Diamond and tokenization agency Ctrl Alt mentioned Tuesday that they had moved greater than $280 million price of licensed polished diamonds on-chain within the UAE, utilizing Ripple’s custody expertise to safe the property and the XRP Ledger to mint tokens tied to bodily stock.
The initiative — framed as an institutional-grade tokenization pipeline for polished stones held within the UAE — has already tokenized over AED 1 billion ($280 million) in diamond stock, the corporations mentioned.
Whereas the businesses are positioning the undertaking as a path to quicker settlement and clearer provenance knowledge, the following section hinges on regulatory clearance: a broader platform launch and any transfer towards wider distribution could be topic to approval from Dubai’s Digital Property Regulatory Authority (VARA).
The businesses mentioned Ripple’s enterprise custody instruments will safe the tokenized stock, whereas the XRPL will deal with issuance and transfers. That places Ripple within the plumbing layer quite than {the marketplace} layer — a distinction that issues, as a result of the tougher query in tokenized commodities isn’t minting tokens, it’s whether or not they can commerce meaningfully with tight spreads, dependable pricing and clear redemption mechanics.
The corporations additionally flagged an extended runway of “lifecycle” options — corresponding to custody, transfers and secondary-market readiness — however didn’t share particulars on how redemptions would work, what minimal lot sizes would possibly seem like, or how pricing could be shaped for particular person stones, all key components for any market that wishes to maneuver past a managed pilot.
Dubai’s DMCC mentioned it performed a coordinating position by connecting stakeholders and supporting the ecosystem round commodities tokenization, because the emirate pushes to make RWAs an actual enterprise line.
