XRP Ledger is advancing its role in real-world asset tokenization as secondary trading for tokenized properties launches in Dubai. Ripple Senior Executive Officer and Managing Director for the Middle East and Africa Reece Merrick shared on social media platform X on Feb. 20 that Phase Two enables resale of tokenized real estate secured by Ripple Custody.
“Thrilled to see Phase Two launch for Dubai Land Department Real Estate Tokenization Project!” he said, adding:
“Building on the pilot, controlled secondary market trading is now live for tokenized properties on the XRP Ledger, secured by Ripple Custody via our partner Ctrl Alt.”
“This is massive step for real-world asset adoption in Dubai,” he stressed. The post refers to the expansion of a pilot led by Ctrl Alt and the Dubai Land Department that previously tokenized 10 properties representing more than $5 million in real estate value. Approximately 7.8 million tokens issued during the initial phase are now eligible for resale within a controlled secondary market environment. Trading takes place through a regulated distribution platform designed to align with official land registry processes while enhancing transparency, governance, and investor protections for participants.
Ctrl Alt announced on Feb. 20 the formal launch of Phase Two of Dubai’s Real Estate Tokenization Project in partnership with the Dubai Land Department, introducing controlled secondary market trading capabilities. The company detailed:
“All on-chain transactions in this phase will continue to be executed on the XRP Ledger (XRPL) and secured by Ripple Custody.”
As a licensed Virtual Asset Service Provider and the first firm to receive an Issuer license from Dubai’s Virtual Assets Regulatory Authority, Ctrl Alt will issue Asset-Referenced Virtual Asset management tokens to facilitate compliant transfers and maintain a unified on-chain ownership record.
CEO MENA Robert Farquhar described the initiative as a model for government-backed digital infrastructure, while Chief Product Officer Matt Acheson explained that the framework enables dual operation of ownership and management tokens without requiring distribution platforms to build their own tokenization engines. As of February, the firm reports tokenizing more than $850 million in assets across real estate, private credit, funds, and commodities, reinforcing Dubai’s push to integrate blockchain technology into property markets.
- What does Phase Two of the Dubai real estate tokenization project enable?
It enables controlled secondary market trading of tokenized properties on the XRP Ledger. - How many tokens are eligible for resale in Dubai’s secondary market?
Approximately 7.8 million tokens from the initial phase are now eligible for resale. - What role does Ripple Custody play in the project?
Ripple Custody secures the tokenized real estate traded on the XRP Ledger. - How much in assets has Ctrl Alt tokenized as of February?
Ctrl Alt reports tokenizing more than $850 million across real estate, private credit, funds, and commodities.
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