Ripple-backed custody secures $280 million diamond tokenization push in UAE

The project has already moved more than $280 million of polished diamonds on-chain in Dubai, with Ripple providing custody infrastructure as the firms work toward a regulated tokenized trading setup. What to know : Billiton Diamond and tokenization firm Ctrl Alt have moved more than $280 million in certified polished diamonds on-chain in the UAE using Ripple’s custody technology and the XRP Ledger. The project aims to create an institutional-grade tokenization pipeline for polished stones, but broader platform rollout and distribution will depend on approval from Dubai’s Virtual Assets Regulatory Authority. While Ripple provides the underlying custody and token infrastructure, key market details such as redemption mechanics, minimum lot sizes and pricing for individual stones remain unclear, raising questions about how tradable the tokens will be beyond a controlled pilot.