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Bybit, the world's second-largest cryptocurrency exchange by trading volume, has announced a strategic collaboration with QNB Group and DMZ Finance to introduce QCDT—the world's first Dubai Financial Services Authority (DFSA)-approved tokenised money market fund—as a collateral asset on its platform.
The initiative marks what the exchange describes as a breakthrough in bridging traditional finance and digital assets, with Bybit becoming the first global crypto exchange to accept QCDT as collateral. The tokenised fund is powered by DMZ Finance's tokenisation expertise and managed by Qatar National Bank, with custodial support from Standard Chartered Bank.
QCDT is backed by U.S. Treasuries and regulated within the Dubai International Financial Centre (DIFC), combining institutional-grade security with regulatory clarity. The deployment creates up to USD 1 billion in borrowing capacity, providing new opportunities for established cryptocurrency exchange-trading institutions and traditional financial institutions seeking exposure to digital assets.
For established institutions, the collaboration offers what Bybit describes as a secure, compliant channel to deploy institutional funds that would typically remain idle in traditional bank accounts into exchange-based yield strategies. Traditional financial institutions gain what the exchange characterises as a safe, regulatory-aligned entry point into digital assets, combining U.S. Treasury-backed yields with low-risk, collateralised participation in the crypto ecosystem.
The collaboration advances Bybit's position as a bridge between the crypto economy and traditional financial institutions in the Middle East and globally. The exchange's adoption of QCDT establishes institutional credibility as the first to support a DFSA-approved, institutional-grade tokenised fund as collateral, whilst potentially unlocking billions of dollars in institutional liquidity currently held in banking systems.
Yoyee Wang, Head of Business-to-Business Unit of Bybit, said:
"This collaboration is a pivotal step for Bybit's evolving institutional strategy. By recognising QCDT as collateral, we are opening the gateway for traditional financial institutions and established trading players to participate in the digital asset ecosystem with security, compliance, and efficiency. Our role as the bridge between traditional and digital finance has never been clearer."
Silas Lee, CEO of QNB Singapore
Silas Lee, CEO of QNB Singapore, commented:
"QCDT, a tokenized money market fund, is a pioneering step of using blockchain technology to token real-world assets such as US Treasury securities and USD-denominated deposits, thereby empowering investors to seamlessly integrate high-quality, yield bearing assets from traditional finance into the digital economy. This partnership with DMZ Finance and Bybit allows us to further extend the reach of institutional capital efficiently across traditional and digital markets, backed by a DFSA-approved framework and world-class partners."
Nathan Ma, Co-founder & Chairman, DMZ Finance
Nathan Ma, Co-founder & Chairman, DMZ Finance, added:
"At DMZ Finance, our mission is to build powerful infrastructure that makes real-world assets accessible in digital form. Working with Bybit and QNB on QCDT demonstrates how tokenization can bring innovation to institutional markets while bridging liquidity and access for more TradFi investors."
The partnership opens the door to new Real World Assets-linked products, including QCDT-backed stablecoins and yield strategies. Bybit was founded in 2018 and serves a global community of over 70 million users.
