Ripple-backed custody service facilitates successful launch of $280 million diamond tokenization project in the UAE

According to a report by Bijie Network, Billiton Diamond and Ctrl Alt have utilized Ripple's custody technology and the XRP Ledger to tokenize UAE-certified polished diamonds worth over 1 billion dirhams (approximately $280 million). This move aims to create an institutional-grade trading channel to accelerate settlement speeds and track the provenance of diamonds. However, broader rollout of the platform still requires approval from the Dubai Virtual Assets Regulatory Authority (VARA). As part of Dubai Emirate's push for real-world asset tokenization, the Dubai Multi Commodities Centre (DMCC) has facilitated connections among various stakeholders.