Dubai Launches Government-Backed Real Estate Tokenization on XRP Ledger

Dubai Taps XRP Ledger for Landmark Real Estate Tokenization Project

Dubai has launched the Middle East’s first government-endorsed real estate tokenization initiative, selecting the XRP Ledger (XRPL) as the blockchain backbone for this transformative venture. Spearheaded by the Dubai Land Department (DLD) and developed in partnership with blockchain firm Ctrl Alt, the initiative aims to revolutionize property investment through fractional ownership and digital tokens.

Key Developments:

• PRYPCO Mint Platform:
  The project introduces a tokenization platform called PRYPCO Mint, enabling UAE residents with a valid Emirates ID to invest in fractional property shares starting from AED 2,000 (approximately $545). These shares are issued as bearer tokens on the XRPL, with all transactions settled in dirhams.

• Blockchain-Land Registry Integration:
  Ctrl Alt’s technology bridges on-chain transactions with Dubai’s traditional land registry. Every tokenized deed is mirrored in the official registry, ensuring that any change of ownership on the blockchain is instantly reflected in government records.

• Market Impact Forecast:
  According to the DLD, tokenized real estate assets could account for up to 7% of Dubai’s property market by 2033—an estimated AED 60 billion ($16 billion).

• Regulatory Framework:
  The project operates under the Real Estate Evolution Space (REES) initiative and supports the objectives of Dubai’s Economic Agenda (D33). Oversight is divided between the DLD for physical asset governance and the Virtual Assets Regulatory Authority (VARA), which licenses Ctrl Alt to act as a broker-dealer and asset issuer. All digital deeds are subject to the same provenance standards as traditional property titles.

Why XRP Ledger?
The XRP Ledger was chosen for its proven reliability, cost efficiency, and scalability. Capable of handling nearly two million transactions per day with minimal fees, XRPL offers the performance and stability needed for real-world asset tokenization at scale.

This move cements Dubai’s role as a global pioneer in integrating blockchain into real estate infrastructure—potentially paving the way for similar initiatives around the world.