Ripple Joins BlackRock in New DFSA Tokenization Report

Major Financial Leaders Collaborate on Dubai Tokenization Study

RippleXRP-2.84% has contributed to a new industry white paper commissioned by the Dubai Financial Services Authority (DFSA). Published on November 7, 2026, the report brings together insights from leading traditional finance and blockchain executives.

Titled "Scaling Tokenization: The Road Ahead," the white paper explores how tokenized financial assets and institutional market infrastructure can scale responsibly within the Dubai International Financial Centre (DIFC) and globally.

Key Leaders Behind the Tokenization White Paper

The report features contributions from prominent decision-makers across banking, asset management, crypto, and regulation:

• Reece Merrick: Managing Director, Middle East & Africa at Ripple
• Tony Ashraf: Managing Director, Head of Technology & Operations and Head of Digital Assets, Middle East & Africa at BlackRock
• Coy Garrison: Senior Director and Deputy General Counsel, Crypto at Robinhood
• René Michau: Global Head, Digital Asset Advisory at Standard Chartered
• Henson Orser: Founder and Chief Executive at Soter Insure
• Herman Schueller: Director, Innovation and Technology Risk Supervision at DFSA

What Is Tokenization and How Does It Help Finance?

Tokenization involves taking traditional financial assets—like government bonds or money market funds—and recording them as digital tokens on a blockchain ledger.

The DFSA report highlights that tokenizing assets can modernize financial markets. It opens up broader investor access, improves operational efficiency for institutions, and reduces settlement risks across trading systems.

Using Tokenized Assets as On-Chain Collateral

Ripple's Reece Merrick noted that the most significant shift in tokenization is not just attracting assets under management (AUM) into tokenized funds. The true potential lies in how these tokens are actively used.

"The real shift is not just tokenized treasuries and MMFs gaining AUM, but rather their on-chain utility as collateral in repo and margin without needing to redeem to cash first."

Global repurchase (repo) markets process trillions of dollars every day. By using tokenized funds directly as collateral without converting them back to cash, institutions can trade more efficiently.

The XRP Ledger and RLUSD Stablecoin Ecosystem

Merrick anticipates rapid growth in tokenized collateral over the next 12 months. He expects a significant portion of this activity to take place on the XRP Ledger (XRPL).

He emphasized that clear regulations, secure institutional custody, and trusted settlement assets like Ripple's RLUSD stablecoin position the UAE, DIFC, and Ripple effectively for this next financial phase.

However, market participants should remain aware that digital asset adoption depends on technology stability and regulatory compliance. Past performance of digital assets is not indicative of future results. You can view current market information on Bitkub Market.

Future Market Forecasts for Tokenized Assets

Major financial institutions have outlined different projections for the future size of the global tokenized asset market.

Citi Institute: $5.5 Trillion by 2030

Citi Institute projects in its base case scenario that tokenized financial assets could reach $5.5 trillion globally by 2030. This forecast relies on assumptions of clear global regulation and steady institutional adoption. If regulatory approval delays occur or technical adoption stalls, actual market growth could be lower.

Standard Chartered and Synpulse: $30.1 Trillion by 2034

A study by Standard Chartered and Synpulse estimates that demand for tokenized assets might reach $30.1 trillion by 2034. This projection assumes deep integration across worldwide financial hubs. Conversely, macroeconomic uncertainty and technological hurdles could limit market growth.