Ripple, the blockchain payments company, has joined financial giants BlackRock and Standard Chartered in contributing to a significant new white paper from the Dubai Financial Services Authority (DFSA). Titled “Scaling Tokenization: The Road Ahead,” the report outlines crucial conditions for the responsible expansion of tokenized financial assets within the Dubai International Financial Centre (DIFC).
The news of this collaborative effort was reported on November 7, 2026, marking a pivotal moment for institutional adoption of digital assets.
DFSA ripple tokenization report charts tokenization’s future
This initiative brings together leading practitioners from across the global financial ecosystem, offering a comprehensive perspective on the opportunities and challenges facing the burgeoning tokenization market. Their combined insights aim to provide a roadmap for regulators and market participants alike.
The Dubai Financial Services Authority commissioned the “Scaling Tokenization: The Road Ahead” report to examine the environment necessary for expanding tokenized financial assets and their supporting market infrastructure. This move underscores Dubai’s ambition to position itself as a leading global hub for digital finance, providing a clear regulatory and operational framework for innovation.
Contributions to the white paper came from a diverse group of industry leaders. Reece Merrick, Managing Director for Middle East & Africa at Ripple, provided insights on the operational aspects of tokenization.
Tony Ashraf, Managing Director, Head of Technology & Operations and Head of Digital Assets for Middle East & Africa at BlackRock, represented the world’s largest asset manager. René Michau, Global Head of Digital Asset Advisory at Standard Chartered, offered the perspective of a major international bank.
Additionally, Coy Garrison, Senior Director and Deputy General Counsel for Crypto at Robinhood, also contributed, alongside Henson Orser of Soter Insure and Herman Schueller from the DFSA itself.
Industry giants embrace digital assets
The involvement of such prominent financial institutions signals a growing consensus that tokenization is no longer a fringe concept but a foundational element of future financial markets. BlackRock, for instance, has been a significant player in the digital asset space, launching its BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on Ethereum in March 2024.
This tokenized money market fund has quickly grown, holding $2.25 billion across nine networks by October 6, 2026. The firm has also expanded its tokenized cash product offerings and boasts leading Bitcoin and Ethereum ETFs. This strategic pivot illustrates a strong belief in the institutional bitcoin adoption and broader digital asset landscape.
Standard Chartered has also aggressively pursued digital asset integration, viewing it as integral to the future of financial services. The bank has invested in various aspects of the digital asset ecosystem, including custody, tokenization, stablecoins, and settlement infrastructure. Standard Chartered’s innovation unit, SC Ventures, actively builds infrastructure for institutional investors.
This concerted effort from traditional finance heavyweights provides significant momentum for the wider adoption of tokenized assets.
Ripple’s role in expanding on-chain utility
Ripple’s contribution to the DFSA report reflects its ongoing commitment to developing blockchain-based solutions for global finance. Reece Merrick emphasized that the real transformation lies beyond simply increasing assets under management in tokenized treasuries and Money Market Funds (MMFs). He highlighted their critical on-chain utility as collateral in repo and margin operations, eliminating the need to redeem to cash first.
Merrick anticipates substantial growth in this area over the next 12 months, projecting that a significant portion of this activity will occur on the XRP Ledger. He stated, “With clear frameworks, institutional custody, and trusted settlement assets like RLUSD, the UAE, DIFC and Ripple are positioned at the forefront of this next phase.”
This perspective underscores Ripple’s vision for a future where digital assets streamline and enhance traditional financial processes.
The 24/7 reality: Always-on rails
A key theme emerging from the report and Merrick’s statements is the increasing demand for always-on financial infrastructure. “The 24/7 reality: The next generation requires always-on rails. Markets with ‘opening hours’ just won’t cut it,” Merrick asserted. This highlights the inherent advantage of blockchain technology, which enables continuous operation and settlement, contrasting sharply with the traditional banking hours prevalent in legacy systems.
This constant availability is crucial for global markets that operate across different time zones, facilitating more efficient and faster transactions. It supports the broader trend towards instant settlement and enhanced liquidity, which are primary drivers behind the push for tokenization. The DFSA’s focus on these conditions in the DIFC further solidifies the region’s forward-thinking approach to financial services.
Bridging traditional and decentralized finance
The collaboration between Ripple, BlackRock, Standard Chartered, and the DFSA on this tokenization report represents a significant step in bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). Merrick noted that “Scaling tokenized markets requires real bank-grade infrastructure, custody, and risk management.”
This sentiment reflects a pragmatic approach, acknowledging that the benefits of DeFi need to be integrated with the stability and security demanded by institutional players.
The report, therefore, serves as a blueprint for how financial ecosystems can evolve to incorporate blockchain efficiencies without compromising on established financial principles. It addresses critical areas such as regulatory clarity, interoperability, and robust risk management frameworks, all essential for fostering mainstream adoption.
Dubai’s strategic push for digital asset leadership
The Dubai International Financial Centre (DIFC) and the Dubai Financial Services Authority are actively cultivating an environment conducive to digital asset innovation. Ripple itself expanded its presence in the UAE in 2026, establishing its Middle East and Africa regional headquarters within the DIFC. This move was preceded by a partnership with the DIFC Innovation Hub in 2024, aimed at accelerating blockchain development in the region.
This strategic focus positions Dubai as a key player in the global tokenization landscape. The city’s progressive regulatory stance, coupled with its commitment to fostering technological advancements, makes it an attractive destination for companies like Ripple looking to drive the next wave of financial innovation.
These efforts are part of a broader national strategy to diversify the economy and embrace emerging technologies, ensuring Dubai remains at the forefront of global finance.
The economic impact of tokenized assets
The potential economic impact of tokenized financial assets is substantial, with various institutions projecting significant growth in the coming years. The Citi Institute, for example, forecasts that the global market for tokenized financial assets could reach an impressive $5.5 trillion by 2030 in a base-case scenario.
More optimistically, a paper by Standard Chartered and Synpulse estimates that demand for tokenized assets could soar to $30.1 trillion by 2034.
These projections underscore the transformative potential of tokenization to unlock new efficiencies, reduce costs, and enhance liquidity across a wide array of asset classes. The ability to fractionalize ownership, automate processes via smart contracts, and enable 24/7 trading is poised to reshape capital markets globally.
The advancements in blockchain technology are making these predictions increasingly realistic, as infrastructure matures and regulatory clarity improves. This growth is not just about new investment vehicles but a fundamental shift in how financial assets are created, managed, and transferred.
Ripple’s RLUSD and institutional custody
A notable aspect of Ripple’s strategy and its contribution to the DFSA report is the role of its US dollar-denominated stablecoin, RLUSD. Reece Merrick specifically mentioned RLUSD as a trusted settlement asset, integral to the evolution of tokenized markets. This highlights Ripple’s dual approach of providing both blockchain infrastructure via the XRP Ledger and stablecoin solutions.
The importance of institutional custody for such assets cannot be overstated. On October 12, 2026, Standard Chartered announced it supports institutional custody of RLUSD on the XRP Ledger through its DIFC branch, which operates under DFSA regulation. This service is available to eligible clients and represents a critical step towards broad institutional adoption.
Standard Chartered is also collaborating with Ripple and LMAX Group to enable RLUSD as eligible collateral for specific LMAX Group products, further integrating it into the institutional financial ecosystem. This shows how crucial robust digital asset infrastructure is for wider financial integration.