Cryptocurrency exchange Bybit announced on Sept. 19 that has collaborated with the Qatar bank QNB Group and DMZ Finance to introduce the first Dubai Financial Services Authority (DFSA)-approved tokenized money market fund (MMF). Known as QCDT, the money market fund is backed by U.S. Treasuries and now available as a collateral asset on Bybit’s platform.

According to a news release, Qatar National Bank will manage the fund which is tokenized by DMZ Finance and supported by Standard Chartered Bank as custodian. Accepting QCDT as collateral makes Bybit one of the first global crypto exchanges to do so while setting new precedent for integrating real world assets (RWAs) into digital finance.

The integration of QCDT on Bybit unlocks up to $1 billion in borrowing capacity, paving the way for fresh institutional capital deployment. For centralized exchange trading firms, QCDT offers a secure and compliant mechanism to activate idle funds typically parked in traditional bank accounts—redirecting them into yield-generating strategies within the crypto ecosystem. Meanwhile, for traditional financial institutions, the fund provides a low-risk and regulation-aligned gateway into digital assets, combining the stability of U.S. Treasury-backed yields with the flexibility of tokenized finance.

Commenting on the announcement, Yoyee Wang, Head of Bybit’s Business-to-Business Unit, emphasized the strategic importance of the move:

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.

Silas Lee, CEO of QNB Singapore, highlighted the transformative potential of tokenization:

“QCDT empowers investors to seamlessly integrate high-quality, yield-bearing assets from traditional finance into the digital economy.”

Nathan Ma, co-founder and chairman of DMZ Finance, said 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.”

With this move, Bybit joins two other digital asset platforms Crypto.com and Deribit which already allow institutional clients in select jurisdictions to use Blackrock’s tokenized money market fund BUIDL as collateral.

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