Ripple Custody by Ripple Labs, the company behind XRP and RLUSD stablecoin, has announced its partnership with Ctrl Alt, a tokenization infrastructure platform, to support Dubai Land Department’s (DLD) groundbreaking real estate tokenization project. With the strategic integration, Ripple aims to deliver “scalable and secure storage” for Dubai’s tokenized real estate title deeds, which are being issued on the XRP Ledger (XRPL).
The Dubai Land Department and PRYPCO Mint have jointly issued the first tokenized real estate property certificate in the MENA region in May 2025. This was made possible through the contributions of Ripple’s XRP Ledger and Ctrl Alt, who played a key role in igniting the adoption of real-world assets (RWA) in the real estate sector.
Reece Merrick, MD of Ripple, MENA, highlighted Dubai government’s debut entry into real estate tokenization, stating: “This is the first time a government real estate registration authority in the Middle East has tokenized property title deeds on a public blockchain. ” Choosing XRPL for this exciting project strengthens its credentials as the “blockchain of choice for serious financial use cases”, said Merrick.
For Matt Ong, CEO and Founder of Ctrl Alt, the partnership allows the platform to depend on reliable and proven technology of Ripple that has “highest security and operational standards”.
Dubai’s real estate tokenization gains momentum
Dubai has been cultivating its skills in real estate tokenization since adopting blockchain technology across various sectors. Its first real estate tokenization deed attracted nearly 224 investors from 40 nationalities soon after the launch. Besides Ripple’s XRP Ledger and Ctrl Alt, MENA’s first real estate tokenization platform PRYPCO Mint pioneered in establishing the project with DLD. Other partners include Virtual Assets Regulatory Authority (VARA) and Zand Bank.
Ripple explores blockchain opportunities in Dubai
Ripple has become the first blockchain-enabled payments provider licensed by the Dubai Financial Services Authority (DFSA) in MENA. The regulatory authority has also approved Ripple’s stablecoin, RLUSD, making it a recognized crypto token for use within the Dubai International Financial Centre (DIFC).
