Dubai Land Department Launches Real Estate Tokenization Platform on the XRP Ledger

The Dubai Land Department (DLD), a key government agency overseeing the emirate's property market, has launched a real estate tokenization platform

The Dubai Land Department (DLD) has launched a real estate tokenization platform on the XRP Ledger in partnership with fintech firm Prypco.

This pilot initiative positions Dubai as the first city in the Middle East to introduce a government-backed tokenized real estate initiative.

The platform, named Prypco Mint, enables UAE residents to invest in fractional ownership of Dubai real estate with minimum entry points starting at AED 2,000.

It is currently open to those with UAE ID cards and supports transactions in local currency only. However, future plans include expanding access to international investors and integrating additional platforms in later development phases.

The initiative was brought together through the collaboration of Prypco, tokenization infrastructure firm Ctrl Alt, and banking partner Zand Digital Bank. Regulatory oversight is provided by the UAE Central Bank, Dubai’s Virtual Assets Authority (VARA), and the Dubai Future Foundation via its Real Estate Sandbox.

Ctrl Alt, a UK-based tokenization specialist also operating within the UK’s Digital Securities Sandbox, has tokenized over $295 million in assets.

Having selected the XRP Ledger as the blockchain to host tokenized property title deeds, Ctrl Alt has directly integrated its infrastructure with DLD systems. This integration ensures the digital records on the blockchain remain in sync with Dubai’s traditional land registries.

DLD estimates that tokenized assets could constitute 7% of Dubai’s total real estate market by 2033, potentially impacting AED 60 billion (approximately $16 billion) in property transactions annually by that time.

The launch of Prypco Mint follows a period of significant growth for the XRP Ledger (XRPL) ecosystem.

According to a Q1 2025 report by Messari, XRPL saw a 142% increase in average daily active addresses, reaching 134,600. New addresses also surged to 568,300—a 210% year-over-year rise. Transaction volumes grew to 2.04 million per day, a 13% quarter-over-quarter gain, with payment transactions rebounding by 36% to 1.12 million.

The network’s infrastructure also improved substantially, with the number of active nodes increasing nearly tenfold to 9,498. The launch of the XRPL EVM Sidechain testnet in March sets the stage for Ethereum compatibility, with a mainnet release anticipated in Q2 2025.

Moreover, Ripple’s $1.25 billion acquisition of prime brokerage firm Hidden Road is expected to significantly expand XRPL’s post-trade integration capabilities. Ripple’s USD-backed stablecoin, RLUSD, saw its market cap increase 304% to $44.2 million during the quarter.

In terms of regional adoption, UAE-based institutions Zand Bank and Mamo integrated Ripple Payments for facilitating cross-border payments.