On Friday Feb. 20, Reece Merrick, a senior executive at Ripple, disclosed a major development on the XRP Ledger with regards to the Dubai Real Estate Tokenization Project.
Following a recent X post today, Merrick revealed that the Dubai Land Department has also jumped on the moving train to boost real-world asset adoption on the XRP Ledger.
The move follows the official phase two launch of the Dubai property tokenization project in collaboration with Ripple custody and Ctrl Alt, a tokenization infrastructure provider.
Dubai’s tokenized real estate goes live on XRP Ledger
Notably, Merrick emphasized that phase two of the project introduces controlled secondary market trading for tokenized property assets on the XRP Ledger.
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This move enables investors to resell fractional ownership stakes within a regulated framework while expanding access to the leading cryptocurrency, XRP.
Users should note that phase two builds on a successful pilot in which 10 properties representing more than $5 million in real estate value were tokenized.
More interestingly, about 7.8 million tokens issued during the pilot are now eligible for resale, a move designed to expand liquidity and accessibility on Dubai’s property market.
While the move has seen support from Ripple, all transactions involving the project will be recorded on-chain via the XRP Ledger and secured using Ripple Custody infrastructure.
Per reports delivered regarding the project, one of the major purposes of the controlled secondary market is to test operational readiness while reinforcing transparency, governance standards and investor protections.
Following its partnership with Ctrl Alt, the firm has integrated its tokenization engine directly with Dubai’s land registry processes, allowing title deeds to be issued, managed and transferred on-chain.
Nonetheless, the move tends to unlock Dubai’s full tokenization potential while positioning it as a global standard for tokenized real estate markets.
Source: https://u.today/ripple-exec-reveals-launch-of-tokenized-properties-trading-on-xrp-ledger
