Ripple custody technology lands in the Middle East, $280 million worth of diamonds go on-chain, XRP Ledger unlocks a new RWA track

Billiton Diamond and tokenization technology company Ctrl Alt announced that they have completed a diamond asset on-chain project in the UAE worth over $280 million, mapping certified polished diamonds to on-chain tokens, with enterprise-level custody support provided by Ripple, and issuance and transfer completed on the XRP Ledger. This move marks a significant step forward for the Middle East in the field of physical asset tokenization.

The two companies revealed that more than 1 billion dirhams worth of diamond inventories have been digitally mapped so far, with tokens corresponding one-to-one to physical inventories, secured through a custody structure. The solution not only improves settlement efficiency but also enhances traceability of diamond sources and ownership, providing a higher level of transparency for institutional participants.

However, whether the project can enter a broader market stage still depends on approval from the Dubai Virtual Assets Regulatory Authority (VARA). Any future releases aimed at more investors must be carried out within a compliant framework. Ctrl Alt stated that the project is currently in a controlled pilot phase, with plans to gradually improve custody, transfer, and secondary market readiness.

Unlike traditional commodity tokenization, this model positions Ripple as a provider of underlying infrastructure rather than a market matching platform. Industry insiders point out that the real challenge lies not in the token issuance itself but in achieving stable pricing, low spread circulation, and clear redemption pathways. The project team has not disclosed specific plans regarding minimum trading units, per-token pricing, or redemption mechanisms.

Dubai Multi Commodities Centre (DMCC) stated that it is connecting industry stakeholders to foster the formation of a commodity RWA ecosystem. As the UAE accelerates its layout of digital assets and physical assets integration, such high-value commodity on-chain cases could become an important pillar in the Middle East’s fintech landscape.