Co-launched by Qatar National Bank, DMZ Finance and Standard Chartered, QCDT is a regulated, yield-bearing token designed to give institutional investors on-chain access to money market fund returns. The product sits alongside other leading tokenized MMFs like BUIDL and BENJI, a group of industry participants that are already referring to as the “BBQ,” and aims to marry the regulatory certainty of legacy financial products with the settlement efficiency of blockchain.
A major practical milestone for the project arrived immediately: Bybit has become the first global exchange to accept QCDT as collateral. Qualified institutions can now use tokenized MMF units as margin collateral, with those positions backed by U.S. Treasuries. The integration opens up as much as USD 1 billion in borrowing capacity, creating new on-ramps for traditional financial institutions and established trading firms to deploy on-chain yield strategies inside a regulated framework.
“Tokenized money market funds like QCDT represent a foundational bridge between traditional finance and DeFi,” said by Belle, Head of BD at Mantle. “By leveraging Mantle’s modular infrastructure, we are enabling compliant, high-value assets to move onchain, setting the stage for scalable institutional adoption.”
Powered by DMZ Finance’s tokenization capabilities, Mantle’s scalable Layer-2 architecture and Bybit’s global exchange infrastructure, QCDT is pitched as a capital-efficient way to bring real-world yield onchain. The offering promises the security and oversight of regulated financial products while taking advantage of blockchain settlement, liquidity provisioning and composability.
“At DMZ Finance, our mission is to make real-world assets accessible in digital form,” said Nathan Ma, Co-founder and Chairman of DMZ Finance. “Working with Mantle and Bybit demonstrates how tokenization can bring innovation to institutional markets while bridging liquidity and access for more TradFi and Web3 investors.”
Bringing Institutional Yield Onchain
For Mantle, the launch aligns with a broader Real-World Asset strategy that positions the network as an institution-ready Layer-2 for compliant, high-value instruments. By hosting regulated, yield-bearing assets onchain, Mantle aims to act as a distribution and liquidity layer for tokenized assets, enabling principal-protected yield instruments, compliant rails for liquidity, and institutional grade capital markets built on blockchain rails.
Mantle’s ecosystem claims more than $4 billion in community-owned assets and is anchored by the $MNT token within Bybit. Core projects such as mETH, fBTC and MI4, together with partnerships with issuers and protocols including Ethena USDe, Ondo USDY, OP-Succinct and EigenLayer, are cited as part of the network’s infrastructure to support large-scale adoption of tokenized finance.
Industry watchers see the combination of regulated product governance, major financial issuers, exchange support and a scalable L2 as a template for how traditional capital might increasingly flow into on-chain markets. By allowing regulated MMF units to serve as collateral on a major exchange, QCDT reduces frictions for institutional participants who want exposure to DeFi-style primitives while remaining within familiar regulatory and credit structures.
The QCDT deployment is not just a technology play; it’s an attempt to solve a long-running market challenge: how to provide institutions with on-chain yield that is both compliant and capital efficient. With custody and backing linked to U.S. Treasuries and market connectivity through Bybit, the fund sets a new precedent for tokenized cash-like instruments that institutional investors can use inside trading and lending workflows.
As tokenization projects multiply and regulators increasingly engage with digital asset infrastructure, QCDT will be watched closely as a bellwether for whether regulated tokenized funds can scale from proof-of-concept to broad institutional utility. For now, DMZ Finance, Mantle and Bybit are betting that regulated yield, delivered onchain and supported by exchange mechanics, is the missing bridge between TradFi balance sheets and decentralized liquidity pools.
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Author: NixCoin