Deep institutional analysis of tokenized real estate, treasuries, commodities, and private credit across VARA, ADGM, DIFC, and CBUAE regulatory frameworks. Built for allocators. Designed for alpha.
The Dubai Land Department's Real Estate Evolution Space (REES) initiative targets 7% of the national property market for blockchain-based tokenization by 2033. With AED 761 billion in 2024 transactions and Prypco demonstrating institutional-grade fractional ownership from AED 2,000 entry points, tokenized Dubai real estate represents the largest single-asset tokenization opportunity in the Gulf. VARA licensing, DLD registration, and SPV legal structuring create a regulated pathway from property acquisition through fractional token distribution on compliant secondary markets. Our coverage tracks every licensed issuance, DLD pilot milestone, and regulatory development.
BlackRock's BUIDL fund exceeded $1.87 billion in tokenized U.S. Treasury assets, with UAE-regulated platforms providing institutional access through VARA and ADGM-licensed exchanges. Tokenized dividend-paying funds surged 80% year-to-date to $7.4 billion globally. Ondo Finance, Franklin Templeton, and Securitize have established UAE-accessible pathways for institutional treasury allocation. The yield advantage — institutional-grade sovereign credit risk with blockchain settlement efficiency and 24/7 liquidity — positions tokenized treasuries as the gateway asset class for traditional allocators entering tokenized markets.
Tokenized commodities surpassed $2.0 billion in market value, dominated by gold-backed tokens PAXG and XAUT — each backed 1:1 by physically vaulted bullion with institutional-grade custody. The UAE's position as a global gold trading hub (Dubai Gold Souk processes $75 billion annually) creates natural infrastructure for tokenized precious metals. Energy tokenization — encompassing oil futures, carbon credits, and renewable energy certificates — represents the emerging frontier. Abu Dhabi's Masdar and ADNOC are exploring tokenized energy frameworks through ADGM's regulatory sandbox.
Private credit tokenization exceeded $12.5 billion on Provenance Blockchain alone, with institutional platforms enabling fractional access to previously illiquid credit instruments. Goldman Sachs and BNY Mellon launched tokenized money market funds. KKR, Hamilton Lane, and Apollo are tokenizing fund structures for institutional distribution. In the UAE, ADGM's progressive framework and DIFC's Innovation Testing Licence provide regulated sandboxes for institutional fund tokenization. The convergence of TradFi and DeFi is creating new asset classes that redefine institutional portfolio construction.
Comprehensive coverage of Dubai and Abu Dhabi tokenized property markets including DLD REES implementation tracking, licensed issuance pipeline monitoring, SPV legal structuring analysis, secondary market liquidity assessment, and district-by-district pricing intelligence for tokenized real estate assets across the UAE.
Institutional analysis of tokenized sovereign debt, money market funds, corporate bonds, and structured credit products accessible through UAE-regulated platforms. Coverage spans BlackRock BUIDL, Franklin Templeton, Ondo Finance, and emerging institutional issuers establishing UAE distribution through VARA and ADGM licensing frameworks.
Market intelligence on tokenized gold, energy assets, carbon credits, and physical commodity digitization. Coverage includes Pax Gold and Tether Gold institutional analysis, energy tokenization pilots through ADNOC and Masdar, and emerging commodity tokenization frameworks across VARA, ADGM, and DMCC regulatory perimeters.
Deep analysis of tokenized private equity, venture capital, private credit, and fund structures entering UAE-regulated distribution channels. Coverage tracks institutional participation milestones, regulatory approval pipelines, secondary market development, and the convergence of traditional fund administration with blockchain infrastructure.
Comprehensive analysis of the $24B+ tokenized RWA market — asset class deep dives, regulatory framework mapping, risk assessment, and institutional allocation strategies across the UAE's five-regulator architecture.
The tokenized real-world asset market has reached an inflection point that institutional investors can no longer ignore. With on-chain value surpassing $24 billion in early 2026 — a 308% increase from $5.9 billion just three years ago — tokenized RWA has transitioned from experimental proof-of-concept to operational financial infrastructure. The McKinsey Global Institute projects the total addressable market at $2 trillion by 2030, while Ripple and BCG forecast expansion to $18.9 trillion by 2033 at a compound annual growth rate exceeding 53%.
The UAE occupies a uniquely privileged position within this global transition. Five regulatory frameworks — VARA (Dubai), ADGM FSRA (Abu Dhabi), DIFC DFSA (Dubai International Financial Centre), SCA/CMA (Federal), and CBUAE (Central Bank) — have created the world's most comprehensive institutional architecture for tokenized asset activities. This multi-regulator ecosystem provides optionality for asset issuers: choosing the jurisdiction that best matches their asset class, investor profile, and operational structure.
Three structural advantages position the UAE as the global hub for institutional tokenized RWA activity. First, regulatory maturity — VARA issued the world's first DeFi Limited License to MANTRA in February 2025, while ADGM's Financial Services Regulatory Authority maintains one of the most sophisticated digital asset frameworks globally. Second, capital concentration — Abu Dhabi's sovereign wealth funds, Dubai's diversified conglomerates, and the Gulf's family office ecosystem provide deep institutional capital pools within regulatory proximity. Third, infrastructure convergence — the Dubai Land Department's REES initiative, Nasdaq Dubai's digital asset listing framework, and the Abu Dhabi Securities Exchange's blockchain settlement infrastructure create institutional-grade rails that connect tokenized assets with traditional market infrastructure.
| Metric | 2023 | 2024 | 2026 (Current) | 2030 (Projected) |
|---|---|---|---|---|
| Global tokenized RWA (excl. stablecoins) | $5.9B | $14B | $24B+ | $2T+ (McKinsey) |
| Tokenized U.S. Treasuries | $0.8B | $3.2B | $8.7B+ | $50B+ (est.) |
| Tokenized gold (PAXG + XAUT) | $0.9B | $1.3B | $2.0B+ | $10B+ (est.) |
| Dubai RE transactions (annual) | AED 528B | AED 761B | On pace $800B+ | 7% tokenized (DLD target) |
| VARA licensed entities | 12 | 28 | 45+ | 100+ (est.) |
Understanding which regulator governs which tokenized asset activity is the foundational prerequisite for institutional investment in UAE tokenized RWA. The five-regulator architecture creates both complexity and opportunity — with each framework offering distinct advantages depending on asset class, investor profile, and operational structure.
| Regulator | Jurisdiction | RWA Focus | Key Framework |
|---|---|---|---|
| VARA | Dubai mainland + free zones (excl. DIFC) | All virtual asset activities, DeFi licensing | Rulebook 2.0, DeFi Limited License |
| ADGM FSRA | Abu Dhabi financial centre | Security tokens, fund tokenization, custody | Digital Securities Framework |
| DIFC DFSA | Dubai International Financial Centre | Investment tokens, recognized crypto tokens | Crypto Token Regime, Innovation Testing |
| SCA/CMA | Federal (UAE mainland outside free zones) | Security tokens, commodity tokens | Chairman Resolution No. 15 of 2025 |
| CBUAE | Federal (all UAE) | Payment tokens, AED stablecoins, CBDC | Payment Token Services Regulation |
Real estate tokenization in Dubai operates under dual VARA-DLD jurisdiction. Treasury and fixed income tokenization typically routes through ADGM FSRA or DIFC DFSA for institutional credibility. Commodity tokenization may involve DMCC (Dubai Multi Commodities Centre) alongside VARA licensing. Payment-oriented stablecoins fall exclusively under CBUAE federal authority regardless of the issuer's other licensing status. The August 2025 CMA-VARA mutual recognition agreement partially harmonizes Dubai mainland and federal perimeters but full convergence remains a medium-term aspiration.
For international investors, the key decision is which regulated access point best serves their allocation strategy. ADGM provides common-law jurisdiction with English-language courts — attractive for institutional fund structures. DIFC offers the Digital Economy Court with specific blockchain dispute resolution expertise. VARA provides the broadest licensing scope including the world's first DeFi Limited License. Each pathway carries distinct compliance costs, capital requirements, and operational implications.
Dubai's real estate market recorded AED 761 billion ($207 billion) in transactions during 2024 — the highest annual volume in the emirate's history. The Dubai Land Department's Real Estate Evolution Space (REES) initiative, launched in partnership with VARA, targets tokenizing 7% of the national property market by 2033, representing a potential $14+ billion tokenized real estate market within Dubai alone.
Tokenized real estate in Dubai operates through a special purpose vehicle (SPV) structure. The SPV holds legal title to the property registered with DLD. Tokens represent fractional ownership interests in the SPV rather than direct title to the real estate — a crucial legal distinction. Prypco demonstrated institutional viability with a tokenized villa enabling fractional ownership from AED 2,000 minimum investment, distributed through a VARA-licensed platform with DLD registration of the underlying property. Token holders receive proportional rental income distributions and capital appreciation exposure through the SPV's property holdings.
| District | Avg. Price/sqft (AED) | Rental Yield | Tokenization Activity |
|---|---|---|---|
| Downtown Dubai | 2,800-3,500 | 5.2-6.1% | High — luxury residential |
| Dubai Marina | 1,900-2,600 | 6.0-7.2% | Active — waterfront premium |
| Palm Jumeirah | 3,200-5,000+ | 4.5-5.8% | Emerging — ultra-luxury |
| JVC/JVT | 900-1,300 | 7.5-9.0% | Growing — yield-focused |
| Business Bay | 1,800-2,400 | 5.8-6.8% | Active — commercial mixed |
| Dubai Hills | 1,500-2,200 | 5.5-6.5% | Emerging — family residential |
For institutional allocators, tokenized Dubai real estate offers a compelling risk-return profile: exposure to one of the world's most liquid property markets through regulated fractional ownership, with yield compression potential as secondary market infrastructure matures and DLD's REES initiative establishes government-backed tokenization standards.
Tokenized U.S. Treasury products have emerged as the dominant institutional RWA asset class, surpassing $8.7 billion in on-chain value by early 2026. BlackRock's BUIDL fund leads with $1.87 billion in assets under management, followed by Franklin Templeton's tokenized government money market fund and Ondo Finance's institutional treasury offerings. As Jenny Johnson, CEO of the $1.5 trillion Franklin Templeton, stated — tokenized assets represent the most significant opportunity in institutional finance.
Institutional investors accessing tokenized treasuries through UAE-regulated platforms benefit from VARA or ADGM licensing frameworks that provide regulatory certainty absent in many jurisdictions. Securitize, the primary tokenization infrastructure provider for BlackRock's BUIDL, maintains institutional distribution capabilities accessible through UAE-regulated intermediaries. The combination of U.S. sovereign credit quality, blockchain settlement efficiency (T+0 versus traditional T+1/T+2), and 24/7 liquidity creates a compelling efficiency proposition for institutional treasury management.
| Instrument | Yield | Settlement | Min. Investment | Liquidity |
|---|---|---|---|---|
| Traditional U.S. T-Bill (direct) | 4.3-4.6% | T+1 | $100 | Market hours |
| BlackRock BUIDL (tokenized) | 4.5%+ | T+0 (instant) | $5M (institutional) | 24/7 |
| Ondo OUSG (tokenized) | 4.3-4.5% | T+0 | $100K | 24/7 |
| Franklin Templeton BENJI | 4.4%+ | T+0 | $20 | 24/7 |
| UAE Money Market Fund (traditional) | 3.8-4.2% | T+2 | AED 10K | Business days |
The yield differential alone does not justify tokenized treasury adoption. The institutional value proposition lies in operational efficiency — elimination of custodian reconciliation delays, automated dividend distribution through smart contracts, portfolio rebalancing without settlement waiting periods, and composability with DeFi lending protocols that enable additional yield generation on treasury positions.
The tokenized commodities market surpassed $2.0 billion in value, dominated by gold-backed tokens that provide institutional exposure to physical precious metals with blockchain portability and DeFi composability. Paxos Gold (PAXG) and Tether Gold (XAUT) each represent claims on specific, individually identifiable gold bars stored in LBMA-accredited vaults — a level of asset specificity that exceeds traditional gold ETF structures where investors hold claims on pooled, fungible gold holdings.
Dubai's position as a global gold trading hub processes approximately $75 billion annually through the Dubai Gold and Commodities Exchange (DGCX) and the traditional gold souk ecosystem. The Dubai Multi Commodities Centre (DMCC) provides free zone infrastructure for commodity tokenization activities, while VARA licensing covers the virtual asset layer of tokenized commodity distribution. This existing physical infrastructure positions Dubai uniquely for tokenized commodity products that bridge physical vaulting with blockchain-native distribution.
Energy tokenization represents the next frontier. Abu Dhabi's Masdar (clean energy) and ADNOC (hydrocarbons) are exploring tokenized energy instruments through ADGM regulatory sandboxes. Carbon credit tokenization — enabling fractional ownership and transparent tracking of verified emission reduction certificates — aligns with the UAE's sustainability commitments and COP28 legacy. Tokenized carbon markets could reach $50 billion by 2030 as corporate net-zero commitments drive demand for transparent, auditable carbon offset instruments.
Private credit tokenization exceeded $12.5 billion on Provenance Blockchain alone, establishing tokenized private lending as a mainstream institutional asset class. The structural advantages are compelling: automated loan servicing through smart contracts, transparent collateral tracking, programmable compliance (investor eligibility, transfer restrictions, reporting), and fractionalization enabling institutional investors to construct diversified credit portfolios with lower individual position sizes than traditional private credit allocation.
Goldman Sachs and BNY Mellon's tokenized money market fund collaboration represents the institutional validation moment for fund tokenization. KKR tokenized a portion of its Health Care Strategic Growth Fund through Securitize. Hamilton Lane made its direct equity fund accessible through tokenized distribution. Apollo has explored tokenized fund structures for institutional distribution. These are not experiments — they represent strategic decisions by the world's largest asset managers to adopt blockchain infrastructure for fund administration, distribution, and settlement.
In the UAE, ADGM's Digital Securities Framework provides the most sophisticated institutional pathway for fund tokenization. The framework enables: tokenized fund units with automated subscription and redemption, programmable distribution of dividends and income, real-time NAV reporting through on-chain data, and secondary market trading through regulated exchanges. DIFC's Innovation Testing Licence offers an alternative pathway for fund managers testing tokenized distribution models before full licensing.
The Dubai Land Department's REES initiative represents the most ambitious government-backed real estate tokenization program globally. Launched in partnership with VARA, REES issues official Property Token Ownership Certificates recorded on a public blockchain — creating the world's first government-recognized tokenized property ownership system.
REES Phase 1 established the technical and legal framework for tokenized property certificates. Phase 2, currently operational, enables licensed platforms to issue fractional property tokens through DLD-registered SPV structures. The program targets 7% of Dubai's total property market value for tokenization by 2033 — representing approximately AED 53 billion ($14.4 billion) based on current market valuations. Each tokenized property must maintain: DLD title registration, VARA-licensed distribution platform, independent property valuation, professional property management, and quarterly financial reporting to token holders.
For institutional real estate allocators, DLD's REES creates a government-validated pathway that addresses the primary concerns around tokenized property: legal enforceability of ownership claims, title registration and transfer mechanisms, regulatory oversight of tokenization platforms, and dispute resolution through established Dubai courts. This government backing distinguishes Dubai's approach from private-market tokenization initiatives that lack official recognition — providing the institutional credibility essential for sovereign wealth fund, pension fund, and insurance company participation.
BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), launched through Securitize on Ethereum, exceeded $1.87 billion in assets — making it the largest tokenized institutional fund globally. BUIDL invests in U.S. Treasury bills, repurchase agreements, and cash, providing daily accrued dividends distributed on-chain. The fund represents BlackRock's strategic conviction that blockchain infrastructure will become standard for institutional fund operations.
BUIDL's success validates the institutional thesis for tokenized fund distribution: traditional asset managers can deploy blockchain infrastructure without compromising regulatory compliance, institutional governance, or risk management standards. For UAE-based allocators, BUIDL-class products represent the institutional gateway into tokenized markets — familiar sovereign credit risk packaged in blockchain-native infrastructure. As VARA and ADGM expand their frameworks for international tokenized fund distribution, institutional products of this caliber will become directly accessible through UAE-regulated platforms.
The competitive landscape is intensifying: Franklin Templeton, WisdomTree, and numerous institutional asset managers are developing tokenized fund products. This institutional migration from traditional settlement infrastructure to blockchain-native distribution represents a structural shift — not a cyclical trend. Institutional allocators who build tokenized asset expertise now will have first-mover advantage as the estimated $130 trillion fixed-income market progressively migrates to tokenized formats.
Institutional investment in tokenized RWA carries specific risk factors beyond those applicable to traditional asset classes. Prudent allocation requires systematic assessment of technology risks, custody risks, liquidity risks, regulatory risks, and counterparty risks unique to the tokenized asset ecosystem.
Smart contract vulnerabilities remain the primary technology risk. The ESMA and IOSCO have both highlighted smart contract exploits as material concerns for institutional tokenized asset adoption. Mitigation requires: independent smart contract audits from established firms (Trail of Bits, OpenZeppelin, Certik), formal verification of critical contract logic, time-locked upgrade mechanisms preventing unilateral contract modifications, and continuous monitoring for anomalous contract interactions.
Custody architecture determines whether tokenized assets are legally protected from platform insolvency. Institutional-grade custody requires: third-party custodianship with bankruptcy-remote structures, hardware security module (HSM) key management, multi-signature authorization for asset movements, real-time reconciliation between on-chain balances and custodian records, and insurance coverage for custody-related losses. Both VARA and ADGM mandate specific custody requirements for licensed platforms — but compliance quality varies across the licensed population.
Secondary market liquidity for tokenized RWA remains the most significant structural constraint. While tokenized treasuries benefit from institutional market-making, tokenized real estate and private credit instruments typically have thin secondary markets. Institutional allocators should: model tokenized RWA as illiquid allocations until secondary market infrastructure matures, assess redemption mechanisms offered by the token issuer, evaluate market-making commitments and their enforceability, and maintain diversification across asset classes with different liquidity profiles.
The development of institutional-grade secondary markets is the critical infrastructure gap separating tokenized RWA from mainstream institutional adoption. While primary issuance has matured — evidenced by BlackRock, Goldman Sachs, and KKR launching tokenized products — secondary market trading remains fragmented across multiple platforms, blockchain networks, and regulatory jurisdictions.
Nasdaq Dubai has initiated digital asset listing capabilities, potentially enabling tokenized security trading alongside traditional equity and bond markets. The Abu Dhabi Securities Exchange (ADX) is developing blockchain settlement infrastructure. VARA-licensed exchanges provide secondary market access for virtual assets including tokenized products. DIFC's Digital Economy Court provides specialized dispute resolution for tokenized asset transactions. Together, these institutions are constructing the institutional plumbing required for liquid, regulated secondary markets in tokenized RWA — but full integration with traditional market infrastructure remains a 2027-2028 milestone.
Cross-chain interoperability — enabling tokenized assets issued on Ethereum to trade on platforms supporting Polygon, Solana, or institutional blockchain networks — adds complexity. The "multi-rail" future predicted by institutional research means investors must evaluate which blockchain network offers the optimal combination of institutional infrastructure, liquidity, regulatory recognition, and composability for their specific allocation strategy.
The UAE's tax framework creates structural advantages for tokenized asset investment. Zero personal income tax applies to all residents regardless of income source — including capital gains, rental income distributions, and dividend income from tokenized assets. Corporate tax applies at 9% on taxable income exceeding AED 375,000, with qualifying free zone entities potentially eligible for 0% corporate tax on qualifying income.
The Federal Tax Authority has not yet issued comprehensive guidance on tokenized asset tax classification. Based on existing corporate tax and VAT frameworks, the tax treatment likely follows the underlying asset: tokenized real estate income is treated as rental income for tax purposes, tokenized treasury distributions are treated as interest income, tokenized commodity gains are treated as capital gains, and tokenized fund distributions follow existing fund distribution tax treatment. International investors should assess withholding tax implications in their jurisdiction of residence and evaluate whether UAE double taxation agreements provide relief.
The Golden Visa program provides 10-year residency for qualifying investors and entrepreneurs — creating a pathway for international allocators to establish UAE tax residency while maintaining proximity to the tokenized asset ecosystem. Combined with zero personal income tax, the UAE offers the most favorable tax environment for tokenized asset investment globally.
International institutional investors accessing UAE tokenized RWA navigate a multi-layered framework spanning home-jurisdiction compliance, UAE regulatory requirements, and blockchain-native operational considerations. The primary access pathways include: direct investment through ADGM or DIFC-regulated platforms (common-law jurisdictions attractive to international institutions), indirect investment through internationally domiciled funds with UAE tokenized RWA allocation mandates, and bilateral arrangements with UAE-licensed custodians and brokers providing institutional access to locally-regulated tokenized products.
European institutional investors operate under the Markets in Crypto-Assets Regulation (MiCA), which creates passport rights across 27 EU member states but does not automatically extend to third-country tokenized assets. EU institutions investing in UAE tokenized RWA must independently assess compliance with MiCA's third-country framework, including due diligence on the UAE platform's regulatory status, custody arrangements, and investor protection mechanisms. The absence of MiCA equivalency recognition for UAE regulators means each EU institution must conduct independent regulatory assessment rather than relying on mutual recognition.
Singapore (MAS), Hong Kong (SFC), and UK (FCA) institutional investors face similar considerations — each jurisdiction's digital asset framework imposes specific requirements on cross-border tokenized asset investment that must be satisfied independently of UAE regulatory compliance.
The integration of tokenized RWA into decentralized finance protocols represents the convergence opportunity that institutional investors find most compelling — and most complex. Tokenized treasuries used as collateral in DeFi lending protocols can generate additional yield above the underlying treasury rate. MANTRA's DeFi Limited License from VARA (the world's first) establishes a regulatory framework for institutional DeFi activities within a licensed perimeter.
MAS Project Guardian in Singapore demonstrated institutional DeFi viability through pilots with DBS Bank, J.P. Morgan, and Standard Chartered. The UAE is developing similar institutional DeFi frameworks through VARA's DeFi Limited License and ADGM's regulatory sandbox. For institutional allocators, the key question is whether DeFi yield generation on tokenized RWA creates sufficient risk-adjusted returns to justify the additional technology, operational, and regulatory complexity versus traditional yield strategies.
Composability — the ability to programmatically combine tokenized assets with DeFi protocols — creates novel institutional strategies: tokenized treasury collateral generating lending yield, tokenized real estate positions used as collateral for working capital, and automated portfolio rebalancing across tokenized and traditional assets through smart contract logic. These strategies exist today but lack the institutional infrastructure, risk management frameworks, and regulatory clarity required for mainstream institutional adoption.
Institutional due diligence for tokenized RWA extends traditional asset due diligence to encompass technology infrastructure, smart contract security, custody architecture, and regulatory compliance assessment. The framework should systematically evaluate seven dimensions.
1. Asset Quality: Underlying asset fundamentals, valuation methodology, historical performance, and market dynamics. Tokenized real estate requires property-level due diligence; tokenized treasuries require issuer credit analysis; tokenized commodities require physical verification.
2. Legal Structure: SPV documentation, token holder rights, redemption mechanisms, governance provisions, and jurisdictional enforceability. Critical question: does token ownership create legally enforceable claims on the underlying asset?
3. Regulatory Status: Licensing status of the issuer, platform, and custodian. Verification against VARA, ADGM, DIFC, or SCA/CMA registers. Assessment of regulatory compliance history and enforcement exposure.
4. Technology Infrastructure: Smart contract audit reports, blockchain selection rationale, upgrade mechanisms, key management architecture, and operational resilience. Independent verification of code deployment against audited versions.
5. Custody Arrangements: Custodian identity and regulatory status, asset segregation methodology, insurance coverage, key management controls, and disaster recovery procedures.
6. Liquidity Assessment: Secondary market access, market-making arrangements, redemption terms, lock-up periods, and historical trading volume (where available).
7. Counterparty Risk: Financial strength of the issuer, platform, and custodian. Concentration risk across service providers. Operational dependency analysis.
Institutional research converges on exponential growth projections for tokenized RWA through the end of the decade. McKinsey projects $2 trillion by 2030. Ripple and BCG forecast $18.9 trillion by 2033. The World Economic Forum estimates 10% of global GDP will be stored on blockchain by 2027. Conservative estimates from institutional surveys suggest high-net-worth individuals will allocate 8.6% of portfolios to tokenized assets by 2026, with institutional investors targeting 5.6%.
| Projection Source | Target Year | Market Size | CAGR |
|---|---|---|---|
| McKinsey Global Institute | 2030 | $2 trillion | ~45% |
| Ripple / BCG | 2033 | $18.9 trillion | ~53% |
| KuCoin Research | 2026 (year-end) | $100B+ TVL | ~300% YoY |
| Bitfinex | 2026 (year-end) | $100B+ | ~300% YoY |
| Grayscale | 2034 | $30 trillion | "1000x potential" |
The UAE's institutional adoption trajectory is accelerating ahead of global averages. DLD's 7% property tokenization target by 2033, VARA's expanding licensing pipeline (45+ entities in early 2026), and ADGM's institutional-grade digital securities framework create a regulatory environment specifically designed to attract institutional tokenized asset activity. The June 2026 FATF mutual evaluation provides additional impetus for regulatory maturation — regulatory frameworks that pass international scrutiny attract institutional capital that requires compliance certainty.
Institutional portfolio construction incorporating tokenized RWA requires a framework that addresses the unique characteristics of blockchain-native assets within traditional portfolio management discipline. The key insight: tokenized RWA are fundamentally the same underlying assets (real estate, treasuries, commodities, credit) delivered through different infrastructure — the risk-return characteristics derive primarily from the underlying asset, not the tokenization wrapper.
| Asset Class | Risk Profile | Target Yield | Liquidity | Suggested Allocation |
|---|---|---|---|---|
| Tokenized Treasuries | Low (sovereign) | 4.3-4.6% | High (24/7) | 40-60% of tokenized allocation |
| Tokenized Real Estate | Medium | 5.0-8.0% | Low-Medium | 15-25% |
| Tokenized Gold | Low-Medium | 0% (appreciation) | High | 10-15% |
| Tokenized Private Credit | Medium-High | 8-12% | Low | 10-20% |
| DeFi Yield (on RWA) | High | Variable | Medium | 0-10% |
The optimal tokenized RWA allocation depends on the investor's existing portfolio composition, risk tolerance, liquidity requirements, and regulatory constraints. Institutional investors new to tokenized assets should begin with tokenized treasuries — familiar sovereign credit risk in blockchain-native format — before expanding into less liquid, higher-yielding asset classes as operational expertise and due diligence capabilities mature. A 2-5% initial portfolio allocation to tokenized RWA, progressively increasing as institutional infrastructure matures, represents a prudent starting point for institutional investment committees evaluating this asset class.
The intersection of Islamic finance and blockchain tokenization creates a uniquely compelling opportunity within the UAE's financial ecosystem. Sukuk — Sharia-compliant bonds representing ownership in underlying assets rather than debt obligations — are structurally aligned with tokenization principles. Both sukuk and tokenized RWA require asset-backing, transparent ownership structures, and direct economic linkage between the instrument and the underlying asset. The global sukuk market exceeded $900 billion outstanding in 2024, with the UAE and Gulf states representing the largest issuance volumes.
Tokenized sukuk combine Sharia compliance with blockchain efficiency: ijarah sukuk (lease-based) can distribute rental income automatically through smart contracts, mudarabah sukuk (profit-sharing) can provide transparent real-time profit calculation on-chain, and murabahah sukuk (cost-plus) can automate mark-up calculations and distribution. IIFM (International Islamic Financial Market) standards provide the documentation framework, while VARA and ADGM licensing provide the regulatory infrastructure. Sharia certification by qualified scholars remains mandatory — tokenization changes the distribution and settlement infrastructure, not the underlying Islamic finance principles.
For institutional investors managing Sharia-compliant mandates, tokenized sukuk offer the efficiency advantages of blockchain settlement while maintaining full compliance with Islamic finance principles. The UAE's dual position as both a leading sukuk market and the most advanced tokenization regulatory environment creates a natural hub for tokenized Islamic finance innovation.
Stablecoin infrastructure forms the settlement layer for tokenized RWA transactions. Institutional tokenized asset trades settle in stablecoins rather than fiat currency — requiring robust, regulated stablecoin infrastructure within the UAE's regulatory perimeter. The CBUAE's Payment Token Services Regulation governs AED-denominated stablecoins exclusively at the federal level, while USD-denominated stablecoins (USDC, USDT) operate through VARA and ADGM frameworks depending on the use case.
The CBUAE approved Universal Digital's USDU as the first licensed USD-backed stablecoin in January 2026. Development of the Digital Dirham CBDC continues through Project mBridge — a cross-border CBDC initiative with China, Thailand, and Hong Kong. For tokenized RWA markets, AED stablecoin availability is essential for local settlement, rental distribution, and domestic investor access. International settlement will continue using USD-denominated stablecoins, with institutional preference for fully-reserved, audited products (Circle's USDC) over algorithmic or partially-reserved alternatives.
The stablecoin landscape directly affects tokenized RWA liquidity. Settlement in regulated stablecoins with instant finality enables T+0 transactions versus traditional T+1/T+2 settlement — a structural efficiency advantage that compounds across high-frequency institutional portfolio operations. Stablecoin selection for RWA settlement should prioritize regulatory status, reserve transparency, redemption reliability, and integration with the institutional custody infrastructure.
The institutional infrastructure supporting UAE tokenized RWA has matured significantly through 2025-2026. The ecosystem now includes VARA and ADGM-licensed custodians providing institutional-grade digital asset safekeeping, regulated exchanges offering secondary market access for tokenized products, blockchain analytics providers enabling compliance monitoring, and specialized legal and advisory firms supporting tokenized asset structuring.
| Provider | Type | UAE Presence | Key Capability |
|---|---|---|---|
| Fireblocks | MPC custody infrastructure | ADGM presence | Institutional wallet infrastructure |
| Copper | Qualified custodian | ADGM regulated | Segregated custody, DeFi integration |
| Komainu | Nomura-backed custodian | Dubai operations | Institutional custody, regulatory reporting |
| Hex Trust | Licensed custodian | VARA licensed | Full-service digital asset custody |
| Anchorage Digital | Federally chartered (US) | Institutional reach | Qualified custody, staking, governance |
Institutional trading of tokenized RWA in the UAE operates across multiple venues: VARA-licensed exchanges providing virtual asset trading services, Nasdaq Dubai developing digital asset listing capabilities, and the Abu Dhabi Securities Exchange building blockchain settlement infrastructure. For institutional allocators, exchange selection should consider regulatory licensing status, custody integration, settlement finality mechanisms, market surveillance capabilities, and cross-listing agreements with international venues. The fragmented exchange landscape means that liquidity for tokenized RWA remains distributed across multiple venues rather than concentrated in a single institutional marketplace.
The UAE's dual-hub architecture — Dubai and Abu Dhabi — provides distinct advantages for different tokenized RWA strategies. The choice between VARA (Dubai), ADGM (Abu Dhabi), DIFC (Dubai's financial centre), and federal CMA is not merely geographic but strategic, affecting regulatory costs, investor access, legal frameworks, and institutional credibility signals.
| Factor | Dubai (VARA) | Abu Dhabi (ADGM) | DIFC (DFSA) |
|---|---|---|---|
| Legal system | UAE civil law | Common law (English) | Common law (English) |
| RWA focus | Broadest VA scope, DeFi | Security tokens, funds | Investment tokens, sandbox |
| RE tokenization | DLD REES partnership | Limited (no DLD equivalent) | Innovation Testing |
| Fund tokenization | Via VA activities | Digital Securities Framework | Crypto Token Regime |
| Capital requirements | AED 400K-600K+ by activity | Variable by license | Variable by activity |
| Court system | Dubai Courts | ADGM Courts (English law) | DIFC Courts (English law) |
| Institutional signal | Broadest market access | Highest institutional credibility | Strongest financial centre brand |
For real estate tokenization, Dubai (VARA + DLD) is the only viable pathway due to the DLD REES framework. For institutional fund tokenization, ADGM's Digital Securities Framework provides the most sophisticated institutional architecture. For innovation and experimentation, DIFC's Innovation Testing Licence offers the most flexible regulatory sandbox. Multi-jurisdiction strategies — maintaining licenses across two or more frameworks — provide comprehensive UAE market coverage but multiply compliance costs and operational complexity.
The UAE's COP28 legacy and commitment to sustainable development creates a growing market for tokenized ESG assets — green bonds, carbon credits, renewable energy certificates, and impact investment instruments delivered through blockchain infrastructure. Tokenization enhances ESG asset credibility through transparent, auditable tracking of environmental impact claims on immutable ledger infrastructure.
Tokenized green bonds combine fixed-income yield with verified environmental impact. Smart contracts can automate the tracking and reporting of use-of-proceeds against stated environmental objectives — addressing the "greenwashing" concern that undermines confidence in traditional ESG bond markets. Abu Dhabi's Masdar clean energy platform and ADGM's sustainable finance framework create institutional infrastructure for tokenized green bond issuance within the UAE.
Carbon credit tokenization enables fractional ownership, transparent retirement tracking, and prevention of double-counting through blockchain provenance records. The UAE's position as COP28 host and its commitment to net-zero by 2050 creates institutional demand for transparent carbon offset instruments. Tokenized carbon credits traded through VARA-licensed platforms could reach significant scale as corporate net-zero deadlines approach and demand for verifiable carbon offsets accelerates through 2027-2030.
The UAE competes with Singapore, Hong Kong, Switzerland, and the EU for institutional tokenized RWA capital. Understanding the competitive landscape helps investors evaluate jurisdictional advantages and risks.
| Factor | UAE | Singapore | Hong Kong | EU (MiCA) |
|---|---|---|---|---|
| Regulatory maturity | Advanced (5 regulators) | Advanced (MAS) | Developing (SFC) | Harmonized (27 states) |
| Personal tax | 0% | 0-22% | 0-17% | Varies (0-45%) |
| DeFi licensing | Yes (world first) | Not yet | Not yet | Under review |
| RE tokenization | DLD REES (gov-backed) | Limited pilots | Limited | National level |
| Sovereign capital | Deep (SWFs, PIF) | Temasek, GIC | HKMA | Fragmented |
| Institutional pilots | REES, Securitize, MANTRA | Project Guardian | SFC sandbox | DLT Pilot Regime |
The UAE's competitive advantages include zero personal income tax, the world's first DeFi licensing framework, government-backed real estate tokenization through DLD, and proximity to Gulf sovereign wealth capital. Singapore leads in institutional DeFi pilots (Project Guardian) and Asian capital market access. The EU's MiCA provides unmatched regulatory passporting across 27 nations. The optimal institutional strategy increasingly involves multi-jurisdictional positioning — with the UAE serving as the primary operational hub for Gulf and emerging market tokenized RWA activity.
The blockchain network on which tokenized RWA is issued determines settlement speed, transaction costs, smart contract capabilities, institutional adoption, and DeFi composability. Ethereum remains the dominant chain for institutional tokenized assets — hosting approximately 65% of all tokenized RWA by value. BlackRock's BUIDL, Franklin Templeton's BENJI, and the majority of institutional tokenized treasury products deploy on Ethereum mainnet.
Institutional RWA is increasingly multi-chain. Polygon provides lower transaction costs for smaller-denomination fractional ownership. Solana offers high-throughput settlement for trading-intensive applications. Avalanche's subnet architecture enables institution-specific blockchain deployments. Provenance Blockchain hosts $12.5 billion in tokenized private credit with purpose-built financial services infrastructure. Stellar supports cross-border payment tokenization. For UAE-regulated platforms, blockchain network selection must satisfy VARA or ADGM technology requirements — including security audit standards, key management compatibility, and smart contract upgrade governance mechanisms.
The emerging "multi-rail" infrastructure means institutional investors may hold tokenized assets across multiple blockchain networks simultaneously. Cross-chain bridges enabling asset transfer between networks introduce additional smart contract risk — bridge exploits have historically caused the largest financial losses in blockchain history. Institutional allocators should evaluate bridge security, verify that cross-chain transfer mechanisms are covered by custody insurance, and prefer native-chain positions over bridged assets wherever institutional infrastructure supports direct access.
The regulatory landscape for tokenized RWA in the UAE continues evolving rapidly. Institutional investors must monitor several regulatory developments that will materially affect tokenized asset markets through 2026-2027.
June 2026 — FATF Mutual Evaluation: The single most significant near-term regulatory event. Positive evaluation outcomes will strengthen international institutional confidence in UAE virtual asset regulation and potentially accelerate cross-border capital flows. VARA's pre-evaluation enforcement intensity (19 entities sanctioned in October 2025) signals regulatory maturity that should support a favorable assessment.
VARA Rulebook 3.0: Expected to expand DeFi licensing categories, potentially introducing DeFi custody and DeFi investment management license types. Enhanced requirements for tokenized asset issuers including mandatory reserve attestation and investor classification standards aligned with international best practices.
DLD REES Phase 3: Expansion of property tokenization to include commercial real estate, hotel properties, and mixed-use developments. Introduction of standardized legal documentation templates reducing structuring costs for property tokenization issuers.
CMA Harmonization: Continued operationalization of the August 2025 CMA-VARA mutual recognition agreement, potentially extending to ADGM and DIFC coordination. Progress toward a unified federal tokenized asset framework would significantly reduce multi-jurisdiction compliance complexity for institutional participants.
CBUAE Digital Dirham: Project mBridge development continues toward production deployment. A functional wholesale CBDC would transform tokenized asset settlement infrastructure — enabling central bank money settlement for tokenized RWA transactions. Timeline remains uncertain but institutional planning should account for CBDC integration requirements by 2028.
Several institutional tokenized RWA deployments provide instructive case studies for allocators evaluating the asset class. These examples demonstrate the operational reality of institutional tokenization — beyond theoretical frameworks.
Prypco tokenized a Dubai villa through the DLD REES framework with AED 2,000 minimum investment, enabling fractional ownership by over 200 investors across 15 nationalities. The SPV structure maintained DLD title registration while distributing rental income proportionally through smart contracts. Key success factors: DLD government backing, VARA-licensed distribution, professional property management, and transparent quarterly reporting to token holders.
BlackRock's $1.87 billion BUIDL fund demonstrated that the world's largest asset manager views blockchain as production-grade infrastructure for institutional fund operations. Daily dividend accrual distributed on-chain, Securitize platform handling tokenization and compliance, Ethereum deployment for maximum institutional ecosystem integration. BUIDL's success validated the institutional thesis and triggered competitive responses from Franklin Templeton, WisdomTree, and numerous asset managers.
MANTRA's February 2025 DeFi Limited License from VARA established the global precedent for regulated institutional DeFi. The license authorizes lending, borrowing, and exchange activities through smart contract protocols with KYC/AML controls at user interaction points. This hybrid model — decentralized execution with centralized compliance — provides the regulatory framework for tokenized RWA integration with DeFi yield-generating protocols while maintaining VARA compliance throughout the transaction lifecycle.
For institutional investors ready to establish tokenized RWA allocation capability, we recommend a structured onboarding sequence designed to build operational competence while managing risk.
Internal education for investment committee members, risk managers, and operations teams. Develop tokenized asset due diligence framework covering the seven dimensions outlined in Section XIV. Engage specialized legal counsel for regulatory assessment. Evaluate custody providers and establish institutional wallet infrastructure through licensed custodians.
Begin with tokenized U.S. Treasuries through an ADGM or DIFC-regulated platform. Initial allocation of 1-2% of total portfolio. Establish settlement workflows, reporting procedures, and risk monitoring protocols. Verify custody arrangements, redemption mechanisms, and regulatory compliance of the chosen platform.
Expand into tokenized real estate (DLD REES framework) and tokenized gold (PAXG or XAUT) based on Phase 2 operational experience. Increase total tokenized allocation to 3-5% of portfolio. Establish secondary market trading capabilities. Evaluate DeFi yield opportunities on tokenized treasury positions through VARA-licensed protocols.
Refine portfolio construction incorporating tokenized private credit and institutional fund tokens. Develop automated reporting and compliance monitoring. Evaluate multi-chain positioning for optimal execution and liquidity. Assess cross-border investment opportunities leveraging UAE regulatory infrastructure for international tokenized RWA access.
Comprehensive analysis of tokenized real estate opportunities across Dubai's premium districts with yield projections and regulatory pathway.
Read Analysis →Deep dive into BlackRock's $1.87B tokenized treasury fund — mechanics, yield analysis, and UAE investor access pathways.
Read Analysis →Full breakdown of VARA licensing costs, timelines, and compliance requirements for tokenized asset issuers and distributors.
Read Analysis →Head-to-head institutional analysis of Paxos Gold and Tether Gold — custody, audit, liquidity, and regulatory status.
Read Analysis →Government-backed property tokenization tracking — milestones, licensed platforms, and institutional entry points.
Read Analysis →Complete guide to Abu Dhabi's institutional digital asset framework — fund tokenization, security tokens, and custody.
Read Analysis →Analysis of tokenized private lending markets accessible through UAE-regulated platforms — Provenance, Maple, and institutional lenders.
Read Analysis →Legal architecture for Dubai property tokenization — SPV formation, DLD registration, token holder rights, and dispute resolution.
Read Analysis →Comprehensive tax analysis — corporate tax, free zone benefits, international withholding, and Golden Visa residency planning.
Read Analysis →Institutional analysis of Ondo's tokenized U.S. government securities — yield mechanics, redemption, and UAE distribution.
Read Analysis →Comparative assessment of institutional custody providers — Fireblocks, Copper, Anchorage, and UAE-licensed custodians.
Read Analysis →Emerging tokenized carbon markets — COP28 legacy, Masdar initiatives, and institutional carbon offset investment pathways.
Read Analysis →Infrastructure assessment — Nasdaq Dubai, ADX, VARA exchanges, and cross-chain trading for tokenized assets.
Read Analysis →Composability analysis — using tokenized treasuries in lending protocols for additional yield generation within licensed frameworks.
Read Analysis →Emerging energy asset tokenization — hydrocarbon instruments, renewable certificates, and ADGM sandbox pilots.
Read Analysis →EU-UAE cross-border investment analysis — MiCA compliance, third-country frameworks, and institutional access pathways.
Read Analysis →Institutional fund migration analysis — how global PE/VC managers tokenize fund structures through Abu Dhabi's framework.
Read Analysis →Technology due diligence framework — audit evaluation, formal verification, upgrade risks, and operational monitoring.
Read Analysis →DIFC's investment token framework — DFSA authorization, recognized crypto tokens, and Innovation Testing Licence pathway.
Read Analysis →Sharia-compliant tokenized bond analysis — structuring requirements, scholar certification, and institutional demand.
Read Analysis →Analysis of the world's first DeFi Limited License — implications for tokenized RWA lending, borrowing, and exchange.
Read Analysis →AED stablecoins, USDU authorization, Digital Dirham CBDC, and settlement infrastructure for tokenized asset transactions.
Read Analysis →Institutional insurance for digital asset custody, smart contract failure, and tokenized real estate — coverage landscape and gaps.
Read Analysis →Institutional allocation framework — risk-return modeling, liquidity management, and portfolio integration strategies.
Read Analysis →Tokenized real-world assets are digital representations of traditional assets — real estate, government treasuries, commodities, private credit, and fund structures — recorded on blockchain networks. They matter for institutional investors because they enable fractional ownership, 24/7 settlement, programmable compliance, reduced intermediary costs, and composability with decentralized finance protocols. The global tokenized RWA market exceeded $24 billion in early 2026 with institutional projections reaching $2 trillion by 2030 (McKinsey) and $18.9 trillion by 2033 (Ripple/BCG).
Tokenized real estate in Dubai operates under dual VARA-DLD jurisdiction. The Dubai Land Department's REES initiative provides government-backed Property Token Ownership Certificates recorded on blockchain. Token distribution platforms must hold VARA licensing. Properties must be registered with DLD through SPV structures. The program targets tokenizing 7% of Dubai's total property market by 2033. Legal enforceability of token-based ownership claims is supported by DLD registration and Dubai's established real estate legal framework.
BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), tokenized through Securitize on Ethereum, holds $1.87 billion in U.S. Treasury assets with daily accrued on-chain dividend distribution. UAE institutional investors can access BUIDL-class products through VARA or ADGM-licensed platforms that maintain distribution agreements with Securitize or other institutional tokenization infrastructure providers. The minimum investment is $5 million for institutional allocators.
The UAE imposes zero personal income tax on all residents — including capital gains, rental distributions, and dividend income from tokenized assets. Corporate tax applies at 9% on taxable income exceeding AED 375,000, with qualifying free zone entities potentially eligible for 0% on qualifying income. International investors should assess withholding tax implications in their home jurisdiction and evaluate applicable double taxation agreements with the UAE.
Tokenized treasuries and fixed income instruments typically fall under ADGM FSRA (Abu Dhabi Global Market Financial Services Regulatory Authority) or DIFC DFSA (Dubai International Financial Centre's Dubai Financial Services Authority). Both frameworks provide institutional-grade regulation for security tokens and digital securities. VARA (Dubai) may also cover tokenized fixed income products distributed through Dubai-licensed platforms. The specific regulator depends on the issuer's licensing jurisdiction, asset classification, and distribution model.
Tokenized RWA carries specific risks beyond traditional asset risks: smart contract vulnerabilities that may compromise asset access or value, custody infrastructure failures, thin secondary market liquidity for less mature asset classes, regulatory uncertainty as frameworks continue evolving, blockchain network disruptions, oracle failures affecting asset pricing, and limited judicial precedent for tokenized ownership disputes. Institutional due diligence must systematically assess technology, custody, liquidity, regulatory, and counterparty risks before allocation.
PAXG (Paxos Gold) and XAUT (Tether Gold) are blockchain tokens each backed 1:1 by physically allocated gold bars stored in LBMA-accredited vaults. Each token represents a fractional claim on a specific, individually identifiable gold bar — providing asset specificity exceeding traditional gold ETFs that hold pooled bullion. Both tokens can be redeemed for physical gold delivery, traded 24/7 on supported exchanges, and used as collateral in DeFi protocols. Dubai's position as a $75 billion annual gold trading hub creates natural infrastructure for institutional tokenized gold distribution.
Tokenized real estate in Dubai has demonstrated minimum investment thresholds starting from AED 2,000 (approximately $545) through Prypco's pilot tokenization. However, minimum investment requirements vary by issuance, with some institutional-grade offerings maintaining higher thresholds of AED 50,000-500,000 for Qualified Investor classifications. The DLD REES framework enables each issuer to set minimum investment parameters within regulatory requirements — fractionalization levels depend on property value, target investor profile, and platform licensing terms.
The June 2026 FATF mutual evaluation assesses the UAE's compliance with international AML/CFT standards — including virtual asset regulatory effectiveness. A positive evaluation outcome enhances institutional confidence in UAE tokenized asset regulation, potentially accelerating international institutional capital flows. VARA's October 2025 enforcement wave (19 entities sanctioned) demonstrated pre-evaluation supervisory intensity. Strong FATF outcomes typically strengthen cross-border regulatory cooperation and reduce compliance friction for international investors accessing UAE-regulated tokenized asset platforms.
Tokenized securities represent ownership interests, debt obligations, or investment returns in underlying assets — regulated as financial instruments by ADGM FSRA, DIFC DFSA, or SCA/CMA depending on jurisdiction. Utility tokens provide access to a platform's services or features without representing financial instruments — regulated by VARA's virtual asset framework. The classification determines regulatory requirements, investor protections, disclosure obligations, and distribution restrictions. Tokens that combine utility and security features (hybrid tokens) are classified based on their dominant economic function under UAE regulatory guidance.
MANTRA's DeFi Limited License from VARA (February 2025) authorizes lending, borrowing, and exchange activities through smart contract protocols within a licensed regulatory framework. This enables tokenized RWA to be used as collateral in regulated DeFi lending protocols. However, institutional lending against tokenized collateral requires: smart contract audit verification, real-time collateral valuation mechanisms, automated liquidation procedures, and regulatory compliance at every interaction point. The framework is operational but institutional adoption is in early stages — most tokenized RWA lending occurs through institutional bilateral arrangements rather than automated protocol-based lending.
Institutional investors should begin with tokenized treasuries — familiar sovereign credit risk delivered through blockchain infrastructure. A 2-5% initial portfolio allocation provides meaningful exposure while limiting downside. Start with a single regulated access point (ADGM or DIFC for institutional credibility), establish custody relationships with licensed providers, and build internal operational expertise before expanding into less liquid asset classes like tokenized real estate and private credit. Due diligence frameworks should be developed before first allocation, not retrofitted after deployment.
Institutional research consensus projects explosive growth: McKinsey forecasts $2 trillion by 2030, Ripple/BCG project $18.9 trillion by 2033, and Grayscale estimates "1000x potential" in certain segments. In the UAE specifically, DLD targets 7% property tokenization by 2033, VARA's licensing pipeline continues expanding, and institutional participation (BlackRock, Goldman Sachs, KKR) validates the asset class for mainstream institutional adoption. The transition from pilot programs to market-ready products is the defining characteristic of 2026 — institutional allocators who build expertise now will capture first-mover advantage as the market scales.
For detailed regulatory intelligence, visit our sister platform UAE Tokenization Regulation (analytical deep dives on regulatory frameworks). For practical compliance implementation guides, visit UAE Tokenization Regulations (step-by-step operational compliance). This platform — UAE Tokenized RWA — focuses specifically on asset intelligence and institutional investment analysis across tokenized real estate, treasuries, commodities, and private credit in the UAE.
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