Pyse, in partnership with MANTRA Finance, has received a crucial Non-Objection Certificate (NOC) from Dubai's Virtual Assets Regulatory Authority (VARA) to launch 'PYSE Green Velocity 1'. This token is designed to fractionalize lease-based cash flows generated by electric motorcycles deployed within Dubai's last-mile food and goods delivery ecosystem.
The product will be distributed starting February 10, 2026, through MANTRA Finance, a licensed broker-dealer operating under VARA's Virtual Asset Service Provider (VASP) regime. The launch culminates nearly a year of collaboration between Pyse, MANTRA Finance, and Shariah advisory firm AmanX to structure a fully regulated and Shariah-compliant offering.
This initiative marks a significant step beyond Dubai's earlier real estate tokenization projects, bringing income-generating infrastructure assets into the regulated virtual asset market. It signals Dubai's progression from regulatory experimentation to the real-world deployment of tokenized assets under a clear supervisory framework.
The underlying asset—electric motorcycles powering delivery platforms like Noon and Talabat—is central to Dubai's urban economy. The tokenization structure aims to finance the electrification of this last-mile delivery segment, which represents a multi-billion dollar opportunity, while improving economics for riders and operators.
"This product would not be possible without VARA's clarity and willingness to engage deeply with new asset classes," said Kaustubh Padakannaya, Co-Founder of Pyse. John Patrick Mullin, CEO of MANTRA, added, "We are incredibly excited... as the first onchain tokenized asset issuance on MANTRA Finance's VARA regulated platform."
The product has been independently audited for Shariah compliance by AmanX, aligning it with regional investor expectations. The VARA NOC approval is seen as a starting point, with Pyse now engaging wealth managers and private investors for subscriptions. A waitlist is open on MANTRA Finance, with allocations for the MANTRA community and public investors, closing ahead of the February launch.
