The Dubai Land Department (DLD), in collaboration with tokenization infrastructure provider Ctrl Alt, has officially launched Phase Two of its Real Estate Tokenization Project on the XRP Ledger (XRPL). This significant milestone introduces a controlled secondary market for trading tokenized property assets, marking a major evolution from the initial pilot phase.
The announcement was highlighted by Reece Merrick, a senior executive at Ripple, via a social media post on February 20, 2026. The project builds upon a successful pilot where 10 properties, representing over $5 million in real estate value, were tokenized. Approximately 7.8 million tokens issued during that pilot are now eligible for resale within the new regulated secondary market framework.
The core objective of this phase is to test the operational readiness of a secondary market while enhancing liquidity and accessibility for investors in Dubai's property market. The trading environment remains closely supervised to ensure transparency, uphold governance standards, and protect investors. All transactions continue to be executed and recorded on-chain via the XRP Ledger, with assets secured using Ripple Custody infrastructure through project partners.
Ctrl Alt serves as the central infrastructure partner, having initially created the land title tokens and now powering the secondary market engine. The company's system is directly integrated with the DLD's databases, enabling on-chain transfer of property ownership while maintaining off-chain legal recognition. For Phase Two, the platform introduces Asset-Referenced Virtual Asset (ARVA) tokens to work alongside the original property tokens, creating a unified and immutable record of ownership.
This initiative is part of Dubai's broader strategy to establish itself as a leader in tokenized real estate. By combining public supervision with blockchain infrastructure, authorities aim to attract international capital. The project operates within Dubai's established digital asset regulatory framework, as Ctrl Alt holds both a Virtual Asset Service Provider license and a broker-dealer license.
