Ctrl Alt, a company described as Ripple-backed, has completed the tokenization of approximately $280 million (1 billion AED) worth of polished diamonds on the XRP Ledger (XRPL). The tokens are now live on-chain following an initiative with Billiton Diamond. This deployment is framed as a significant real-world asset (RWA) project that places provenance, grading, and ownership records on an auditable ledger while the physical diamonds remain in professional custody.
The XRPL serves as the settlement and recording layer for this initiative, distinct from Ripple, which is participating as an enterprise technology provider. The operational flow involves off-chain vaulting and grading of the diamonds, followed by the issuance of corresponding tokens on the XRPL. This allows for the validation of provenance and ownership before any transfer, while physical custody and redemption controls are managed off-chain through regulated procedures.
Reece Merrick, Managing Director for the Middle East & Africa at Ripple, stated, "This initiative shows how Ripple’s technology can bridge the gap between physical assets and the digital economy, utilising our enterprise-grade custody solution to secure high-value diamond assets with unrivalled trust and security." He later added that the project "isn’t just a win for the UAE, it’s a masterclass in how the XRP Ledger handles high-value RWA at scale."
The broader platform launch and access to secondary markets for these diamond tokens are pending approval from Dubai’s Virtual Assets Regulatory Authority (VARA). The Dubai Multi Commodities Centre (DMCC) is coordinating stakeholders and supporting regulatory alignment for the project. Specific details such as redemption mechanics, minimum lot sizes, and pricing structures have not yet been publicly defined.
The initiative is positioned within the larger, multi-trillion dollar projected tokenization market. Merrick highlighted that the XRP Ledger's combination of speed, low costs, and Ripple's institutional custody solutions—built through acquisitions like Metaco, Standard Custody & Trust Company, and Palisade—helps solve the "trust gap" in digital commodities.
