Editor’s Note
This article highlights a significant step in the tokenization of real-world assets, as major diamond firms leverage the XRP Ledger for provenance and settlement. It underscores the growing intersection of regulated commodities and blockchain infrastructure.
On-chain records now secure provenance and ownership for diamond-based trading in the UAE. XRPL tokenization grows as regulatory approvals shape the platform’s next phase.
Billiton Diamond and Ctrl Alt have moved polished, certified diamonds worth over $280 million onto the XRP Ledger, bringing tightly controlled commodities into a digital environment that promises clearer provenance and faster settlement. This step places physical stones valued at over 1 billion AED under Ripple’s custody, with each diamond linked to an on-chain minted token backed by recorded certification data. The companies described the system less as a flashy experiment and more as an industrial pipeline built for traders dealing in high-value stones daily.
Each token represents a single diamond stored in the UAE, allowing buyers and brokers to track the grade, origin, and ownership history before completing a transaction. However, the initiative remains in a preparatory phase, with broader rollout dependent on approval from Dubai’s Virtual Assets Regulatory Authority (VARA).
Reports indicate Ctrl Alt operates the entire tokenization process, minting tokens on the XRP Ledger and anchoring the physical inventory through a verification layer supported by Ripple Custody. This combination creates a shared record for market participants, who can verify stone metadata in real-time instead of relying on separate documentation strands.
Billiton Diamond, which has long used a Vickrey auction model for price discovery, stated that the move to on-chain systems aims to create post-polishing transparency in a market segment often lagging in traceability. Executives emphasized that the blockchain does not rewrite auction mechanics but strengthens the traceability of information about a stone after it enters the trading stream.
The partners acknowledged that the broader platform is not yet open for distribution. Any expansion depends on regulatory approval from VARA, a prerequisite that has shaped nearly every digital asset rollout in Dubai. For now, the infrastructure is in place and the technical pipelines are functional, but the commercial layer remains parked until the regulator completes its assessment.
Ripple’s collaborative efforts with Ctrl Alt date back to mid-2025, following Ctrl Alt’s involvement in the Dubai Land Department’s asset digitization initiative. Since then, the company’s valuation has risen to approximately $348 million, supported by growing interest in regulated tokenization within real estate and commodity markets.
Dubai’s shift towards a blockchain-based commodity infrastructure has required coordinated collaboration between the Dubai Multi Commodities Centre, technology firms, and traders. The diamond project thus fits into this emerging ecosystem.
Officials familiar with the process explained that the goal is to create frameworks that can support large-scale tokenization without disrupting existing commodity flows. The upcoming platform is designed to offer real-time inventory tracking directly linked to on-chain entries. Certification data travels with each token, giving traders a clearer picture of what they are acquiring before moving to settlement. The partners are confident this structure reduces the reconciliation effort that typically slows cross-border diamond transactions.
The initiative comes at a time of strong tokenization growth on the XRP Ledger. Aggregate figures show tokenized assets on the network rose from $24.7 million in early 2025 to approximately $567.9 million by year-end—an increase of nearly 2,000 percent. At the time of this report, XRPL’s represented asset value stood at nearly $1.5 billion, with real-world asset tokens hovering around $220 million.
Ripple also reported that its RLUSD stablecoin has reached a circulating supply of approximately $1.3 billion, alongside around $500 million in tokenized assets held more broadly on-chain. With the addition of Billiton Diamond and Ctrl Alt now contributing $280 million in polished stones, the project stands out as one of the largest commodity-backed implementations on XRPL to date.
Executives involved in the rollout stated that the reliance on Ripple Custody indicates growing confidence in securing high-value physical assets at an institutional scale. They view the endeavor as a foundational step for modernizing commodity trading infrastructure.