Mantra Chain and Dubai-based real estate developer MAG Group have announced plans to tokenize $500 million worth of assets, according to a press release shared with CoinDesk.
Focused on the Middle East, Mantra will tokenize the assets in multiple tranches, starting with a residential project, Keturah Reserve, located in Meydan, Dubai. This tranche will also include a $75 million mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside’ within the Keturah Resort.
Investors will have the opportunity to earn yields through stablecoins and Mantra's OM token. The expected yield from stablecoins is 8%, supplemented with additional OM tokens. Specific details regarding the stablecoin type and OM token allocation are currently under discussion between MAG and Mantra, with final decisions anticipated in the coming weeks.
As of the latest update, OM was trading at 84 cents, having peaked above $1 in June, as reported by CoinMarketCap.
The trend of tokenizing real-world assets (RWA) is gaining traction within the crypto industry, though broader adoption may take time, as noted by McKinsey's recent projections suggesting a potential $4 trillion market for tokenized assets by 2030 under optimistic conditions.
In March, Mantra raised $11 million to further its efforts in real-world asset tokenization, coinciding with the final stages of securing regulatory licenses from Dubai’s crypto regulator VARA, as confirmed by founder John Patrick Mullin in earlier discussions with CoinDesk.
š Blue Bay Tower - 411 - Marasi Drive,
Business Bay - Dubai, UAE.
Give us a call or drop by anytime, we endeavour to answer all enquiries within 24 hours on business days.
Copyright | RH Homes Realtor. All Rights Reserved.
