Dubai real estate developer MAG has reached a $3 billion RWA agreement with MultiBank

ChainCatcher news, according to Spazio Crypto, UAE real estate giant MAG has signed a $3 billion real asset tokenization (RWA) agreement with blockchain infrastructure company Mavryk, in partnership with Dubai financial derivatives institution MultiBank Group.

According to the agreement, MAG's luxury real estate projects, including Dubai Riverfront, The Ritz-Carlton Residences, and Keturah Reserve, will be tokenized on the blockchain through MultiBank.io's compliant RWA market. MAG Senior Executive Vice President Talal Mofaq Al Ghaddah stated that these real estate assets will be issued as independent RWA tokens on the Mavryk blockchain.

MultiBank will launch a native functional token MBG, which will provide features such as trading discounts and priority home purchasing rights within the ecosystem, and will adopt a deflationary buyback and burn model. The platform plans to expand its current asset scale from $3 billion to $10 billion.