Billiton Diamond and tokenization firm Ctrl Alt have moved over $280 million (AED 1 billion) in certified polished diamonds on-chain, leveraging Ripple’s enterprise custody infrastructure. The initiative, announced Tuesday, utilizes the XRP Ledger (XRPL) for minting and transferring tokens tied to physical inventory stored in the United Arab Emirates.
Infrastructure Over Hype
Unlike retail-focused NFT drops, this deployment focuses on institutional plumbing. Ripple Custody secures the digital rights to the physical stones, while the XRPL handles settlement. The distinction places Ripple in the infrastructure layer rather than the marketplace itself, a critical separation for compliance.
Ctrl Alt CEO Matt Ong noted the move targets faster settlement and clearer provenance data for the high-value stones. The firm previously secured a Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) in mid-2025, becoming the first authorized issuer in the jurisdiction.
Regulatory & Market Context
While Ctrl Alt holds a VASP license, the firms clarified that a broader platform launch for wider distribution remains subject to further VARA approval. This tiered rollout aligns with Dubai’s controlled sandbox approach to Real-World Asset (RWA) tokenization.
XRP reacted mildly to the utility news, trading up 3% to $1.64 as volume stabilized around $3.4 billion.
