OKX Executive Urges Focus on Real-World Value Amid RWA Tokenization Boom

As interest in real-world asset (RWA) tokenization grows across the Middle East and North Africa (MENA) region, a leading executive from global crypto exchange OKX has called on the industry to prioritize real-world utility over hype.

Speaking at the recent Token20249 event in Dubai, OKX MENA CEO Rifad Mahasneh emphasized that while hype often fuels short-term growth in the Web3 sector, sustainable success will depend on whether tokenized projects deliver tangible everyday value.

“In some cases, we’re tokenizing things that don’t need tokenization,” Mahasneh explained. “But in other cases, we’re tokenizing assets that actually provide real, everyday value. When that value is visible, that’s when you know a project is promising.”

Surge in Tokenization Across the UAE

Mahasneh’s comments come amid a surge of tokenization activity in the UAE. On May 1, MultiBank Group entered into a $3 billion agreement with local real estate developer MAG and blockchain firm Mavryk—marking the largest RWA initiative globally to date.

Government-backed initiatives are also gaining ground. On March 19, the Dubai Land Department launched a pilot phase for its real estate tokenization program in partnership with Dubai’s Virtual Assets Regulatory Authority (VARA), the emirate’s dedicated crypto regulator.

Earlier in the year, RWA-focused project Mantra announced a $1 billion deal with the UAE-based Damac Group to tokenize the conglomerate’s assets. However, that momentum was later disrupted when Mantra’s token collapsed in April, erasing billions in market capitalization in one of the most significant token failures in recent crypto history.

Despite such setbacks, Mahasneh remains confident that the MENA region—especially the UAE—is laying a strong foundation for the future of tokenized assets, largely due to its regulatory clarity.

Regulatory Certainty Attracts Institutional Players

According to Mahasneh, clear and comprehensive regulations are key to attracting major institutions to the crypto and tokenization space. He noted that understanding how entities such as exchanges are governed gives companies the confidence to participate in emerging markets.

He also praised the UAE’s progress in regulating stablecoins. In June 2024, the Central Bank of the UAE introduced a regulatory framework covering the licensing, issuance, and supervision of dirham-backed payment tokens.

“This shows how quickly the UAE moves when it comes to crypto regulation,” Mahasneh said. “In other markets, there are still debates about whether to regulate crypto at all. Here, we’ve already developed a full framework for stablecoins. That’s a big plus for investors

—they want to know their stablecoin is regulated.”

Institutions Embrace Dirham-Pegged Stablecoins

The UAE’s regulatory advancements have spurred action from major global and regional players. On April 29, several prominent institutions—including Abu Dhabi’s sovereign wealth fund ADQ, First Abu Dhabi Bank, and the International Holding Company—announced a partnership to launch a dirham-pegged stablecoin, pending regulatory approval.

Tether, the world’s largest stablecoin issuer, has also joined the race by launching its own dirham-pegged stablecoin.

As tokenization and digital asset infrastructure continue to expand, Mahasneh emphasized that long-term viability will depend not on speculation, but on projects that solve real problems and provide genuine value to users and institutions alike.