Ripple contributed to the Dubai Financial Services Authority's commissioned white paper, "Scaling Tokenization: The Road Ahead," which examines how tokenization and related market infrastructure could scale responsibly across financial markets, including the Dubai International Financial Centre. Reece Merrick, Ripple's Managing Director, Middle East & Africa, contributed alongside practitioners from BlackRock, Standard Chartered and Robinhood, with the broader report also involving Soter Insure and the DFSA. The publication discusses potential benefits including broader investor access, greater efficiency for issuers and intermediaries, and lower settlement risks. Merrick said tokenized treasuries and money market funds could serve as on-chain collateral for repo and margin transactions without first being converted to cash. He predicted massive growth over the next 12 months and said a significant proportion could occur on the XRP Ledger. Citi Institute's base case puts the global tokenized financial-asset market at $5.5 trillion by 2030, while Standard Chartered and Synpulse estimate demand could reach $30.1 trillion by 2034.