Ripple Completes $280 Million Diamond Tokenization Deal With Ctrl-Alt

Key Insights:

• Ctrl-Alt and Billiton Diamond tokenized $280 million in diamonds, bringing RWA to Ripple.
• Ripple partnered with financial institutions in Turkey; the Asian country ranks high globally in crypto adoption.
• Batch (XLS-56) and its companion fixBatchInnerSigs amendments were deprecated after Cantina discovered a vulnerability.

Ripple Labs recently disclosed a major real-world asset (RWA) tokenization achievement on the XRP Ledger (XRPL). Ripple Senior Executive Reece Merrick confirmed the blockchain firm has completed a $280 million diamond tokenization deal with Ctrl-Alt.

Ctrl-Alt Join Forces with Ripple in $280M Tokenization Deal

In his post, Reece Merrick celebrated the tokenization of over 1 billion AED in diamonds as a win for the UAE.

The over 1 billion AED worth of diamonds, valued at more than $280 million, were tokenized by Ctrl-Alt and Billiton Diamond. To move the luxury assets onchain, Ctrl-Alt and Billiton Diamond teamed up with Ripple, leveraging the XRPL and the Ripple Custody platform.

Reece described the pilot as an institutional-grade move of physical luxury commodities onto the blockchain.

He highlighted that XRPL excels at handling high-value Real-World Assets (RWAs) at scale, making it a good fit for the $280 million diamond tokenization project.

The Ripple executive went on to highlight three main ways to solve the trust gap in digital commodities.

Firstly, he noted that Ripple Custody provides secure, bank-level vaulting for over $280 million in physical diamonds. As such, the firm ensures the real-world assets backing the tokens are safely stored and verifiable, building institutional trust.

Additionally, XRPL, through its native features, such as speed and low cost, turns illiquid luxury goods into tradable assets.

Furthermore, the project operates within the UAE’s progressive regulatory environment, including the DMCC and VARA. This helps set a compliant, global-standard example for tokenized commodities.

Note that Ripple first announced a partnership with Ctrl-Alt in July 2025. The partnership aimed at the custody of Dubai’s tokenized real estate title deeds.

Ripple Reveals Expansion Moves in Turkey

In another recent post, Reece celebrated crypto adoption progress in Turkey. The executive noted that Turkey ranked first in the MENA region and globally in adoption. He highlighted 2026 data showing that approximately 25.6% of the population owned crypto.

As reported by Chainalysis, the surveys reached 52% among adults aged 18-60. This demographic slice shows even stronger engagement, reflecting younger, tech-savvy users.

In 2025 alone, Turkey surpassed other countries in the MENA region, with nearly $200 billion recorded in annual transactions. Globally, this places Turkey among the top markets by raw transaction value. However, Reece emphasized that much of the transactions stems from inflation hedging and value preservation.

Nonetheless, he believes the RLUSD will play a vital role as a stable USD alternative amid Lira volatility. This is in addition to supporting cross-border payments and financial resilience.

Reece also disclosed that Ripple was building partnerships with several financial institutions in Turkey. The blockchain firm is bullish on the continued growth in Turkey and aims to position its products across the market.

XRP Ledger New Amendments Deprecated

While Ripple expanded into the UAE and Turkey, some new XRPL amendments were deprecated (removed). They include the Batch amendment (XLS-56) and its companion fixBatchInnerSigs.

Batch (XLS-56), a major proposed feature introduced in Rippled v2.5.0, was supposed to let developers bundle multiple transactions into one.

Meanwhile, fixBatchInnerSigs is a smaller companion amendment added in rippled v3.1.0 to patch a specific signature validation issue in inner transactions. It was essentially a fix pack to make Batch safer or more reliable.

Both amendments were still in the voting phase and had not gone live on mainnet. However, Cantina, a Web3 security firm, using AI-assisted code analysis, discovered a bug in the amendments.

The bug allowed potential unauthorized execution of inner transactions in a batch. An attacker could have exploited it to drain funds, alter the ledger state, or cause other damage if it had been activated.

To prevent further damage, XRPL developers shut the amendments down before they reached production and decentralized governance.