Mantra Chain plans to tokenize the assets of Dubai developer MAG Group worth $500 million. The Mantra project, focused on the Middle East, will tokenize assets in several tranches.
The first tranche will include the Keturah Reserve residential project, which is being built by MAG in Meydan, Dubai. The tranche will also include the construction of a $75 million mega-mansion at The Ritz-Carlton Residences, which is part of the Keturah Resort.
Investors will receive income through stablecoins and the OM Mantra token. They are expected to receive an 8% return on stablecoins and additional OM tokens.
“The specifics of the yield, such as which stablecoin will be used and the amount of OM to be allocated, are under discussion among MAG and Mantra,” the companies said in a statement.
In March 2024, Mantra raised $11 million to tokenize real assets and received a VARA license in the UAE. At the time of writing, the native OM token is trading at 0.84 cents after hitting an all-time high of over $1 previously, according to CoinMarketCap.