Blockchain platform ADI Chain and Dubai-based maritime tokenization firm Shipfinex have announced a partnership to tokenize commercial ships, targeting the $680 billion ship-finance market. According to reports from CoinDesk, this initiative aims to open the traditionally closed and relationship-driven maritime financing market to wider institutional capital pools. The partnership represents a significant expansion of tokenization beyond traditional financial instruments into physical infrastructure assets.
Under the partnership, Shipfinex has identified approximately 35 vessels worth $500 million as candidates for tokenization, with each vessel placed inside a separate special-purpose vehicle (SPV) to create a legal structure for tokenized economic interests. As reported by Shipfinex, depending on transaction structure, the tokens could represent vessel-backed credit, income linked to charter agreements, or other economic interests connected to specific ships. The SPV structure allows economic rights associated with individual ships to be structured independently from the rest of the portfolio, while ADI Chain will provide blockchain infrastructure for distribution and settlement using stablecoins denominated in UAE dirhams, U.S. dollars, and other currencies.
The commercial shipping sector represents an estimated $2 trillion in total asset value, yet the market financing remains dominated by a small circle of shipowners, banks and specialist lenders. As reported by CoinDesk, Shipfinex currently holds only a preliminary regulatory approval from Dubai's Virtual Assets Regulatory Authority (VARA), described as an 'In-Principle Approval' rather than a full operating license. The company has earmarked approximately 35 vessels worth $500 million as candidates for tokenization once regulatory approval and deal structure are finalized. The partnership remains in the pilot and operational readiness stage, with no Maritime Asset Tokens publicly issued as the regulated issuance route is still being finalized.
Maritime shipping accounts for more than 80% of international trade by volume and represents a largely untapped corner of the tokenized real-world asset market, currently valued at approximately $38.1 billion as of August 9, according to RWA.xyz data. The partnership follows earlier moves by competitors Galactica and Ethra Ship, which have already closed tokenized vessel financings and launched competing maritime protocols. ADI Chain is the Abu Dhabi-based institutional blockchain platform founded by Sirius International Holding, which already hosts the dirham-backed stablecoin DDSC licensed by the UAE Central Bank. Ethra Ship launched a blockchain protocol in June using operating vessels and charter revenue as the economic base for its tokenized investment structure.
The tokenized real-world assets market continues expanding rapidly, with Standard Chartered forecasting the market could reach $4 trillion by the end of 2028, according to Geoff Kendrick, the bank's global head of digital asset research. As reported by Standard Chartered, the projection includes $2 trillion for stablecoins and another $2 trillion for tokenized real-world assets by 2028. The bank estimates that roughly 1,000 times more assets remain off-chain than on-chain when it published its earlier forecast. ADI Chain has previously been involved in digital asset infrastructure projects in Abu Dhabi, including BNY's launch of institutional Bitcoin and Ether custody services through a collaboration involving Finstreet Limited and the ADI Foundation.
