Mantra Chain will tokenize $500 million worth of assets of Dubai-based real estate developer MAG Group, the firms said in a press release shared with CoinDesk.

Mantra, which is focused on the Middle East, will tokenize the assets in multiple tranches. The first tranche will include a residential project, Keturah Reserve, which is being built by MAG in Meydan, Dubai. The tranche will also package a $75 million mega-mansion at ‘The Ritz-Carlton Residences, Dubai, Creekside’ development, part of the Keturah Resort.

Investors will earn yield through stablecoins and Mantra's OM token. They are expected to have receive yields of 8% from the stablecoins and be granted 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, adding that they will start the final discussions in the coming weeks.

At the time of writing, OM was trading at 84 cents, after touching an all-time high of over a dollar in June, according to CoinMarketCap.

Crypto firms have been pushing for tokenization of real-world assets (RWA) as another use for crypto and blockchain. Although the trend has garnered support from some traditional industries, broad adoption is likely to take time. Recently, McKinsey noted that the market for tokenized assets may reach $4 trillion by 2030 in an optimistic scenario, and warned that mass adoption for RWA is still far away.

In March, Mantra raised $11 million for real-world tokenization. The firm was in the final stages of securing licensures from Dubai’s crypto regulator VARA, founder John Patrick Mullin told CoinDesk in March.