Atlas AI Labs plans to launch permissionless asset-backed token

By Aarav Garg

Atlas AI Labs, a subsidiary of Atlas Capital Team Inc., has announced plans to launch a permissionless asset-backed token issued from Dubai, following in-principle approval from Dubai’s virtual assets regulator.

The company said it received approval from the Virtual Assets Regulatory Authority to operate token issuance services under the regulator’s Asset-Referenced Virtual Asset framework. The approval marks a further step in Dubai’s efforts to position itself as a regulated hub for digital asset innovation and tokenised financial products.

The planned token, called USAF+, will be linked to the net asset value of the NASDAQ-listed Atlas America Fund ETF under the ticker USAF. According to the company, the token will be fully collateralised and structured to operate within a permissionless blockchain environment, allowing continuous trading and settlement without traditional market operating hours.

The underlying ETF portfolio includes exposure to short-duration US Treasuries, TIPS, municipal bonds, commodities, gold, climate-focused real estate and defence-related equities. Custody arrangements for the ETF assets are handled through Bank of New York, while reserve backing disclosures for the token are expected to follow the reporting structure used for the ETF.

The launch reflects wider momentum in the tokenisation sector, where financial firms are increasingly exploring blockchain-based representations of traditional assets, including bonds, funds and real-world investment products. Asset-backed tokens are being positioned as a way to combine regulated financial structures with faster settlement, programmable ownership and continuous market access.

The development also highlights growing regulatory activity around digital assets in the UAE, where authorities have introduced dedicated frameworks for token issuance, trading and custody as competition intensifies among global financial centres seeking to attract digital asset businesses and institutional capital.