Tether has expanded its presence in the UAE real estate market by partnering with Reelly Tech, a real estate platform based in the United Arab Emirates.
Now, property owners have a chance to invest, trade, rent, or sell their real estate with Tether’s USDt stablecoin. The project will result in faster and more secure real estate transactions by using a stable digital currency as a medium of exchange.
As part of the deal, Reelly Tech will propose to its clients an option through which they can use USDt to buy real estate from over 30,000 local and international agents that connect to its platform.
The two enterprises also intend to build learning tools to educate users on how to use stablecoins like USDt in property transactions. This project is expected to increase the use of cryptocurrency in real estate.
The announcement of this deal at this time is significant due to the fact that the Dubai real estate market is booming. The off-plan sales of properties, which consist of 27% of the market, show that there is growing interest in property investments.
“By leveraging this momentum, Tether and Reelly aim to showcase and educate on innovative financial solutions that use stablecoins to simplify property purchases for buyers and accelerate commercial processes for developers and agents,” the companies said in their joint announcement.
Really Tech was established in 2020 and has since connected thousands of real estate agents to the UAE and even agents from foreign countries.
Along with property listings, Reelly Tech analyzes 1,450 projects and provides real estate agents with tools such as AI solutions as well as training to agents. The platform significantly contributes to the property market of the UAE, where real estate agents generate about 95% of the transactions.
Initially, Tether entering the UAE market is a tactical move in its bid to gain more exposure in the Middle East. Tether just recently got approval from the UAE authorities In December last year, when the Abu Dhabi Global Market (ADGM) accepted USDt as a virtual asset. This recognition allows licensed financial services providers in ADGM to offer USDt as part of their services.
It also comes at a time when it faces regulatory challenges in the European Union. Crypto.com and Coinbase exchanges are being faced with a decision to delist USDt.
Tether CEO Paolo Ardoino commented, “The UAE’s progressive stance on technology and its leadership in digital assets adoption across the MENA region makes it an ideal hub for pioneering advancement.”
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