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Tether, the issuer of the world’s largest stablecoin USDT, has made a significant inroads into the UAE real estate market. The company has entered into a strategic partnership with Reelly Tech, a leading UAE-based real estate platform, to streamline property transactions using blockchain technology.
This collaboration aims to simplify cross-border UAE real estate purchases, providing investors and homebuyers with a faster, more transparent, and cost-efficient way to conduct transactions using USDT stablecoins.
“Blockchain technology is revolutionizing financial transactions, and real estate is the next frontier. With our partnership with Reelly Tech, we aim to create a seamless, efficient system for property purchases using Tether.” – Paolo Ardoino, CEO of Tether
The move underscores UAE’s growing embrace of blockchain-powered solutions, positioning itself as a global leader in crypto adoption and digital asset regulation.
As part of the partnership, Reelly Tech will enable its network of 30,000 local and international agents to accept USDT as a form of payment for real estate purchases. According to the announcement, this integration will streamline property transactions and allow buyers to use the USD-backed stablecoin for a more straightforward, transparent process.
“We see the UAE Real Estate market as an ideal place to introduce the power of blockchain and stablecoins,” said Paolo Ardoino, CEO of Tether. “Our collaboration with Reelly Tech represents a significant step toward integrating cryptocurrency with everyday transactions in a highly lucrative market like real estate.”
To further drive adoption, Tether and Reelly Tech will also launch an interactive educational series aimed at promoting the use of stablecoins in property transactions. This initiative will be available on Reelly Tech’s platform and will provide users with the necessary tools and knowledge to make informed decisions about using digital currency for real estate purchases.
The timing of this collaboration is particularly significant as the Dubai real estate market continues to experience unprecedented growth. According to industry reports, off-plan sales in the region surged by 27% in 2024, signaling a robust market ripe for innovation.
By leveraging this boom, Tether and Reelly Tech aim to showcase how stablecoins can offer innovative financial solutions for property buyers and help streamline processes for developers and real estate agents.
“Dubai’s real estate market is not only growing rapidly but also attracting international investors,” said Reelly Tech CEO, Ahmad Al-Fahim. “We believe that integrating USDT will make transactions smoother and more efficient for all parties involved.”
The collaboration with Reelly Tech is just one part of Tether’s broader strategy to cement its presence in the Middle East. Recently, Tether received approval from the UAE’s regulatory authorities, such as the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority, which recognized USDT as an accepted virtual asset in December 2024. This regulatory approval paves the way for licensed financial service providers to integrate USDT into their offerings.
“Tether’s entry into the UAE Real Estate market is a reflection of the region’s forward-thinking approach to digital assets,” Ardoino explained. “The UAE’s progressive stance on technology, particularly blockchain, aligns perfectly with our vision to contribute to the country’s growing digital economy.”
In addition to regulatory approval, Tether has also partnered with Ras Al Khaimah’s (RAK) economic free zone to promote Bitcoin (BTC) and stablecoin adoption across the UAE. The collaboration is expected to include various strategic initiatives designed to help foster the region’s blockchain development.
While Tether celebrates its success in the UAE, it faces growing challenges in the European Union. On January 29, global crypto exchange Crypto.com announced it would begin delisting Tether’s USDT to comply with the European Union’s new Markets in Crypto-Assets (MiCA) regulation. This follows similar actions by other major exchanges, such as Coinbase, which delisted USDT in late 2024 due to MiCA compliance requirements.
In light of this, Tether has been working to secure its place within the EU market by investing in new MiCA-compliant stablecoin projects such as StablR and Quantoz Payments.
“We are disappointed by the rapid actions of some European crypto asset service providers to delist USDT,” Ardoino stated. “This could lead to a disorderly market, and we are committed to helping shape a more structured and secure regulatory framework in Europe.”
Tether’s current focus is on adjusting its European strategy to comply with MiCA regulations, while simultaneously expanding its influence in other regions like the UAE, which is seen as a stable and welcoming market for cryptocurrency ventures.
As the UAE real estate market continues to grow, the use of stablecoins like USDT may become more prevalent, offering a faster, more transparent, and cost-efficient method of conducting property transactions. Tether’s partnership with Reelly Tech marks a significant milestone in the broader adoption of cryptocurrency within the real estate sector.
With cryptocurrency adoption on the rise in the UAE, the impact of Tether’s USDT stablecoin could be profound, transforming the way properties are bought and sold in one of the world’s most dynamic markets. TheBITGazette remains committed to providing updates on the latest trends and developments, ensuring that investors stay informed about the ever-evolving landscape of cryptocurrency investments.
