Cryptocurrency firm Tether is expanding the use of its USDt stablecoin in real estate transactions through a new partnership with Reelly Tech, a United Arab Emirates-based real estate platform.
The partnership aims to simplify property transactions using Tether’s USDt (USDT) stablecoin.
As part of the partnership, Reelly Tech will offer its customers the opportunity to use USDt to purchase real estate at 30,000 local and international Reelly Tech agents, according to the announcement.
Additionally, Tether and Reelly Tech will develop an interactive educational series to be included on Reelly Tech’s platform, aiming to promote the use of stablecoins in real estate transactions.
Dubai real estate market is booming
The initiative comes as the Dubai real estate market experiences unprecedented growth, with off-plan sales surging 27% in 2024, according to the announcement.
“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.”
Founded in 2020, Reelly is a business-to-business platform connecting thousands of agents across the UAE and global markets. In addition to property listings, Reelly also offers an analysis of 1,450 projects and artificial intelligence solutions, as well as providing training, podcasts and events.
“The company plays a pivotal role in the real estate developer market, where agents facilitate approximately 95% of all property transactions in the UAE,” the firms said in the joint announcement.
Related: Tether’s stablecoin to be integrated into Bitcoin Lightning
Tether cements presence in the Middle East
The new collaboration follows Tether’s significant strides in the Middle East, with the company receiving multiple approvals from UAE regulators in recent months.
In December 2024, Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority officially recognized USDt as an accepted virtual asset. The approval enabled licensed financial service providers within the ADGM to offer USDt services to facilitate its integration into regulated financial ecosystems.
Tether also collaborated with the UAE’s specialized economic free zone Ras Al Khaimah (RAK) Digital Assets Oasis in May 2024, aiming to launch several strategic initiatives to help foster the adoption of Bitcoin (BTC) technology and stablecoins.
“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, and we are honored to contribute to its vision for a forward-looking and prosperous digital economy,” Tether CEO Paolo Ardoino said.
Tether’s USDt faces troubles in the EU amid MiCA implementation
Tether’s new moves in the UAE come as USDt — the largest stablecoin by market cap — faces regulatory issues in the European Union.
On Jan. 29, global crypto exchange Crypto.com said it had started delisting USDt to comply with the EU’s Markets in Crypto-Assets (MiCA) framework. In doing so, Crypto.com followed in the steps of exchanges such as Coinbase, which delisted USDt over MiCA in late 2024.
As many crypto regulation observers expect EU crypto asset service providers (CASPs) to fully delist USDt by March 31, the company has been finalizing its European strategy.
As part of the strategy, Tether has been investing in new MiCA-compliant stablecoin projects such as StablR and Quantoz Payments.
Ardoino also mentioned that the firm was disappointed by European CASPs’ rush to delist USDT, warning of potential “disorderly” risks to the crypto market.
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