Tether brings USDT stablecoin to UAE real estate market with Reelly Tech

CointelegraphPubblicato 2025-02-05Pubblicato ultima volta 2025-02-08

Introduzione

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

This initiative comes as the Dubai Real estate market experiences unprecedented growth, with off-plan sales surging 27% in 2024.

“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, 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 a joint press release.

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 Tether’s 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 UAE’s specialized economic free zone Ras Al Khaimah (RAK) DAO 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 amid its USDt — the largest stablecoin market capitalization — facing regulatory issues in the European Union.

On Jan. 29, global crypto exchange Crypto.com said it started delisting Tether’s USDt to comply with the EU’s Markets in Crypto-Assets (MiCA) framework. In doing so, Crypto.com followed in the steps of exchanges like Coinbase, which delisted USDT over MiCA in late 2024.

As many crypto regulation observers expect EU crypto asset service providers (CASP) to fully delist Tether’s 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.

Tether CEO Ardoino also mentioned that the firm was disappointed by the rushed actions by European CASPs in delisting USDT, warning of potential “disorderly” risks to the crypto market.

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