Stablecoin issuer Tether has introduced USDT payments for real estate transactions in the United Arab Emirates (UAE).
As part of a recent partnership with UAE-based real estate platform Reelly Tech, the move will let over 30,000 real-estate agents close property deals using USDT, making the payment process simpler and more efficient, a February 6 announcement said.
Tether CEO Paolo Ardoino praised the local regulator’s “progressive stance on technology” and described the current offering as an opportunity to “streamline real estate transactions, promote sustainable growth, and set new benchmarks for innovation in the region.”
The real estate market in Dubai is flourishing at the moment, according to the release, and of-plan sales have surged over 27% in 2024.
By the end of the year, the market was valued at 283 billion AED.
Reelly taps into this market by offering an artificial intelligence-powered platform that connects real estate agents all across the UAE.
On top of this, it provides in-depth project analysis, AI-driven presentations, agent performance tracking, and industry insights.
To support the shift toward stablecoin-driven real estate transactions, Tether and Reelly are also rolling out an educational initiative.
Hosted on Reelly’s platform, this interactive series will teach agents how to securely and efficiently handle USDT payments, aiming to boost adoption and confidence in crypto-powered property sales.
Reelly CEO Vitaliy Ryzhak hinted at bigger plans for the partnership. “We’re just getting started,” he said, adding:
We aim to make international real estate investment safe, efficient, and easy. To do this, we plan to create tools to open up new opportunities for using USDT in real estate transactions.
Tether’s UAE expansion
Tether has already cemented its place in the stable market in the UAE.
USDT was recognized as an Accepted Virtual Asset by the Abu Dhabi Global Market’s Financial Services Regulatory Authority in December 2024.
As such, license financial service providers can integrate USDT into regulated financial systems.
Plans to introduce a dirham-pegged stablecoin are also in the works according to Tether’s announcement made last year in August.
The new stablecoin would be developed in partnership with multiple UAE-based firms including Phoenix Group PLC and Green Acorn Investments Ltd.
Tether has also inked a partnership with Ras Al Khaimah Digital Assets Oasis, a specialized economic free zone in the UAE that offers a business-friendly environment tailored for Web3 startups, blockchain companies, virtual asset service providers (VASPs), and fintech firms.
Through its educational arm Tether Edu, to foster web3 adoption by educating locals regarding Bitcoin and stablecoin technology across the Ras Al Khaimah region.
USDT is currently the largest stablecoin in terms of market cap and transaction volume.
When writing, its market cap stood at over $141 billion and a daily trading volume of roughly $100 billion.
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