Tether has partnered with Reelly Tech, a real estate platform based in the United Arab Emirates (UAE), to expand the use of its USDT stablecoin in the real estate sector. This partnership aims to enable the purchase of real estate using USDT from 30,000 local and international agents affiliated with Reelly Tech.
This project is part of an effort to simplify real estate transactions by leveraging the benefits of stablecoins, such as faster payments, reduced intermediary costs, and accessibility for international investors.
Dubai: A Growing Market Favorable to Crypto
The Tether and Reelly Tech initiative coincides with a period of strong growth in Dubai’s real estate market. In 2024, off-plan sales surged by 27%, highlighting the city’s increasing appeal to investors.
With this expansion, Tether and Reelly Tech not only aim to facilitate the adoption of stablecoin payments, but also to educate the market about this financial innovation. An interactive educational program will be integrated into the Reelly Tech platform, aiming to familiarize buyers and agents with the use of stablecoins in real estate.
A Stronger Presence in the Middle East for Tether
This partnership is part of Tether’s broader expansion in the Middle East. In recent months, the company has obtained several regulatory approvals in the United Arab Emirates, confirming the official recognition of USDT as a virtual asset accepted by the Abu Dhabi Global Market (ADGM). This approval allows licensed financial providers to integrate USDT into their service offerings.
In addition, in May 2024, Tether partnered with RAK DAO, a specialized free economic zone in the UAE, to develop initiatives that promote the adoption of stablecoins and Bitcoin technology.
Expansion in the Middle East Compensates for Challenges in Europe
While Tether finds a favorable environment in the UAE, the company faces turbulence in Europe. The adoption of the MiCA regulatory framework by the European Union has led to restrictions on non-compliant stablecoins, including USDT.
Several platforms, including Crypto.com, Kraken, and Coinbase, have already begun to remove USDT from their services to comply with the new rules. By March 31, 2025, the majority of European crypto asset service providers (CASP) are expected to exclude USDT from their offerings.
In response to these challenges, Tether is investing in new projects that are compliant with MiCA, such as StablR and Quantoz Payments, to secure its future in Europe. Paolo Ardoino, the CEO of Tether, has also criticized the speed at which some European platforms have decided to delist USDT, warning of potential disruptions to the crypto market.
