Tether has partnered with UAE-based Reelly Tech to integrate USDT into real estate transactions using the leading stablecoin.
The collaboration aims to streamline transactions and expand cryptocurrency adoption in the rapidly growing Dubai real estate market. Off-plan sales, in which a property is sold before completion, surged 27% in 2024, highlighting the strong demand in the sector.
Reelly Tech, established in 2020, connects over 30,000 local and international agents and provides AI-driven tools and training. The team plans to foster local and international payments in USDT for real estate transactions in UAE and integrate the stablecoin into the agents' incentive program. The partnership also includes educational initiatives.
Vitaliy Ryzhak, CEO of Reelly, said, “The UAE real estate market is experiencing dynamic growth, attracting large amounts of capital from around the world. 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.”
This move follows Tether’s recent regulatory approval in the UAE, including recognition by Abu Dhabi Global Market (ADGM) in December 2024.
While Tether might be struggling for traction in the EU, it continues to strengthen its presence in the Middle East, leveraging the region’s progressive stance on digital assets. Tether CEO Paolo Ardoino highlighted the UAE as an ideal hub for innovation, emphasizing the partnership’s role in advancing the digital economy.