Tether, the issuer of the largest stablecoin USDt, is expanding its reach into the Dubai real estate market through a new partnership with Reelly Tech, a UAE-based real estate platform. This partnership, announced on February 1, 2025, aims to simplify property transactions by allowing buyers to use USDT for purchases.
Reelly Tech will offer its customers the option to use USDT at 30,000 local and international agents. The partnership also includes the development of an educational series to promote the use of stablecoins in real estate transactions.
This initiative comes as Dubai's real estate market experiences significant growth, with off-plan sales surging 27% in 2024. Tether and Reelly aim to leverage this momentum by showcasing and educating on innovative financial solutions that simplify property purchases for buyers and accelerate commercial processes for developers and agents.
Tether has been making significant strides in the Middle East, receiving multiple approvals from UAE regulators in recent months. In December 2024, Abu Dhabi Global Market's (ADGM) Financial Services Regulatory Authority recognized Tether's USDt as an accepted virtual asset. This approval enabled licensed financial service providers within the ADGM to offer USDT services, facilitating 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 foster Bitcoin adoption. Tether's CEO Paolo Ardoino highlighted the UAE's progressive stance on technology and its leadership in digital assets adoption across the MENA region, making it an ideal hub for pioneering advancement.
However, Tether's USDt is facing regulatory issues in the European Union. On January 29, 2025, Crypto.com delisted Tether's USDt to comply with the EU's Markets in Crypto-Assets (MiCA) framework. This followed similar actions by exchanges like Coinbase, which delisted USDT over MiCA in late 2024. Many crypto regulation observers expect EU crypto asset service providers (CASP) to fully delist Tether's USDt by March 31, 2025.
In response to these challenges, Tether has been investing in new MiCA-compliant stablecoin projects such as StablR and Quantoz Payments. Tether's CEO expressed disappointment with the rushed actions by European CASPs in delisting USDT, warning of potential "disorderly" risks to the crypto market.