Real estate platform based in the UAE, Reelly Tech, will also serve as a new partner for Tether in the country, allowing it to widen its reach in UAE’s real estate market. Through this partnership, property owners can now buy, sell, rent or trade real estate in Tether’s USDt stablecoin. It means there is an intention to operate on a digital currency in order to make transactions faster and safer.
This will be possible for Reelly Tech to offer its clients to purchase properties that have been sold in USDt with agents from more than 30,000 worldwide. The firms also intend to form educational tools that will enable the people to understand how to use stablecoins in property transactions. The objective of this project is to improve the use of cryptocurrencies in property transactions.
The announcement comes at a time when it seems that Dubai’s real estate market is growing. The 27 per cent of the market accounted for off plan sales which are hot for property investments. Through Tether and Reelly Tech, buyers and developers will demonstrate how stablecoins can streamline property purchases and shorten purchase times on either side.
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Reelly Tech was founded in 2020, and thousands of agents from the UAE and all around the world are already connected to the platform. With its toolset that includes AI solution, training and project analysis, over 1,450 developments rely on it. The platform is dotted as it is dealing with 95% of the property transactions in the UAE, which happens with the help of real estate agents.
The approval comes shortly after Tether successfully obtained ADGM’s approval to offer USDt as a virtual asset in the UAE. While some have delisted USDt due to threats of regulatory trouble in the EU, Tether faces challenges in both regions.
Through its support for digital assets and innovation, the UAE’s support has been applauded by CEO Paolo Ardoino.
Also read: Ripple Launches RLUSD Stablecoin on ZeroHash and Revolut
