BlockBeats News, on January 8, according to Bloomberg, Raafi Hossain, co-founder and CEO of the Middle Eastern fintech company Fasset, introduced several examples of customers using stablecoins, including selling a $8 million Dubai property, a Tanzanian buyer purchasing Indonesian cooking oil, renting a villa on Palm Jumeirah and a private yacht for $100,000, among others.
Fasset is a Dubai-based 'super app' focused on markets from Morocco to Malaysia. Dubai's Careem Networks FZ LLC, which offers taxi, food, and financial services, and Abu Dhabi's Astra Tech, which owns the communication app Botim, are also exploring the launch of payment tools supported by stablecoins.
Hossain stated that stablecoins provide users with a way to 'bypass geographical and institutional barriers to efficiently and quickly conduct high-value transactions.' Careem Pay Vice President Mohammad El Saadi noted that the technology 'has the potential to reduce costs, speed up processing times, and improve working capital management for cross-border transfers.' The company has opened 8 new fiat payment channels in the UAE over the past 11 months.
Meanwhile, Rishabh Singh, Vice President of Products at Astra Tech, mentioned that Botim has been experimenting with AE Coin, which is pegged to the dirham and has been approved by the Central Bank of the UAE.