According to Odaily Planet Daily, Raafi Hossain, CEO of Fasset, a Middle Eastern fintech company, introduced cases of customers using stablecoins, including selling $8 million in Dubai real estate and renting a villa on Palm Jumeirah.
Fasset is a Dubai-based “super app” focused on markets from Morocco to Malaysia. Dubai’s Careem Networks and Abu Dhabi’s Astra Tech are also exploring stablecoin payment tools.
Mohammad El Saadi, vice president of Careem Pay, said stablecoin technology is expected to reduce fees and speed up cross-border transfers. Astra Tech's Botim is experimenting with AE Coin, which is pegged to the dirham.
According to DeFi Llama, the total market value of stablecoins has grown from less than $140 billion at the end of 2023 to more than $200 billion. USDT is the leading stablecoin, and its issuer Tether Holdings Ltd. expects net profit to exceed $10 billion in 2024.