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The adoption of stablecoins in the Middle East has surged, and many local companies are optimistic about and involved in this field

On January 8th, according to Bloomberg, Raafi Hossain, co-founder and CEO of Middle East fintech company Fasset, which intends to enter the stablecoin field, introduced several examples of clients using stablecoins, including selling a Dubai property worth $8 million, Tanzanian buyers purchasing Indonesian edible oil, and renting Zumeira Palm Island villas and private yachts for $100,000.

Fasset is a "super app" based in Dubai that focuses on markets from Morocco to Malaysia. Dubai Careem Networks FZ LLC, which provides taxi, food, and financial services, and Abu Dhabi Astra Tech's communication application Botim are also exploring the launch of payment tools supported by stablecoins.

Hossain said that stablecoins provide users with a way to "efficiently and quickly achieve high-value transactions bypassing geographical and institutional barriers." Mohammad El Saadi, vice president of Careem Pay, said that the technology "could reduce costs, speed up processing times, and improve operational capital management for cross-border transfers." The company has opened eight new fiat payment channels in the UAE in the past 11 months.

Meanwhile, Rishabh Singh, vice president of Astra Tech's product, said that Botim has been experimenting with AE Coin anchored to the dirham, which has been approved by the UAE Central Bank.

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