On January 8, Raafi Hossain, co-founder and CEO of Fasset, a Middle Eastern financial technology company that intends to enter the stablecoin field, introduced several examples of customers using stablecoins, including the sale of an $8 million Dubai property that was purchased by a Tanzanian buyer. Indonesia produces edible oil and rents out villas and private yachts on Palm Jumeirah for US$100,000. Fasset is a Dubai-based “super app” focused on markets from Morocco to Malaysia. Dubai-based Careem Networks FZLLC, which provides taxi, food and financial services, and messaging app Botim, owned by Abu Dhabi’s Astra Tech, are also exploring the launch of payment tools powered by stablecoins. Hossain said stablecoins provide users with a way to "bypass geographical and institutional barriers and achieve high-value transactions efficiently and quickly." Mohammad El Saadi, vice president of Careem Pay, said the technology “has the potential to reduce fees, speed up processing and improve working capital management of cross-border transfers.” The company has opened eight new fiat payments in the UAE in the past 11 months aisle. Meanwhile, Astra Tech vice president of product Rishabh Singh said Botim has been experimenting with dirham-pegged AECoin, which has received approval from the UAE Central Bank.