Dubai-based developer MAG has agreed to accept certain digital currencies in property transactions under an agreement with Bahrain-based crypto company CoinMENA.

Stablecoins USDT and USDC will now be accepted by MAG in response to investor demand, the developer said.

Talal Moafaq Al Gaddah, senior executive vice chairman of MAG, which recently announced an $817 million “bio living” residential development in Meydan, Dubai, said: “As a catalyst for Dubai's real estate industry, we will spare no effort to progress upon the emirate's digital economy and consolidate its prominent global position.”

Talal Tabbaa and Dina Sam’an, founders of CoinMENA, a crypto asset service provider, said the agreement showed the growth of crypto adoption in acquiring ‘real world’ assets.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)