On January 8, Raafi Hossain, co-founder and CEO of Fasset, a Middle Eastern fintech company that is interested in entering the stablecoin space, introduced several examples of customers using stablecoins, including the sale of a Dubai property worth $8 million, Tanzanian buyers buying Indonesian-made cooking oil, renting Palm Jumeirah villas and private yachts for $100,000 rent. Fasset is a Dubai-based "super app" focused on markets from Morocco to Malaysia. Careem Networks FZLLC in Dubai, which provides taxi, food and financial services, and Botim, a messaging app owned by Astra Tech in Abu Dhabi, are also exploring the launch of payment tools powered by stablecoins. Mr. Hossain said stablecoins offered users a way to "bypass geographical and institutional barriers to enable high-value transactions efficiently and quickly". Mohammad El Saadi, vice-president of Careem Pay, which has opened eight new fiat payment channels in the UAE in the past 11 months, said the technology "has the potential to reduce fees, speed up processing and improve Working Funds management for cross-border transfers". Meanwhile, Rishabh Singh, vice president of products at Astra Tech, said Botim has been experimenting with AECoin, which is anchored with dirhams and has been approved by the UAE central bank.