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

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

The company recently announced the development of a US$817 million bio-living residential project in Meydan, Dubai, as a catalyst for Dubai's real estate sector, which will leave no stone unturned to advance the emirate's digital economy and cement its prominent global position.

The agreement demonstrates the growth in the adoption of cryptocurrencies in the acquisition of real-world assets.