Tether is expanding beyond stablecoins as it takes its tokenization business to Saudi Arabia. The USDT issuer has partnered with local firms to bring institutional real estate assets onchain, marking its first major real-world asset (RWA) project in the Kingdom as demand for blockchain-based investment products continues to grow.
On 6 August, Tether announced a strategic partnership with First Advanced Data for Artificial Intelligence LLC (First Data) and fintech firm BKN301 to launch institutional real estate tokenization in Saudi Arabia.
The project will use Hadron by Tether, the company’s tokenization platform introduced in 2024, to issue, manage and track tokenized real estate assets throughout their lifecycle.
Under the partnership, First Data will act as the issuer and primary market operator, while BKN301 will integrate Hadron into the country’s banking, payments and compliance infrastructure.
This marks Tether’s first institutional tokenization project in Saudi Arabia and could later expand into other sectors, including energy, infrastructure finance and additional real-world assets.
Tether CEO Paolo Ardoino said Saudi Arabia is becoming one of the most promising markets for blockchain-powered finance.
“At Tether, we believe real-world asset tokenization will redefine the financial industry, making global assets more liquid, accessible, secure and scalable. With Vision 2030, Saudi Arabia stands out as an ideal market for demonstrating the impact of Hadron.”
While Tether is widely known for issuing the world’s largest stablecoin, USDT, the company has been steadily growing its tokenization business.
Its Hadron platform allows institutions to convert traditional assets into blockchain-based digital tokens with built-in compliance, security, and asset management tools.
Tether also operates XAUT, the world’s largest tokenized gold product, with a market value of around $2.6 billion.
However, this Saudi expansion shows that the company is now targeting institutional asset markets beyond digital currencies.
The initiative also supports Saudi Arabia’s Vision 2030, which aims to modernize the country’s financial markets and attract more global investment.
According to Tether, tokenizing real estate can unlock liquidity in an asset class that has traditionally been difficult to trade while allowing more investors to participate in property ownership.
The company believes the same model could later be applied to strategic sectors such as energy and infrastructure.
First Data Chairman Nabil Al-Nuaim said the partnership creates new opportunities for investors and asset owners across the Kingdom.
“Saudi Arabia is one of the most compelling markets globally for the convergence of technology, capital markets and real-world asset tokenization.”
The move comes as banks and asset managers increasingly explore tokenization to digitize assets such as real estate, private credit, equities and money market funds.
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