Quick take:
- Payments for the commercial units worth nearly $14 million saw each transaction cleared in less than 60 seconds.
- The transactions would have taken days to clear if done using traditional methods like wire transfers.
- Miami has become a focal point of crypto-based real estate settlements because of its multinational nature and buyers willing to use alternative payment methods.
A new real estate transaction settled in USDT has set a new record for Miami. According to the report by CoinDesk, the transaction involving two property firms, Ciprés and Rilea Group, with support from tokenization specialist Propy, saw the Miami-based property development Mohawk in Wynwood, sell five commercial units for $13,920,063.
Each transaction was cleared in under 60 seconds, speeding up the process, which typically takes days when done through traditional methods like a wire transfer.
The transaction illustrates Miami’s growing narrative as a hub for huge crypto transactions, involving real-world assets like property. The Florida-based state has become a focal point of crypto-based real estate settlements because of its multinational nature and buyers willing to use alternative payment methods.
Announcing the news of the new sale via the X platform, Propy wrote: “We just smashed Miami’s crypto real estate record: $14M property settled entirely in USDT,” crediting stablecoins for unlocking faster, global deals. “We’re making on-chain closings the new standard: crypto settlements, AI title/escrow, closes in days.”
Propy to acquire mid-size property title firms across the U.S. worth $100 million, according to a report that came out late last year. The company is using blockchain and AI to streamline an industry that still relies heavily on manual processes.
“Bitcoin can now function as real estate capital,” said Natalia Karayaneva, CEO of Propy. “Digital assets are becoming a practical option for real estate buyers seeking flexibility and developers looking to access global demand.”
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