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Fintech As cryptocurrency gains ground in the UAE’s public and private sectors, luxury yacht manufacturer Gulf Craft has become the latest high-profile name to adopt stablecoin payments for its services in both the UAE and Bahrain. Through a partnership with licensed fintech firm ARP Pay, Gulf Craft will now accept USDT and USDC for yacht purchases, repairs, and upgrades, converting them into local or U.S. currency. The move comes amid broader momentum across the Emirates, where judicial entities, finance departments, and service industries are integrating crypto into everyday transactions. Chairman Mohamed Hussein Alshaali said the shift reflects the region’s heritage of innovation, noting that adopting digital payments complements the UAE’s maritime roots and forward-thinking financial strategies. The company recently ran a pilot transaction settling part of a yacht payment in crypto, which reportedly lowered costs and improved the client experience. CEO Erwin Bamps emphasized that the decision helps Gulf Craft stay competitive, particularly with the rising number of global buyers who prefer digital assets over traditional payment channels. This development adds to the UAE’s expanding crypto ecosystem. Abu Dhabi’s judicial department now accepts AE Coin—a locally licensed AED stablecoin—for legal fees, while Dubai’s finance authority recently signed an agreement with Crypto.com to allow digital payments for government services. As stablecoins become increasingly common across sectors, the UAE is emerging as a frontrunner in real-world crypto adoption—spanning everything from court fees to catamarans. Author Kosta Gushterov Reporter at Coindoo Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
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Filed under: News - @ July 23, 2025 10:29 pm