The Happiest Place on Earth and USDC.

Source: Saint Peters Blog

Real estate tech firm Propy has done it again. After successful sales of an apartment in Kiev, Ukraine, then a single family home in Tampa Florida, the company has just listed a townhouse in the Horizon West neighborhood of Winter Garden, Florida, just a 10 minute drive from Walt Disney World in Orlando.

Source: Propy

With 3 bedrooms and 3 bathrooms, this 1626 square foot house at 11038 Great Rock Street is for sale as an NFT. The listing notes state that "the kitchen features stainless steel appliances, stone counter tops and upgraded wood cabinets. A large family room opens up to the covered lanai and landscaped back yard. Master bedroom is conveniently upstairs with a walk-in closet. Community features 3 resort-style pools, Dog Park, tennis courts, shade pavilion, beach volleyball clubhouses, fitness center, putt-putt miniature golf course and more". HOA dues show $206 per month, which is not bad considering all of the amenities included. Plus Orlando is the ultimate place to own an investment property.

Asking price is 430,000 USDC. For those wondering what USDC is, think of it as a digital dollar, also known as a stablecoin. It's 100% by cash and short-dated U.S. treasuries, so that it’s always redeemable 1:1 for U.S. dollars according to its website. USDC was created by the company Circle, living natively on the internet, and running on many of the world’s most advanced blockchains. The company is going all in on transparency given all of the turbulence happening in the crypto world these days including Voyager, Celsius and Three Arrows Capital. (Disclaimer: I hold USDC as part of my portfolio).

Circle CEO Jeremy Allaire stated, that their business model is to minimize risk, not “taking and managing risk, adding,"Circle is not allowed to use the USDC reserves for any other purpose. Unlike a bank or an exchange or an unregulated institution, we cannot lend them out, we cannot borrow against them, and we cannot use them to pay our bills."

A few key points Propy points out on its auction page:

  • You will own a U.S. based entity that owns the property
  • The NFT = ownership rights and it will be stored in your crypto wallet
  • It is NOT FRACTIONAL ownership
  • It’s a DeFi asset, that can be borrowed against
  • The original owner and seller's agent will receive a small royalty on future sales

The State of Florida continues to be seemingly all in on crypto real estate. And with all of the FUD going on lately, it's great to see companies like Propy put together deals like this to educate and bring the real estate industry into the future.

Disclaimer: Nothing in this article should be considered investment advice. Readers should do their own research (DYOR).

Joe Steele
In addition to investing in and selling real estate, Joe is also a crypto investor, running a blog and YouTube Channel, “Crypto and the House”, focusing on all things real estate and crypto.
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