In essence that is how we define multiplication on the reals.
The rationals is an order field with ordered field axioms and definitions. It is the most basic of ordered fields as it is precisely the field one generates with only the axioms and definition. (I.E. with the elements $1$ and $0$ and the axioms)
But the rationals do not have the least upper bound property. The definition of the reals is the "smallest" ordered field with the least upper bound property with $\mathbb Q$ as a subfield.
But before we define them as such we must prove such a field exist and define what it's elements are and what the operations are.
I say, in essence, the real numbers are the limits of cauchy sequence or rationals and addition and multiplication the limits of sums and products of the terms (sort of) but that's getting ahead of ourselves as the definition of limits comes after the definition of the reals.
Instead we must define the reals and multiplication and addition in terms of the rationals and the least upper bound property. Traditionally this is done by defining the reals as sets of rational numbers that are bounded above but have no maximum elements (Dedekind cuts). In other words the real are equivalent to these sets and when we think of the reals as numbers (rather than as sets) these are what the supremema of such sets would be. And multiplication is defined, surprisingly awkwardly, as the sets of products of elements of two such sets.
Essentially, and with violation of circularity of concepts, $x$ is defined as $\{q\in \mathbb Q| q < x\}\cong \sup \{q\in \mathbb Q| q < x\}$.And $xy = \sup \{q\in \mathbb Q| q < x\}*\sup \{p\in \mathbb Q| p < y\}=\sup \{qp; q,p\in\mathbb Q| q< x; p < y\}$
Which essentially is definition by limits.... well, least upper bounds.