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Dubai Approves Circle's Stablecoins USDC and EURC for Use in DIFC
The Dubai Financial Services Authority (DFSA) approved USDC and EURC as recognized crypto tokens within the Dubai International Financial Centre.
What to know:
- Circle's stablecoin's USDC and EURC got approval to be used and promoted within the Dubai International Financial Centre.
- "With this approval, financial institutions and fintechs operating in the DIFC can integrate USDC and EURC into digital asset services, payments, treasury management, and a range of financial applications," the company said.
Circle's stablecoin's USDC and EURC got approval for use and promotion within the Dubai International Financial Centre, the company said in a statement on Monday.
The Dubai Financial Services Authority (DFSA) approved USDC and EURC as recognized crypto tokens within the DIFC, the statement said.
STORY CONTINUES BELOW
"With this approval, financial institutions and fintechs operating in the DIFC can integrate USDC and EURC into digital asset services, payments, treasury management, and a range of financial applications," the company said.
The recognition of Circle's stablecoins is a game-changer, Ryan Lee, Chief Analyst at Bitget Research said in a statement.
"This move enhances trust in stablecoins amid regional volatility, boosts Circle’s competitive stance against Tether’s USDT dominance, and could reshape the $157 billion stablecoin market by legitimizing USDC and EURC for broader use," Lee said.
Dubai put in place rules for the crypto sector in 2022 that enabled firms to obtain a license and apply to get their tokens recognized.
"Only recognized crypto tokens are permitted for use and promotion in the DIFC which is home to over 6000 firms," Circle said. The DIFC is a financial centre which includes 77 countries.
Read more: Circle Snags First Stablecoin License Under EU's New MiCA Crypto Rules
Omkar Godbole contributed reporting.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
