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Date: 2025-02-25 13:06:12
Circle's stablecoins, USDC and EURC, have received authorization for utilization and endorsement within the Dubai International Financial Centre (DIFC), as per the company's announcement on Monday.
The Dubai Financial Services Authority (DFSA) has granted recognition to USDC and EURC as approved crypto tokens within the DIFC, according to the statement.
"This approval enables financial institutions and fintechs based in the DIFC to incorporate USDC and EURC into their digital asset services, payments, treasury management, and a variety of financial applications," the company stated.
Ryan Lee, Chief Analyst at Bitget Research, described the recognition of Circle's stablecoins as a significant development in a statement.
"This decision increases trust in stablecoins amidst regional instability, strengthens Circle's competitive position against Tether's USDT dominance, and could potentially redefine the $157 billion stablecoin market by legitimizing USDC and EURC for wider use," Lee said.
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In 2022, Dubai established regulations for the crypto sector, allowing firms to obtain a license and request recognition for their tokens.
"Only crypto tokens that have been recognized are permitted for use and promotion within the DIFC, which houses over 6000 companies," Circle stated. The DIFC is a financial hub that encompasses 77 nations.
Further reading: Circle Secures First Stablecoin License Under EU's New MiCA Crypto Regulations
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