The Dubai Financial Services Authority (DFSA) has approved USDC and EURC, stablecoins issued by Circle Internet Group as recognized crypto tokens within the Dubai International Financial Centre (DIFC). This marks the stablecoins' first recognition under the DIFC’s crypto token framework.
The approval allows financial institutions and fintech companies operating in the DIFC to integrate USDC and EURC into various financial applications, including payments, treasury management, and digital asset services. The DIFC is home to over 6,000 firms, and the move offers a clear regulatory framework for the use of stablecoins within the region.
Regulatory Milestone for Circle's USDC and EURC Stablecoins
The approval of USDC and EURC by the DFSA further solidifies Circle’s position in the global digital currency market. The company has previously gained recognition as the first major stablecoin issuer to comply with the European Union’s MiCA regulations and new listing rules in Canada.
The DFSA's endorsement follows Circle's efforts to engage with global regulators to ensure its stablecoins meet the necessary compliance standards for the United States market. USDC and EURC are now among the few crypto tokens permitted for use and promotion within the DIFC, ensuring that digital asset activities in the region operate under legal certainty.
Support for Middle East Expansion
In addition to regulatory approval, Circle has incorporated a local entity in the United Arab Emirates to support its regional operations. The approval in Dubai is part of Circle's broader strategy to expand its presence in the Middle East and enhance the adoption of its stablecoins globally.
Dante Disparte, Chief Strategy Officer and Head of Global Policy and Operations at Circle emphasized that this approval highlights the company's commitment to regulatory transparency. "As the first stablecoins to receive this designation, USDC and EURC continue to set the global standard for transparency, compliance, and utility," he said.
