Dubai Officially Approves use of stablecoins USDC and EURC

Circle has announced that its stablecoins USDC and EURC are afloat recognized by the Dubai Financial Services Authority (DFSA).

This makes these 2 stablecoins the archetypal ones to beryllium regulated coins nether the DIFC’s crypto token regime.

The approval, announced today, means that USDC and EURC tin beryllium utilized much wide by implicit 6,000 firms successful the DIFC fiscal institutions and fintech companies for integer plus services, payments, and treasury management.

This support follows Circle’s earlier achievements successful planetary regulation. Circle is the archetypal large stablecoin issuer to win successful gathering the caller regulations acceptable successful spot successful Canada listing rules and the European Union (MiCA).

It besides shows Circle’s increasing beingness successful the Middle East. In December 2024, Circle opened a section entity successful the UAE to enactment its maturation successful the region. The institution besides formed a concern with LuLu Financial Holdings to usage USDC for cross-border payments and remittances.

Dante Disparte, Circle’s Chief Strategy Officer, commented, “The DFSA’s support of USDC and EURC arsenic recognized crypto tokens wrong the DIFC is yet different validation of our constructive attack to regulatory and argumentation engagement.” 

He added that this support volition acceptable planetary standards of transparency and compliance, making integer dollars and euros easier for businesses to usage worldwide.

This support besides comes successful the discourse of the UAE’s broader attack to stablecoin regulation. The Central Bank of the UAE released stablecoin outgo rules successful 2024. These rules accidental that lone AED-backed stablecoins tin beryllium utilized to bargain goods and services successful the UAE. 

However, stablecoins regulated by DIFC, ADGM, oregon VARA tin beryllium utilized for virtual plus purchases. USDC and EURC are present among those stablecoins approved for specified use.

Also Read: Circle Unveils Paymaster to Pay Gas Fees Using USDC