Circle’s USDC and EURC Receive Approval as Regulated Stablecoins in Dubai
On February 24, Circle announced approval from the Dubai Financial Services Authority (DFSA) to offer its USDC and EURC stablecoins as regulated digital assets in Dubai.
- USDC and EURC are the first stablecoins recognized under Dubai's crypto regulatory framework.
- The approval allows licensed financial institutions in the Dubai International Financial Centre (DIFC) to integrate these stablecoins for various financial applications.
- The stablecoins join a list of cryptocurrencies permitted in DIFC, including Bitcoin, Ethereum, Litecoin, Ripple, and Toncoin.
- DIFC enforces strict compliance standards with over 7,000 registered firms allowed to operate regulated digital assets.
- This milestone is seen as a step toward broader stablecoin adoption and sets a regulatory benchmark for other issuers.
- Circle's regulatory success follows approvals in Europe, where it became compliant with the EU’s Markets-in-Crypto-Assets regulation.
- The UAE Central Bank introduced a new framework for stablecoins last year, enhancing regulatory clarity for cryptocurrencies.
- Circle minted $2 billion worth of USDC on Solana this month, increasing its market share on the blockchain to 78%.
Circle continues to expand USDC's role in cross-border finance, DeFi, and institutional crypto adoption.