Dubai Approves Circle’s USDC and EURC for Promotion in DIFC
Circle's stablecoins, USDC and EURC, received approval for use within the Dubai International Financial Centre (DIFC). The Dubai Financial Services Authority (DFSA) recognized them as crypto tokens.
- Financial institutions and fintechs in the DIFC can integrate USDC and EURC into various financial services.
- This recognition may enhance trust in stablecoins and improve Circle’s competitiveness against Tether’s USDT.
- The approval could impact the $157 billion stablecoin market by legitimizing USDC and EURC.
- Dubai established rules for its crypto sector in 2022, allowing firms to obtain licenses for token recognition.
- Only recognized crypto tokens can be used and promoted in the DIFC, which hosts over 6,000 firms from 77 countries.