Dubai Approves Circle’s USDC and EURC as First Recognized Stablecoins Under New Crypto Framework
Crypto has received significant attention and acceptance after Donald Trump’s U.S. viewpoints under the crypto-friendly government have changed. Under this system, cryptocurrencies and related companies are no longer treated like enemies. As a result, the Dubai Financial Services Authority (DFSA) accepted the crypto movement by approving Circle’s Stablecoins, USDC and EUR, a token authorized by its new crypto regime, making it one of the first to obtain such approvals. .
DIFC companies can now use USDC, EUR for payments and more
Circle’s Stablecoins, USDC and Eurc, recent With the approval of the EU and Canada, it has now been approved by the Dubai Financial Services Agency (DFSA). This recognition allows companies within the Dubai International Financial Centre (DIFC) to adopt these stable digital asset features such as payments and finance management.
Founded in 2004, DIFC is a key financial hub and free economic zone that caters to businesses in the Middle East, Africa and South Asia. It is home to nearly 7,000 companies, reflecting a 25% increase since 2023. In this region, only officially recognized crypto tokens are allowed to operate the business.
Although USDC has secured its status as one of the earliest approved tokens, its competitors are not behind. In December 2024, Tether’s USDT gained legal digital assets recognition in Abu Dhabi through a partnership with local real estate platform Reelly Tech and is exploring the use of the UAE real estate industry.
Following these approvals, crypto exchanges and companies in DIFC can now offer enhanced Stablecoin support services. Dante Disparte, Circle’s chief strategy officer, noted that the approval would greatly enhance the region’s top stable use and meet its ambitious digital asset goals.
Circle’s USDC casting continues to surge
Circle has greatly improved the issuance of USDC. Between January 8 and February 10, the market value of this widely used Stablecoin jumped from $45 billion to $56 billion, an increase of more than 23%. As of February 24, USDC’s market value has reached US$57.2 billion. Despite this growth, Tether’s USDT remains a good lead with a market advantage of 63.12%.
This surge in Stablecoin activity shows one of the key trends in current crypto cattle running. Stablecoins’ total market capitalization has expanded by nearly $100 billion since December 2023, reflecting their increased utilization in the cryptocurrency space.
Please read also: Citadel Securities Eyes Crypto deal after Trump’s support; main communication in the eyes
Circle has been scrolling and has recently received a series of approvals across regions. In mid-2024, USDC became one of the ten stablers that meet all compliance requirements of the EU market in Crypto Assets (MICA) regulations.
After the EU’s success, USDC and its peers have fully complied with Canadian regulations during their active expansion. With Europe and North America now covering, Circle is clearly looking to expanding its presence in the Middle East.
