The USDC and EURC de Circle’s Stablecoin obtained approval for use and promotion within the Dubai International Financial Center, the company said in a statement on Monday.
The Dubai Financial Services Authority (DFSA) approved the USDC and the EURC as a recognized cryptographic token within the DIFC, according to the press release.
“With this approval, financial institutions and fintechs operating in the DIFC can integrate USDC and EURC into digital asset services, payments, cash management and a range of financial applications” indicated the company.
The recognition of the stablescoins of Circle changes the game, Ryan Lee, chief analyst of Bitget Research, said in a press release.
“This decision strengthens confidence in stables in the middle of regional volatility, stimulates Circle’s competitive position against the domination of the USDT of Tether and could reshape the $ 157 billion stable market by legitimizing USDC and EURC for Larger use, “said Lee.
Dubai set up rules for the cryptography sector in 2022 which allowed companies to obtain a license and apply to have their tokens recognized.
“Only recognized cryptographic tokens are authorized for use and promotion in the DIFC which houses more than 6000 companies,” said Circle. The DIFC is a financial center which includes 77 countries.
Read more: Circle Snags First Stablecoin Disables under the new EU Crypto Mica rules
