Dubai’s financial hub, the Dubai International Financial Centre (DIFC), has officially recognized USDC and EURC as approved crypto tokens under its regulatory framework. This makes them the first stablecoins to receive such approval within the DIFC, according to an announcement by Circle Internet Group, Inc., a leading global fintech firm.

The Dubai Financial Services Authority (DFSA) granted this recognition, allowing financial institutions and fintech companies operating in the DIFC to use USDC and EURC for various digital finance applications. These include payments, treasury management, and other financial services. The DIFC, which houses over 6,000 firms, provides a robust legal framework for the use of digital assets.

This approval represents another step in Circle’s global expansion and regulatory accomplishments. The company has already complied with the European Union’s MiCA regulations and Canada’s new listing rules for stablecoins. Circle’s recent establishment of a local entity in the UAE highlights its commitment to fostering growth in the Middle East.

Dante Disparte, Circle’s Chief Strategy Officer, praised the move, emphasizing the company’s efforts to enhance transparency, compliance, and trust in the global stablecoin market. He noted that this milestone aligns with Circle’s vision to make digital dollars and euros more accessible and practical for businesses and financial institutions worldwide.

This development further solidifies Circle’s position as a leader in the regulated stablecoin market, driving adoption and innovation in the global financial ecosystem.