Dubai approves USDC and EURC as first stablecoins under crypto regime

The Dubai Financial Services Authority (DFSA) has officially recognised USDC (CRYPTO:USDC) and EURC (CRYPTO:EURC) as approved tokens under its crypto regime.

This decision marks the first time stablecoins have received such approval within the Dubai International Financial Centre (DIFC).

As a result of this new status, companies operating within the DIFC can now incorporate USDC and EURC into various digital asset applications.

These include payments, treasury management, and other financial services.

The DIFC, established in 2004, serves as a financial district and free economic sone catering to businesses across the Middle East, Africa, and South Asia.

According to the DIFC, the district hosts nearly 7,000 active companies.

The DFSA's approval of USDC and EURC aligns with the increasing regulatory clarity in the United Arab Emirates (UAE).

In 2024, UAE regulators introduced laws and licensing frameworks shaping the country's crypto sector.

Tether, a competitor of Circle, has also made inroads in the UAE, with its USDT becoming a recognised virtual asset in Abu Dhabi in December 2024.

Circle has complied with the European Union's Markets in Crypto-Assets (MiCA) regulations and Canada's new listing rules.

The market capitalisation for USDC rose from $45.6 billion to $56.3 billion between January 8 and February 10, a 23.4% increase.

As of February 24, USDC’s market capitalisation stands at $57.2 billion.

At the time of reporting, the USD Coin (USDC) price was $0.9998, and the Euro Coin (EURC) price was $1.05.