Circle's USDC and EURC Stablecoins Officially Cleared by the Dubai Financial Services Authority (DFSA)

The Dubai Financial Services Authority (DFSA) has officially cleared Circle's USDC and EURC stablecoins, the first stablecoin clearance in the Dubai International Financial Centre (DIFC).

The Dubai Financial Services Authority (DFSA) has cleared Circle’s USDC and EURC stablecoins, marking the first stablecoin approval in the Dubai International Financial Centre (DIFC). This follows Circle’s recent successes in securing regulatory approval in the EU and Canada, demonstrating its ongoing efforts to expand its global regulatory presence.

As the apex regulator of the DIFC, the DFSA’s clearance now enables companies within the DIFC to use USDC and EURC on a larger scale for a variety of services.

"We are pleased to confirm that the Dubai Financial Services Authority (DFSA) has granted formal regulatory approval to Circle following the submission of its application to the Authority," a press release confirmed.

"This move paves the way for cryptocurrency exchanges and businesses operating within the DIFC to provide a range of digital asset services underpinned by stablecoins, such as payments and treasury management solutions."

Stablecoins Cleared for Wider Use in DIFC

The DIFC is home to over 6,000 businesses that benefit from its status as an independent judicial system and its strong digital asset ambitions.

"This approval will drive broader adoption of stablecoins in the region and further cements the DIFC's role in leading the way in digital finance," said Dante Disparte, Chief Strategy Officer at Circle.

Highlighting the company’s commitment to regulatory engagement and policy alignment, Disparte added that "the DFSA's recognition of USDC and EURC as official crypto tokens in the DIFC is a testament to Circle's ongoing efforts in this domain."

To align with financial regulations, Circle has established a local entity in the DIFC as one of its strategies. It has also secured several approvals in multiple jurisdictions over the past few months.

In mid-2024, USDC and EURC achieved alignment to the EU's Markets in Crypto Assets (MiCA) regulation. Additionally, USDC and EURC obtained full listing conformance with Canadian listing legislation, further boosting Circle's growth plans.

Having set its sights on the Middle East, Circle continues to expand its footprint in global digital finance economies.