Dubai is on the right track by adopting digital currencies as the increasing number of firms taking benefits of simplifies global trade through digital coins.

The recent approval of Circle Internet Group's USD Coin (USDC) and Euro Coin (EURC) as recognized crypto tokens in the Dubai International Financial Centre (DIFC) is a step ahead.

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Dubai is heading in the right direction with its adoption of digital currencies, and the move is being appreciated by a growing number of firms who are benefitting from simplified global trade through digital coins.

The recent approval of Circle Internet Group's USD Coin (USDC) and Euro Coin (EURC) as recognized crypto tokens in the Dubai International Financial Centre (DIFC) is a step in the right direction, Lluis Mas, Chairman of Belobaba stated.

While talking to media in Dubai, Mas said that over 6,000 firms in the DIFC can now incorporate USDC and EURC into their operations.

"This decision by the DIFC is a significant one, as it has implications for the broader financial ecosystem in the United Arab Emirates," Mas remarked.

"Many digital currencies come with a bit of instability because they are volatile and unpredictable. That’s not the case with Stablecoins like USDC and EURC. These currencies have ties to stable assets, like the US dollar or the euro. This makes them more reliable than other cryptocurrencies," he added.

He mentioned that through these tokens, one can easily make global payments with low charges, and the best part is that people can use Stablecoins for daily transactions.

"Several countries, including those in the Middle East, are already using Stablecoins, and the results are promising. Stablecoins provide a secure store of value for regions experiencing high inflation. In the meantime, governments are modifying their policies to take advantage of the benefits and ensure adherence," Mas said.

As Stablecoins become more mainstream in the UAE’s financial ecosystem, they can unlock new opportunities for businesses and individuals alike. By simplifying payments and encouraging innovation, Stablecoins could be the key to making Dubai a leader in global digital finance.

With these tokens, businesses and individuals in the UAE can now enjoy quicker, more secure digital transactions, while it encourages foreign investments and attracts global fintech companies to set up their businesses in Dubai. This step brings the UAE closer to becoming a digital finance powerhouse, setting an example for other nations to follow.