Dubai financial authority recognizes USDC and EURC as first stablecoins
In a significant move that underscores the United Arab Emirates’ increasing regulatory clarity in the digital asset space, the Dubai Financial Services Authority (DFSA) has approved Circle’s stablecoins—USD Coin (USDC) and EURC—as recognized tokens under its crypto token regime.
This marks the first time that stablecoins have been formally approved for use within the Dubai International Financial Centre (DIFC), a key financial district that serves companies across the Middle East, Africa, and South Asia. With nearly 7,000 active companies operating in the DIFC—a 25% increase from 2023—the new status enables local businesses to integrate USDC and EURC into a variety of digital asset applications, including payments and treasury management.
Implications for the crypto market
This regulatory breakthrough comes amid a broader push across the UAE to foster a secure and innovative crypto ecosystem. In 2024, new laws and licensing frameworks have been implemented, including a recent approval by the UAE Central Bank for a system to oversee and license stablecoins. Meanwhile, Dubai’s updated crypto token rules now permit both domestic and foreign funds to invest in digital assets. Although Circle’s stablecoins are the first to gain recognition in the DIFC, Tether’s USDT—pegged at $1.00—has also been making inroads; it was recognized as a virtual asset in Abu Dhabi in December 2024 and is now being integrated into the UAE real estate market through a partnership with Reelly Tech.
Recent market data further highlight the growing adoption of stablecoins: USDC’s market capitalization surged from $45.6 billion to $56.3 billion between January 8 and February 10, reaching $57.2 billion as of February 24. Despite this growth, Tether’s USDT continues to dominate with a 63% market share, and the overall stablecoin market cap has increased by nearly $100 billion since December 2023.
As the UAE refines its crypto regulatory landscape, experts expect that these moves will encourage further institutional adoption and innovation, potentially transforming the regional financial ecosystem.
Read also: Strategy now holds nearly 500,000 Bitcoin after latest $1.99B purchase
Latest Crypto News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
