Circle’s Stablecoin’s USDC and EURC get approved for use and promotion within the Dubai International Financial Center, the company said In a statement last Monday.
The Dubai Financial Services Authority (DFSA) has approved the USDC and EURC as recognized crypto tokens within the DIFC, the statement said.
“In this approval, financial and finisch -operating institutions in the DIFC may include USDC and EURC in digital assets, payments, ark management, and a set of financial applications,” said of the company.
Recognizing Circle’s Stablecoins is a game changing, Ryan Lee, chief analyst in Bitget Research in a statement.
“This move improves confidence in stablecoins amid volatility in the region, enlarges the competitive stance of the Circle against Tether’s USDT dominance, and can reinstate the $ 157 billion stablecoin market by licking of USDC and EURC for greater use, “Lee said.
Dubai puts the rules in place for Crypto sector in 2022 that enables companies to obtain a license and apply to Identify their tokens.
“Crypto tokens are only recognized for use and promotion at the DIFC which is home to more than 6000 companies,” Circle said. The DIFC is a financial center that includes 77 countries.
Read more: Circle Snags First Stablecoin License under EU’s new Mica Crypto Rules
