Circle's stablecoins are recognized by the Dubai Monetary Authority and will be able to use USDC and EURC in nearly 7,000 companies in the future

Dubai Financial Services Authority (DFSA) recently announced that it has approved the USDC and EURC issued by Circle as the first batch of recognized stablecoins. This means that businesses at the Dubai International Financial Centre (DIFC) can now use these two stablecoins for a variety of digital asset applications, including payments, fund management and services.

Circle stablecoin is recognized by Dubai regulators

In 2024, the UAE government made significant progress in blockchain regulation, launching a series of regulatory frameworks and piloting the establishment of DAO as a legal entity in the Ras Al Khaimah Digital Oasis.

Dubai International Financial Centre is president of the UAE Vice President, Prime Minister and Minister of Finance and Sheikh Mohammed bin Rashid Al Maktoum in Dubai. Founded in 2004, DIFC is a financial center and free economic zone that serves businesses in the Middle East, Africa and South Asia. According to recent announcements, DIFC currently has 6,920 active companies, with a total revenue of 1.78 billion Dhh (approximately US$484 million) in 2024.

DFSA's approval of Circle's USDC and EURC marks that in the DIFC's economic system, transactions such as payments can be made using Circle's USD and Euro stablecoins issued by Circle, which will further promote the widespread application of blockchain technology.

Tether plans to issue UAE Dirham stablecoin

It is worth noting that Circle's main competitor Tether maintains a good cooperative relationship with the Abu Dhabi authorities. Tether is partnering with Phoenix Group PLC and Green Acorn Investments Ltd in Abu Dhabi to issue stablecoins pegged to UAE Dirham (AED) under the recently released payment services regulations by the Central Bank of the UAE.

It should be added that the UAE is composed of seven emirates, but the main power is in the hands of the two emirates Abu Dhabi and Dubai. Normally, Abu Dhabi's Sheikh serves as the president of the UAE, while Dubai's Sheikh serves as the vice president and prime minister.

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