- DFSA approves Circle’s USDC and EURC for usage in DIFC enterprises.
- The approval allows stablecoin-backed services, such as payments and treasury management.
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). This is a follow-up to Circle’s successful applications in the EU and Canada, continuing to broaden its regulatory presence. With DFSA’s go-ahead, companies in DIFC can now use USDC and EURC on a large scale.
A press release confirmed that Circle, the stablecoin issuer, was granted formal regulatory approval following the submission of its application to the DFSA. The move paves the way for cryptocurrency exchanges and businesses in the DIFC region to provide a range of digital asset services underpinned by stablecoins, such as payments and treasury management solutions.
DFSA Approval Paves the Way for Stablecoin Adoption in DIFC
DIFC hosts more than 6,000 businesses that take advantage of its status as an independent judicial system with great digital asset ambitions. As noted by Circle’s Chief Strategy Officer Dante Disparte, the approval will lead to the region’s stablecoin adoption, establishing DIFC as a champion in digital finance.
Circle has pursued regulatory alignment internationally, such as establishing a local entity in the DIFC as one of its methods of financial regulation alignment. The firm has obtained several approvals in multiple jurisdictions over the past few months, including alignment to the EU’s Markets in Crypto Assets (MiCA) regulation in mid-2024. USDC and EURC also gained full listing conformance with Canadian listing legislation, further strengthening Circle’s growth strategy.
With its attention now on the Middle East, Circle continues to build its footprint in global digital finance economies. Disparte highlighted that DFSA’s acknowledgment of USDC and EURC as official crypto tokens in DIFC reinforces the company’s commitment to regulatory interaction and policy alignment.
