Summary
- The Dubai Financial Services Authority has officially recognized USDC and EURC for the first time.
- This enables more than 6,000 companies based in the Dubai International Financial Centre to utilize USDC and EURC for payments, transactions, and financial services.
- Circle's co-founder stated that similar approvals are expected soon in other major jurisdictions.
The Dubai Financial Services Authority (DFSA) has officially recognized USD Coin (USDC) and Euro Stablecoin (EURC). This marks the first instance of Dubai's financial authority recognizing stablecoins.
On the 4th (local time), Circle announced via X that "USDC and EURC are the first stablecoins to be officially recognized by the DFSA," adding that "with this approval, more than 6,000 companies based in the Dubai International Financial Centre (DIFC) can now use USDC and EURC for payments, transactions, and financial services."
Jeremy Allaire, Circle's co-founder, shared this news and added that "following the European Union (EU) and Canada, approvals in other major jurisdictions are expected soon."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
