Dubai Officially Recognizes USDC and EURC

Circle has announced that its stablecoins USDC and EURC have been approved as “recognized crypto tokens” by the Dubai Financial Services Authority (DFSA).

This recognition allows the 6,000 companies within the Dubai International Financial Centre (DIFC), including financial institutions, to utilize and promote these two stablecoins.

USDC is the world’s second-largest stablecoin, with a market capitalization of approximately $57 billion, accounting for about 25% of the $230 billion stablecoin market, according to data from CoinMarketCap. In comparison, EURC has a market capitalization of $112 million.

Dante Disparte, Circle’s chief strategy officer and head of global policy and operations, stated, “As the first stablecoins to receive this designation, USDC and EURC continue to set the global standard for transparency, compliance, and utility.