Crypto drew significant attention and acceptance following a change in the point of view of the United States under the friendly administration of Donald Trump. According to this regime, crypto and related companies are no longer treated as enemies. Consequently, the Dubai Financial Service Authority (DFSA) adopted the cryptography movement by approving the stablescoins of Circle, the USDC and the EURC, as an authorized tokens under its new cryptographic regime, which makes them among the first to receive such approval.
DIFC companies can now use USDC, EURC for payments and more
Stables of Circle, USDC and EURC, recently Approved in the EU and Canada, have now acquired recognition from the Dubai Financial Services Authority (DFSA). This approval allows companies from Dubai International Financial Center (DIFC) to adopt these stablescoins for various functions of digital assets such as payments and treasure management.
The DIFC, created in 2004, is a key financial center and a free economic zone which is aimed at companies in the Middle East, Africa and South Asia. It houses nearly 7,000 companies, reflecting growth of 25% since 2023. In this district, only officially recognized cryptographic tokens are authorized for commercial operations.
While the USDC obtained its position as one of the first approved tokens, its competitor attachment is not far behind. In December 2024, the USDT of Tether acquired recognition as a legitimate digital actor in Abu Dhabi and explores the uses of the real estate sector of the United Arab Emirates thanks to a partnership with Reelly Tech, a local real estate platform.
Following these approvals, Crypto exchanges and DIFC companies can now offer improved stable back services. The director of Circle’s strategy, Dante Départe, stresses that this approval will considerably stimulate the use of the best stablescoins in the region, aligning with its ambitious digital asset objectives.
The USDC test of the circle continues to rise
The circle has considerably increased its USDC emission. Between January 8 and February 10, the market capitalization of this widely used stablecoin increased from $ 45 billion to $ 56 billion, marking an increase of more than 23%. As of February 24, the USDC market capitalization reached $ 57.2 billion. Despite this growth, the USDT of Tether still maintains a strong lead with market domination of 63.12%, as reported by Defillama.
This increase in Stablecoin’s activity shows one of the key trends in the current crypto bull race. Since December 2023, the total market capitalization of Stablecoins has inflated by almost $ 100 billion, reflecting their growing use in cryptographic space.
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Circle has been on a role, ensuring a series of approvals in various regions lately. In mid-2024, the USDC became one of the ten stablecoins to meet the complete compliance requirements of the EU markets in the regulation of cryptographic assets (MICA).
After their success in the EU, the USDC and its counterpart reached full compliance with Canadian regulations during an aggressive expansion period. With Europe and North America now covered, Circle clearly aims to expand its presence in the Middle East.