The USDC and ERC of Circle Stablecoin obtained the approval of its use and promotion within the Dubai International Financial Center, the company said in a statement on Monday.
The Dubai Financial Services Authority (DFSA) approved the USDC and ERC as cryptographic tokens recognized within the DIFC, according to the statement.
“With this approval, financial institutions and fintechs that operate in the DIFC can integrate USDC and ERC into digital asset services, payments, treasure management and a variety of financial applications,” said the company.
The Circle Stablcoins recognition is a game change, said Ryan Lee, Chief of Bitget Research in a statement.
“This movement improves the confidence in Stablecoins in the midst of regional volatility, increases the competitive circle position against the mastery of the Tether USDT and could remod Wider, “Lee said.
Dubai established rules for the cryptographic sector in 2022 that allowed companies to obtain a license and request that their tokens be recognized.
“Only cryptographic tokens recognized for use and promotion in the DIFC, which is home to more than 6000 companies,” said Circle. The DIFC is a financial center that includes 77 countries.
Read more: Circle Snags First Stablecoin License under the new EU crypto mica rules
