Circle becomes the first approved stablecoin in Dubai, and in the future, USDC and EURC can be used in the Dubai Financial Center, which has nearly 7,000 companies.

The Dubai Financial Services Authority (DFSA) recently announced the official approval of Circle's issuance of USDC and EURC as the first recognized Stable Coins by the institution. This means that companies in the Dubai International Financial Center (DIFC) can now integrate these two Stable Coins into a range of digital asset applications, including payments, fund management, and services.

Circle's stablecoin under the issuance was approved by the Dubai Financial Services Authority

By 2024, the UAE government has increasingly clear regulatory framework for blockchain, launching a series of regulatory frameworks, and even piloting the implementation of DAO as a legal entity in the digital oasis of Hayy Jameel.

(The UAE's regulatory framework for DAOs will be launched at the end of the month, allowing remote registration to establish DAO as a legal entity)

The Chairman of the Dubai International Financial Centre is Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, who is also the Vice President, Prime Minister and Minister of Finance of the UAE. Established in 2004, the Dubai International Financial Centre is a financial and free economic zone that serves companies in the Middle East, Africa, and South Asia. In a recent announcement, the Dubai Financial Centre currently has 6,920 active companies, with a total revenue of 1.78 billion dirhams (approximately 484 million US dollars) in 2024.

The UAE's Dubai Monetary Authority (DFSA) announced the approval of usbc and EURC for issuance under Circle, and also said that it will be possible to use Circle's US dollar and euro Stable Coin as payment media under the economic system of Dubai International Financial Center, which is expected to further promote the large-scale adoption of blockchain.

Tether and the issuance of AED Stable Coin

However, Tether, Circle's main competitor, has a good cooperation with the Abu Dhabi authorities. Tether has partnered with the technology group Phoenix Group PLC based in Abu Dhabi, as well as Green Acorn Investments Ltd, to apply for a license based on the recent payment service regulations announced by the Central Bank of the United Arab Emirates, linking issuance with AED in a Stable Coin.

(Tether enters the UAE, linking issuance with AED Stable Coin)

As a supplement, the organizational structure of the United Arab Emirates (UAE) is composed of seven emirates. However, the main power is concentrated in the hands of two emirates, Abu Dhabi and Dubai. As customary, the Sheikh of Abu Dhabi (emir) is equivalent to the president of the UAE, while the Sheikh of Dubai serves as the prime minister and vice president.

This article is the first to recognize Stable Coin in Dubai by Circle, and USDC and EURC can be used in the Dubai Financial Center of nearly 7,000 companies in the future, first appeared in Chain News ABMedia.