USDC and EURC Break New Ground as Dubai’s First Officially Recognized Stablecoins

Stablecoin issuer Circle announced that its flagship asset USDC and its smaller euro-based stablecoin EURC have both been approved as “recognized crypto tokens” by the Dubai Financial Services Authority (DFSA). The recognition will allow the 6,000 companies in the Dubai International Financial Centre (DIFC), including financial institutions, to use and promote the two stablecoins. USDC is the second largest stablecoin in the world with a market capitalization of roughly $57 billion which represents approximately 25% of the $230 billion stablecoin sector, according Coin Market Cap data. EURC is significantly smaller with a $112 million market capitalization. “As the first stablecoins to receive this designation, USDC and EURC continue to set the global standard for transparency, compliance, and utility,” said Dante Disparte, Circle’s chief strategy officer and head of global policy and operations. “This milestone aligns with our mission to make digital dollars and euros more accessible, interoperable, and useful for businesses, developers, and financial institutions worldwide.”