Crypto has received a lot of attention and acceptance after a change in the US’s vision under the crypto-friendly government of Donald Trump. Under this regime, crypto and related companies are no longer treated as enemies. As a result, the Dubai Financial Service Authority (DFSA) has embraced the Crypto movement by the Stablecoins, USDC and EURC van Circle, as authorized tokens under its new crypto regime, which achieved one of the first to receive such approval .
DIFC companies can now use USDC, EURC for payments and more
Circle’s Stablecoins, USDC and EURC, recently Approved in the EU and Canada, have now received recognition from the Dubai Financial Services Authority (DFSA). With this approval, companies within the Dubai International Financial Center (DIFC) can take over these Stablecoins for various digital actival functions such as payments and treasury management.
The DIFC, founded in 2004, is an important financial hub and a free economic zone that is suitable for companies in the middle -old, Africa and South Asia. It is the home of nearly 7,000 companies, which reflects a growth of 25% since 2023. In this district, only officially recognized crypto -tokens are allowed for business activities.
Although USDC has protected its position If one of the first approved tokens has protected, the competitor of the competitor is not far behind. In December 2024, Tether’s USDT received recognition as a legitimate digitally active in Abu Dhabi and investigates the use in the VAE real estate sector through a partnership with Reelly Tech, a local real estate platform.
Following these approvals, crypto exchanges and companies in the DIFC can now offer improved services with stablecoin-supported services. Circle’s Chief Strategy Officer, Dante Disparte, points out that this approval will significantly stimulate the use of top stablecoins in the region, in accordance with its ambitious goals of digital assets.
Circle’s USDC Minting continues to rise
Circle has considerably increased its issue of USDC. Between January 8 and February 10, the market capitalization of this commonly used Stablecoin rose from $ 45 billion to $ 56 billion, which increased more than 23%. From 24 February the market capitalization of USDC has reached $ 57.2 billion. Despite this growth, Tether’s USDT still maintains a strong lead with a market dominance of 63.12%, as reported by Defillama.
This increase in the Stablecoin activity shows one of the most important trends of the current Crypto Bull Run. Since December 2023, the total market capitalization of Stablecoins has been swollen with almost $ 100 billion, which reflects their increasing use in the crypto space.
Also read: Citadel Securities Eyes Crypto Trade after the support of Trump; Large exchanges in sight
Circle has been on a role and has recently obtained a series of approvals in different regions. In mid -2024, USDC became one of the ten stablecoins that meets the full compliance requirements of the EU’s Markets in Crypto Assets (MICA) Regulation.
After their success in the EU, both USDC and the counterpart have achieved complete compliance with Canadian regulations during a period of aggressive expansion. Now that Europe and North America is now covered, Circle clearly focuses his sights on expanding its presence in the middle -east.
