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Circle Internet Group has received approval from the Dubai Financial Services Authority (DFSA) for USDC and EURC as recognized crypto tokens within the Dubai International Financial Centre (DIFC). This marks a significant milestone as the first stablecoins approved under the DIFC's crypto token regime, allowing financial institutions to integrate these tokens into various digital asset services. The approval underscores Circle's commitment to regulatory compliance and its strategic focus on the Middle East, including the establishment of a local entity in the UAE.
Circle's USD Coin (USDC) experienced a 78% increase in circulation in 2024, reaching over 500 million users, while Tether (USDT) saw a decline in market cap. USDC's compliance with EU regulations and partnerships with organizations like MoneyGram aim to enhance accessibility and adoption, with Binance collaborating to further promote USDC in the global market.
Circle's global head of policy, Dante Disparte, anticipates that the U.K. will introduce stablecoin regulations within months, emphasizing the need for formal laws to harness the benefits of the technology. He noted that the U.K. risks falling behind the EU and Singapore in stablecoin legislation, while also highlighting the importance of innovation and job creation in the evolving financial landscape.
Dante Disparte
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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