Circle, the issuer of the USDC stablecoin, has received in-principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), marking a significant step in its expansion into the Middle East. This approval positions Circle to obtain a full Financial Services Permission (FSP) license, enabling it to operate as a regulated money services provider in the United Arab Emirates.
In conjunction with this regulatory milestone, Circle has announced a partnership with Hub71, Abu Dhabi’s tech ecosystem. The collaboration aims to foster innovation within ADGM’s digital regulatory sandbox, with Circle joining Hub71’s digital assets group to share expertise with over 500 tech startups and investors.
Circle’s expansion into the Middle East aligns with the UAE’s ambition to become a global hub for Web3 technologies. The country’s progressive regulatory environment and strategic partnerships are attracting leading digital asset firms, reinforcing its position in the global crypto landscape.
As of now, Circle’s USDC is the second-largest stablecoin by market capitalization, with over $62 billion in circulation. The company’s continued global expansion reflects the growing demand for regulated stablecoin services and the increasing adoption of digital currencies worldwide.
