Circle (CRCL), the firm behind the $78 billion stablecoin said on Tuesday that it has received a Financial Services Permit (FSP) license from Abu Dhabi Global Market (ADGM), giving the company an official foothold in the UAE’s regulated crypto ecosystem.
ADGM’s license issued by the Financial Services Regulatory Authority (FSRA), after initial approval in April, allows Circle to operate as a money services provider within the Financial Free Zone.
Along with the approval, the firm also appointed Dr Syeda Jafar to lead operations in the Middle East and Africa region, joining payment processing giant Visa, the company said.
The license opens the door for the company to offer its USDC stablecoin for business payments, settlements and other financial uses in the UAE. The regulatory NOD follows CIRCLE’s recognition in Dubai earlier this year, where USDC and its euro-backed counterpart EUREK registered under the Dubai Financial Services Authority’s crypto regime.
The UAE has emerged as a major global hub for regulated digital asset trading. Circle’s approval comes just a day after it received a license from Abu Dhabi’s Financial Services Regulatory Authority for exchange, clearing, and brokerage operations.
Stablecoins like USDC are increasingly becoming part of the global financial system as regulatory safeguards are put in place for the fast-growing, $300 billion asset class. They are growing in popularity as tools for cross-border payments, especially in areas where access to traditional banking infrastructure is limited or expensive.