Circle becomes official financial services provider in Abu Dhabi
Circle, the issuer behind the USD Coin (USDC) stablecoin, has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a licensed money services provider in the United Arab Emirates.
The approval, announced April 28, marks a significant step in Circle’s expansion across the Middle East and Africa, reports The Block.
It follows the company’s incorporation of a new legal entity in ADGM in December 2024, as part of a broader effort to increase global presence and drive adoption of onchain financial infrastructure.
“This IPA from ADGM advances our strategy to establish deep roots in markets embracing the onchain economy,” said Circle CEO Jeremy Allaire. “It also underscores Circle’s enduring commitment to global stablecoin oversight — strengthening trust, compliance, and adoption worldwide.”
Circle deepens global regulatory footprint
In-principle approval from ADGM means Circle has cleared preliminary regulatory hurdles to conduct financial operations in the UAE, though final licensing is still pending. A similar trajectory was seen in Singapore, where Circle secured a Major Payments Institution License just seven months after receiving in-principle approval in 2022.
The UAE move reflects an increasing openness in the Gulf region toward regulated digital asset activity. ADGM, in particular, has positioned itself as a hub for blockchain innovation, with tailored frameworks for digital assets and financial technology firms.
USDC’s global expansion gains momentum
Circle’s growing list of regulatory wins comes as USDC continues to assert itself as a major player in the stablecoin space. As of April 28, USDC accounts for more than 31% of the Ethereum-based stablecoin supply, according to The Block’s Data Dashboard.
The Abu Dhabi approval follows Circle’s recent steps to fortify global compliance, including licenses in Singapore and France, and an application in the U.S. under pending stablecoin legislation.
As Circle eyes full approval in the UAE, the company is positioning USDC as a preferred tool for cross-border settlement, digital commerce, and decentralized finance in regions with high remittance activity and fintech adoption.
The approval may also boost confidence among institutions and developers in the Middle East, creating new opportunities for blockchain-enabled financial services built on USDC rails.
Recently we wrote that Circle, the company behind the $60 billion USDC stablecoin, is launching a new global payments and remittance network aimed at banks, fintechs, and payment service providers.
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