Circle receives regulatory approval in Abu Dhabi to expand in the Middle East

Circle has received preliminary approval from Abu Dhabi regulators, moving closer to launching regulated stablecoin services and expanding the global adoption of USDC.

The issuer of the USDC stablecoin, Circle, has received in principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), the company announced on April 29.

The approval brings Circle closer to obtaining a full Financial Services Permit (FSP) license, allowing it to operate as a regulated money services provider in the United Arab Emirates, the firm reported in an official press release.

Jeremy Allaire, co-founder and CEO of Circle, stated that the approval "advances our strategy to establish deep roots in markets that embrace the on-chain economy." He added:

It also underscores Circle's enduring commitment to global oversight of stablecoins—strengthening trust, compliance, and adoption worldwide while establishing a resilient foundation for the internet financial system.

Circle partners with Hub71

In addition to regulatory progress, Circle announced a partnership with Hub71, Abu Dhabi's tech ecosystem. As part of the collaboration, both firms plan to work together on projects within the ADGM's digital regulatory sandbox.

Circle will also join Hub71's digital asset group, sharing its expertise with a community of over 500 tech startups and investors.

Circle's flagship token, USDC, is the second-largest stablecoin by market capitalization. Currently, there are 62.03 billion USDC tokens (USDC) in circulation, according to CoinMarketCap data.

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