#AbuDhabiStablecoin Circle obtains regulatory approval from the Abu Dhabi regulator as USDC reaches US$ 62 billion
The issuer of the stablecoin received in-principle approval from the Financial Services Regulatory Authority of ADGM to operate as a financial services provider.
Circle has received in-principle regulatory approval from the Financial Services Regulatory Authority of the Abu Dhabi Global Market to expand its operations in the Middle East.
Stablecoins are growing globally as an alternative payment and remittance method to traditional rail systems.
The regulatory development comes after Circle launched a payment network last week, increasing the utility of its USDC token $ 62 billion, while the company is going through a quiet period after registering an IPO in the US.
Circle, the issuer of the second largest stablecoin, USDC, said it has received in-principle regulatory approval from Abu Dhabi, paving the way for expansion in the Middle East.
The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has granted the company preliminary green light to operate as a financial services provider, approaching a full license after incorporating in the financial center last December.
The approval "advances our strategy to establish deep roots in Markets that embrace on-chain economy, creating new pathways for investment and innovation in the region," said Circle CEO Jeremy Allaire in a statement on Tuesday.
The company also announced a partnership with Hub71, Abu Dhabi's technology ecosystem, which includes initiatives in the ADGM's digital regulatory environment, grants for startup founders, and provides access to institutional networks.
