The stablecoin issuer received in-principle approval from ADGM's Financial Services Regulatory Authority to operate as a money services provider.
What to know:
Circle received in-principal regulatory approval from Abu Dhabi Global Market's Financial Services Regulatory Authority to expand its operations in the Middle East.
Stablecoins are growing globally as a payments and remittances alternative to traditional rails.
The regulatory development comes after Circle debuted a payments network last week boosting utility for its $62 billion USDC token, while the firm is navigating a quiet period after filing for an IPO in the U.S.