#AbuDhabiStablecoin Circle has received preliminary approval from the Abu Dhabi Financial Services Regulatory Authority to expand its operations in the Middle East.

Stablecoins are growing worldwide as an alternative to traditional rails for payments and money transfers.

This change in the regulatory bodies came after Circle launched a payment network last week, enhancing the utility of its $62 billion USDC token, while the company experiences a lull following its IPO application in the US.