USDC issuer, Circle receives approval to operate as a financial services provider in Abu Dhabi
Preliminary approval aligns with the region's strategy to establish deep roots in markets that embrace the onchain economy#
Circle, a financial technology company and issuer of the USDC stablecoin, has received preliminary approval from the Abu Dhabi Global Market (ADGM) to operate as a financial services provider. The ADGM, the name given to the international financial center in the United Arab Emirates, is the entity that regulates digital asset trading in the country.
"The United Arab Emirates is paving the way for responsible innovators to build the internet's financial system," said Circle co-founder and CEO Jeremy Allaire in a statement shared with The Block.
According to the executive, the endorsement of Circle boosts the region's strategy to establish deep roots in markets that adopt the onchain economy, creating new pathways for investment and innovation. Furthermore, the publication emphasizes that Allaire reiterated Circle's commitment to global stablecoin regulation, aiming to enhance trust and worldwide adoption with a focus on a solid digital financial foundation.
The approval comes after Circle established a legal entity in the region in December 2024. While still awaiting the final license, the precedent set by Singapore suggests it may be close. The expansion is part of Circle's strategy to grow in the Middle East and Africa while also preparing to go public in the U.S.
