Circle, the issuer of the second largest stablecoin, USDC, said that he had received regulatory approval from the principle of Abu Dhabi, paving the way for expansion through the Middle East.
The Financial Services Regulatory Authority (FSRA) by Abu Dhabi Global Market (ADGM) has granted the company the preliminary green light to operate as a monetary service provider, approaching a complete license after joining the financial center last December.
The approval “advances our strategy aimed at establishing deep roots in the markets embracing the economy of Onchain, creating new investment and innovation paths in the region,” the CEO of Circle, Jeremy Allaire said on Tuesday.
The company also announced a partnership with HUB71, the Abu Dhabi technological ecosystem, which includes initiatives in the DIGM digital sandbox, subsidies to startup founders and offers access to institutional networks.
The company did not comment on other plans in the region due to a “period of calm” after having filed documents in the United States to be registered as a public company, said a spokesperson.
Stablecoins, which are cryptocurrencies fixed to fiduciary currencies such as the US dollar, are a rapidly growing group of digital assets and a key infrastructure in the blockchain-based economy. They are widely used for cryptographic trading and become more and more popular in the daily economy for payments and sending of funds as a cheaper and faster alternative to traditional banking systems. Total Stablecoin market capitalization is around $ 230 billion, according to Rwa.xyz data.
Read more: Stablecoins could bring a moment of “Chatppt” to the adoption of blockchain, reach 3.7 t $ by 2030: Citi
The USDC flagship token of Circle, fully reserved with dollars assets such as government bonds, is a key player in this area with an offer of $ 62 billion, up more than 40% in 2025.
While the regulations concerning stablescoins are advancing worldwide, the company courts the world courts to enter. Circle claimed the rights to boast as the first major Stablecoin transmitter to comply with the regulations of the European Union Mica last year. He also launched the USDC last month in Japan with SBI Holdings.
Last week, Circle unveiled a network of cross -border payments to further increase the use of the stable reserve.
