Circle (CRCL), the company behind the $78 billion stablecoin said on Tuesday it had obtained a Financial Services Authorization (FSP) license from Abu Dhabi Global Market (ADGM), giving the company a formal foothold in the UAE’s regulated crypto ecosystem.
The license, issued by the ADGM Financial Services Regulatory Authority (FSRA), allows Circle to operate as a money services provider inside the Financial Free Zone, following preliminary approval in April.
Along with this approval, the company also appointed Dr Saeeda Jaffar to lead operations in the Middle East and Africa region as Managing Director, coming from payment processing giant Visa, the company said.
The license opens the door for the company to offer its stablecoin USDC in commercial payments, settlements and other financial use cases across the UAE. This regulatory agreement follows Circle’s recognition in Dubai earlier this year, where USDC and its Euro-backed counterpart, EURC, were registered under the Dubai Financial Services Authority’s crypto regime.
The UAE has become a key global hub for regulated digital asset businesses. Circle’s approval comes only a day after crypto giant Binance obtained licenses from the Abu Dhabi Financial Services Regulatory Authority for exchange, clearing and brokerage operations.
Stablecoins like USDC are increasingly becoming part of the global financial system as regulatory guardrails are put in place for the fast-growing, $300 billion asset class. Their popularity is growing as a cross-border payment tool, particularly in regions where access to traditional banking infrastructure is limited or expensive.
