tl;dr
Circle, the issuer of the USDC stablecoin, has received initial approval from Abu Dhabi's Financial Services Regulatory Authority (FSRA), moving closer to full permission to operate in the Abu Dhabi Global Market (ADGM). This approval supports Circle's plans to offer compliant financial services acr...
Circle, the issuer of the USDC stablecoin, has secured initial regulatory approval from Abu Dhabi's Financial Services Regulatory Authority (FSRA), marking a significant step toward full authorization to operate in the Abu Dhabi Global Market (ADGM). This approval advances Circle’s ambition to provide compliant financial services using USDC stablecoin across the Middle East and Africa, aiming to increase USDC adoption in the region and compete more effectively with Tether’s USDT.
In addition to regulatory progress, Circle has partnered with Hub71, Abu Dhabi’s leading tech ecosystem, to foster digital asset innovation and fintech development. Through this partnership, Circle will leverage ADGM’s digital regulatory sandbox to support fintech startups by providing access to grants, funding, and scaling opportunities. Circle’s inclusion in Hub71’s Digital Assets Specialist ecosystem connects it with over 500 tech startups and venture capital partners, further strengthening the region’s fintech infrastructure.
Jeremy Allaire, CEO of Circle, highlighted that the regulatory nod opens new pathways for investment and innovation in the Middle East and underscores Circle’s commitment to global stablecoin oversight. This collaboration promises to enhance trust, compliance, and adoption of digital financial services while laying foundational infrastructure for the internet financial system.
Ahmad Ali Alwan, CEO of Hub71, emphasized that Circle’s expertise will enrich the digital assets ecosystem by providing greater access to resources, mentorship, and growth opportunities, accelerating the evolution of Web3 and digital finance from Abu Dhabi.
This development aligns with broader trends of increasing regulatory clarity and mainstream adoption of stablecoins globally, positioning the Middle East as a growing hub for digital finance innovation.