USDC issuer Circle obtains financial license from Abu Dhabi ADGM, accelerating expansion into the UAE and Middle East stablecoin market

USDC issuer Circle announced on Tuesday that it has officially obtained a Financial Services Permission (FSP) from Abu Dhabi Global Market (ADGM), marking a further deepening of its presence in the regulated digital asset ecosystem of the United Arab Emirates. The license, issued by the ADGM Financial Services Regulatory Authority (FSRA), allows Circle to operate as a money services provider in this financial free zone, expanding the use cases of USDC in commercial payments, cross-border settlements, and other financial applications.

Following preliminary approval in April this year, this final license enables Circle to drive larger-scale USDC deployment in the UAE. USDC currently has a market capitalization of about $78 billion and is one of the world’s most regulated and widely used dollar stablecoins.

Circle also announced the appointment of Dr. Saeeda Jaffar as Managing Director for the Middle East and Africa, responsible for local business expansion. Dr. Jaffar previously worked at payments giant Visa and has extensive experience in fintech and payment systems, making her a key figure in accelerating USDC’s adoption in the region.

As the UAE becomes one of the world’s most active regulated digital asset hubs, Circle is actively integrating into the local regulatory framework. Earlier this year, Circle’s USDC and euro stablecoin EURC were approved under the Dubai Financial Services Authority (DFSA) regulatory regime, further strengthening its regional compliance status.

Abu Dhabi has also been accelerating efforts to attract global crypto firms. Just a day before Circle’s approval, an exchange was granted trading, clearing, and brokerage licenses by the ADGM regulator, reflecting the local government’s strong support for the digital asset industry.

With regulatory frameworks in markets like the UAE becoming clearer, stablecoins are rapidly integrating into the global financial structure. The global stablecoin market cap is approaching $300 billion, and they are quickly gaining popularity in cross-border payments, corporate settlements, and fintech applications. For regions where banking services are expensive or infrastructure is weak, demand for stablecoins like USDC continues to rise.

Circle’s approval is seen as a key milestone in its expansion into the Middle East market and further drives the penetration of USDC in financial-grade applications globally. (CoinDesk)