Circle (CRCL), the firm behind the $78 billion stablecoin , said on Tuesday it has secured a Financial Services Permission (FSP) license from Abu Dhabi Global Market (ADGM), giving the company a formal foothold into the United Arab Emirates' regulated crypto ecosystem.
The license, issued by ADGM’s Financial Services Regulatory Authority (FSRA), allows Circle to operate as a Money Services Provider inside the financial free zone, following the preliminary approval in April.
Alongside the approval, the firm also appointed Dr. Saeeda Jaffar to lead operations in the Middle East and Africa region as managing director, joining from payments processing giant Visa, the company said.
The license opens the door for the company to offer its USDC stablecoin in business payments, settlements and other financial use cases across the UAE. The regulatory nod follows Circle’s recognition in Dubai earlier this year, where USDC and its euro-backed counterpart EURC became registered under the Dubai Financial Services Authority's crypto regime.
The UAE emerged as a key global hub for regulated digital assets businesses. Circle's approval comes only a day after crypto giant Binance obtaining licenses from Abu Dhabi’s 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 being put in place for the fast-growing, $300 billion asset class. Their popularity is rising as tools for cross-border payments, particularly in regions where access to traditional banking infrastructure is limited or costly.
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