Chiara Bianchi
Circle, the issuer behind the widely used USDC stablecoin, has secured in-principle approval from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM), allowing it to operate as a money services provider in the region.
This regulatory step follows Circle’s incorporation of a dedicated legal entity in ADGM back in December 2024, part of a broader plan to expand its footprint across the Middle East and Africa.
Jeremy Allaire, Circle’s Co-Founder and CEO, emphasized the UAE’s supportive stance toward crypto innovation, stating:
“The UAE is leading efforts to enable responsible financial innovation. ADGM’s in-principle approval aligns with our global strategy of building trust in the onchain economy, and it accelerates our commitment to regulated stablecoin adoption worldwide.”
While not yet a full license, this type of approval indicates that Circle has cleared the initial regulatory hurdles, often signaling that full authorization is likely forthcoming.
USDC Dominates Ethereum’s Stablecoin Market as Circle Eyes IPO
USDC currently accounts for over 31% of all Ethereum-based stablecoins, according to recent data from PRIME’s dashboard. As the stablecoin gains traction globally, Circle is also preparing to go public, having filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission earlier this month.
ADGM Emerges as a Global Hub for Digital Finance
The Abu Dhabi Global Market is an internationally recognized financial free zone with its own independent regulatory authority, the FSRA. Circle’s growing presence there reflects a trend of major crypto companies choosing ADGM as a launchpad into the Middle East — a region increasingly embracing digital asset regulation and blockchain-driven finance.
