Thomas Daniels
Circle, the issuer of the USD Coin (USDC) stablecoin, has received in-principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), marking a significant step in its Middle East expansion strategy.
This regulatory milestone positions Circle to obtain a full Financial Services Permission (FSP) license, which would authorize the company to operate as a regulated money services provider in the United Arab Emirates. Jeremy Allaire, Co-Founder and CEO of Circle, stated that this development aligns with the firm’s strategy to embed itself in regions advancing the on-chain economy and reinforces Circle’s long-term commitment to global stablecoin oversight.
In tandem with this progress, Circle has partnered with Hub71, a leading tech ecosystem in Abu Dhabi. This collaboration will support innovation through ADGM’s digital regulatory sandbox and will integrate Circle into Hub71’s digital assets group—providing access to a growing community of over 500 technology startups and institutional investors.
Currently, USDC is the second-largest stablecoin by market capitalization, with approximately $62.03 billion in circulation. Circle has also taken significant steps toward international compliance and adoption. In July 2024, it became the first global stablecoin issuer to align with the European Union’s Markets in Crypto-Assets (MiCA) regulation. Furthermore, in Japan, Circle expanded its footprint through a strategic partnership with SBI Holdings. On March 26, 2025, SBI VC Trade began supporting USDC, marking the first instance of a stablecoin gaining regulatory approval in Japan.
These strategic advancements reinforce Circle’s objective to drive regulated digital finance and establish USDC as a trusted global stablecoin across diverse financial markets.
