Circle (CRCL), the company behind the $78 billion stablecoin said on Tuesday it has received a Financial Services Permit (FSP) license from Abu Dhabi Global Market (ADGM), officially establishing the company in the United Arab Emirates’ regulated cryptocurrency ecosystem.
The license, issued by the ADGM Financial Services Regulatory Authority (FSRA), follows initial approval in April and allows Circle to operate as a money services provider within the financial free zone.
In addition to the approval, the company has appointed Dr. Saeeda Jaffar from payments processing giant Visa as managing director to lead the business in the Middle East and Africa region, the company said.
The license opens the door for the company to offer the USDC stablecoin in commercial payments, settlements and other financial use cases across the UAE. Earlier this year, Circle gained regulatory recognition in Dubai, with USDC and its euro-backed counterpart EURC registered under the Dubai Financial Services Authority’s cryptocurrency regime.
The UAE has become an important global center for regulated digital asset businesses. Circle’s approval comes just one day after cryptocurrency giant Binance received a trading, clearing and brokerage license from the Abu Dhabi Financial Services Regulatory Authority.
With regulatory guardrails in place for the rapidly growing $300 billion asset class, stablecoins like USDC are increasingly becoming part of the global financial system. They are increasingly popular as cross-border payment instruments, especially in areas where traditional banking infrastructure is limited or costly.