Leading stablecoin issuer Circle Internet Group has announced that it has received an In-Principle Approval from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market to operate as a money services provider in the region.
The regulatory development comes weeks after Circle made its debut as a payments network in the region, which also helped it reach the $62 billion valuation mark. Commenting on the development Jeremy Allaire, Circle’s Co-Founder and CEO, said that “the move underscores Circle’s enduring commitment to global stablecoin oversight, strengthening trust, compliance and adoption worldwide, while also laying a resilient foundation for the internet financial system.”
“We are excited about Circle’s contribution to ADGM’s dynamic ecosystem leveraging their regulatory-first approach, commitment to innovation, and global credibility in the stablecoin space,” said Arvind Ramamurthy, Chief of Market Development at ADGM.
Also read: Circle Stock falls following announcement of 10 million share sale
Meanwhile, Circle has also announced a strategic collaboration with Hub71, Abu Dhabi’s global tech ecosystem, to strengthen innovation within the digital assets space. The two firms plan to work together on projects within ADGM’s digital regulatory sandbox and will offer founders access to grants, institutional networks, and opportunities to accelerate fintech innovation through hackathons, educational workshops, and mentorship programs, it said in a press release.
Circle’s flagship USDC token is the second-largest stablecoin in terms of market capitalization according to coingecko and they have been pushing into new global markets amid rising interest in stablecoins. Circle was incorporated in the UAE in December 2024 and has plans of expanding across the region.