The issuer of USD Coin (USDC) Stablecoin, Circle, has received approval to operate in another country! Here are the details.

The issuer of the USD Coin (USDC) stablecoin, Circle, announced that it has obtained principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a money services provider in the capital of the United Arab Emirates.

Circle Received Principal Approval to Operate as a Money Service Provider in Abu Dhabi

This approval represents an important step in Circle's strategy to strengthen international expansion and global stablecoin adoption and regulation.

Although there is currently no full regulatory license, the principle approval means that Circle has met the core requirements of the FSRA and is moving towards obtaining full authorization to provide financial services in the financial free zone of ADGM.

In December 2024, Circle established a legal entity within ADGM, demonstrating its intention to establish a stronger presence in the Middle East and Africa.

Jeremy Allaire, the co-founder and CEO of Circle, said, "The UAE is laying the groundwork for responsible innovators to build the internet financial system." He added, "This IPA from ADGM advances our strategy of establishing deep roots in markets that embrace the onchain economy, opening new avenues for investment and innovation in the region."

Allaire added that this approval strengthens Circle's commitment to compliance, transparency, and international security regarding stablecoins, describing this initiative as a "solid foundation for the internet financial system."

The move mirrors Circle's trajectory in the regulatory process in Singapore. The principle license, which was granted in Singapore in late 2022, resulted in full approval about seven months later. If a similar timeline is followed in the UAE, Circle's full approval in Abu Dhabi could be obtained in the second half of 2025.

Circle is currently issuing USDC, a stablecoin pegged to the USD that represents more than 31% of the total supply of Ethereum-based stablecoins. The company is facing regulatory pressures as it prepares to go public by filing for an IPO ( with the U.S. Securities and Exchange Commission earlier this month.