Catenaa, Saturday, May 10, 2025-Circle, the issuer of the USDC stablecoin, has received in-principle approval from Abu Dhabi Global Market’s (ADGM) financial regulator to operate as a money services provider, the company announced last week.
The move signals a significant step in Circle’s expansion into the Middle East and Africa and follows its incorporation of a new legal entity within ADGM in December 2024.
While not yet a full license, the in-principle approval allows Circle to begin laying operational groundwork, pending final regulatory clearance.
Jeremy Allaire, Circle co-founder and CEO, called the approval a “milestone” and praised the UAE for embracing financial innovation.
Circle’s stablecoin, USDC, holds more than 31% of Ethereum’s total stablecoin supply and is one of the most widely used dollar-pegged digital assets globally. The firm is also pursuing a U.S. public listing after filing an IPO with the Securities and Exchange Commission earlier this month.
The approval comes as Circle seeks greater global regulatory alignment for stablecoins. The company previously received a similar in-principle license in Singapore in late 2022, which was followed by full approval seven months later.
Abu Dhabi Global Market, a financial free zone in the UAE capital, has its own regulatory system overseen by the Financial Services Regulatory Authority, which granted Circle the preliminary nod.
