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Circle, the company behind USDC stablecoin, gets a green light in Abu Dhabi to operate as a money services provider, signalling the UAE’s positive approach to digital assets.
Traditional finance is slowly fading in the global payment systems as digital finance gains ground across the world. Major institutions and governments have shifted their approach to digital financial operations to include cryptocurrencies, inspired by their efficiency in cross-border transcations.
In the latest market development, USDC stablecoin issuer Circle has received regulatory approval to operate as a money services provider in Abu Dhabi. This means that the company can offer money services such as payment services, issuance, and custody for the Abu Dhabi Global Market (ADGM). This comes as a reflection of the UAE’s stance on digital assets as key elements of the next financial revolution. Per the Circle announcement on X (formerly Twitter);
We’ve received In-Principle Regulatory Approval from @ADGlobalMarket! We have also entered into a strategic collaboration with @hub71ad, to strengthen innovation within the digital assets space, and advance access to trusted, transparent, and regulated stablecoin infrastructure across the region.
The Past week has seen the stablecoin market surge by 4.8 billion, showing growing demand and adoption of crypto payment services. The market is anticipating further exponential growth in the coming months.
