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Circle Wins Regulatory Nod From Abu Dhabi Watchdog as USDC Hits $62B
The stablecoin issuer received in-principle approval from ADGM's Financial Services Regulatory Authority to operate as a money services provider.
Updated Apr 29, 2025, 2:21 p.m. Published Apr 29, 2025, 8:55 a.m.
What to know:
- Circle received in-principal regulatory approval from Abu Dhabi Global Market's Financial Services Regulatory Authority to expand its operations in the Middle East.
- Stablecoins are growing globally as a payments and remittances alternative to traditional rails.
- The regulatory development comes after Circle debuted a payments network last week boosting utility for its $62 billion USDC token, while the firm is navigating a quiet period after filing for an IPO in the U.S.
Circle, the issuer of the second-largest stablecoin, USDC, said it received in-principal regulatory approval from Abu Dhabi, paving the way for an expansion across the Middle East.
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) granted the company the preliminary green light to operate as a money services provider, edging closer to a full license after incorporating in the financial hub last December.
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The approval "advances our strategy to establish deep roots in markets embracing the onchain economy, creating new pathways for investment and innovation in the region," Circle CEO Jeremy Allaire said in a statement on Tuesday.
The company also announced a partnership with Hub71, Abu Dhabi's tech ecosystem, which includes initiatives in ADGM’s digital regulatory sandbox, grants to startup founders and offers access to institutional networks.
The company did not comment on further plans in the region due to a "quiet period" after filing paperwork in the U.S. to be listed as a public company, a spokesperson said.
Stablecoins, which are cryptocurrencies pegged to fiat currencies like the U.S. dollar, are a rapidly growing group of digital assets and a key piece of infrastructure in the blockchain-based economy. They are widely used for crypto trading, and are becoming increasingly popular in the everyday economy for payments and remittances as a cheaper and faster alternative to traditional banking systems. The total stablecoin market capitalization sits around $230 billion, according to rwa.xyz data.
Read more: Stablecoins Could Bring 'ChatGPT' Moment to Blockchain Adoption, Hit $3.7T by 2030: Citi
Circle's flagship USDC token, fully reserved with dollar assets such as government bonds, is a key player in this field with a $62 billion supply, up over 40% in 2025.
As regulations around stablecoins advance globally, the company has been courting global jurisdictions to enter. Circle claimed the bragging rights as the first large stablecoin issuer to comply with the European Union's MiCA regulations last year. It also launched USDC last month in Japan with SBI Holdings.
Last week, Circle unveiled a cross-border payments network to further boost stablecoin use.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
USDC Issuer Circle Secures Abu Dhabi's ADGM License in Middle East Expansion
The license allows Circle to expand USDC payment and settlement tools across the United Arab Emirates.
What to know:
- Circle has obtained a Financial Services Permission license from Abu Dhabi Global Market, allowing it to operate as a Money Services Provider in the UAE.
- The stablecoin issuer has appointed Dr. Saeeda Jaffar, former manager at payments firm Visa.
- The approval comes as part of the UAE's emergence as a global hub for regulated digital assets, following similar licenses granted to Binance.
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