Circle Secures Abu Dhabi License, Eyes payment and Settlement Expansion in UAE

USDC issuer Circle has taken a major step in its Middle East expansion, securing a financial services permission license from the Abu Dhabi Global Market’s Financial Services Regulatory Authority, allowing it to operate as a money services provider. The New York-listed stablecoin company announced Tuesday that it plans to expand regulated payment and settlement services in the United Arab Emirates for businesses, developers and financial institutions.

“[ADGM’s] framework sets a high bar for transparency, risk management, and consumer protection — standards that enable trusted stablecoins to power real-world payments and finance at internet scale,” Circle Co-founder and CEO Jeremy Allaire said. “Regulatory clarity is the foundation of a more open and efficient internet financial system.”

ADGM functions as a special economic zone and international financial center in the UAE capital, operating under its own legal and regulatory system. The FSRA acts as the primary regulator and licensing body for firms operating within the zone.

As part of its regional build-out, Circle appointed Saeeda Jaffar as managing director for the Middle East and Africa. Jaffar joins from Visa, with experience in the region serving as senior vice president and group country manager for the Gulf Cooperation Council. 

Jaffar is expected to lead Circle’s strategy and institutional partnerships to drive adoption of dollar stablecoins and onchain payment infrastructure across the UAE and broader MEA. Meanwhile, Circle’s stock closed down 1.94% at $83.96 on Monday, according to The Block’s price page. The shares have fallen 22% over the past six months. Circle’s announcement closely followed high-profile regulatory developments in Abu Dhabi involving major crypto companies.