Circle (CRCL) Stock Wavers as USDC Issuer Secures ADGM License in the UAE

Circle stock sees investors booking profits, following a more than 10% rebound over the past week. It coincides with USDC stablecoin issuer Circle Internet receiving a Money Services Provider license from the Financial Services Regulatory Authority (FSRA) of ADGM.

Circle Internet Secures Financial Services Permission (FSP) License in the UAE

NYSE-listed stablecoin giant Circle Internet achieves a major regulatory milestone as it receives a Financial Services Permission (FSP) license from Abu Dhabi Global Market on December 9.

The license enables the firm to operate as a Money Services Provider in the International Financial Centre (IFC) of Abu Dhabi. The firm plans to expand regulated payments and settlements for institutions in the UAE.

“We are honored to work with the FSRA in ADGM. Their 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,” said Jeremy Allaire, co-founder, chairman and CEO of Circle.

The ADGM asserted that Circle’s regulated presence helps build a trusted, institutional-grade digital asset ecosystem in Abu Dhabi. Also, it further cements the UAE’s role as a leading hub for regulated digital finance.

On Monday, Binance received a suite of licenses from the Financial Services Regulatory Authority (FSRA) of ADGM. The global license enables Binance to offer regulated trading, custody, settlement, and off-exchange activities.

USDC Issuer Appoints Ex-Visa VP as Managing Director for MEA Region

Circle has named Saeeda Jaffar as managing director to lead the stablecoin issuer’s growing adoption in the Middle East & Africa (MEA) region. She will join after serving as senior vice president at financial giant Visa.

Jaffar to manage Circle’s regional strategy, partnerships with financial institutions and enterprises, and boost USDC stablecoin adoption and on-chain payment across the UAE and broader MEA markets.

Circle CEO Jeremy Allaire said he is delighted to welcome Saeeda Jaffar to Circle Internet. He added that Jaffar’s deep regional expertise, strategic vision, and reputation are highly valuable as Circle looks to expand its presence across the UAE and MEA region.

As CoinGape reported earlier, the Dubai International Financial Centre recognized USDC and EURC as the first stablecoins under the Dubai Financial Services Authority’s (DFSA) crypto token rules.

Circle Stock Under Pressure

Circle stock saw profit booking to close 1.94% lower at $83.96, as traders sought cues on market direction amid the FOMC Meeting jitters. Also, it dropped 0.88% to $83.96 in after-market hours trading. This comes following a more than 10% rebound in the last few days.

CRCL stock is now down more than 27% year-to-date, erasing all gains following massive selling by investors due to heightened uncertainty in the crypto market.

Analyst Ali Martinez shared the 1-day chart for CRCL stock, hinting at a fall in prices in the coming days. He highlighted that TD Sequential is now flashing a sell signal after accurately timing the local bottom.