Tether, Circle and crypto exchange Binance have announced new regulatory approvals from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). These steps reinforce the emirate’s role as one of the main fintech and crypto hubs in the Middle East.
USDT Receives Expanded Status in ADGM
Tether reported that its stablecoin USDT has been recognized in the ADGM jurisdiction as an “Accepted Fiat-Referenced Token” (AFRT). The updated status applies to the asset on the following networks:
- Aptos
- Celo
- Cosmos
- Kaia
- NEAR
- Polkadot
- Tezos
- TON
- TRON
Previously, the regulator had already approved USDT on Ethereum, Solana and Avalanche. Now, ADGM-licensed financial institutions can work with the stablecoin across almost all major blockchains where it is available.
Tether CEO Paolo Ardoino stressed that the FSRA’s decision strengthens Abu Dhabi’s position as a global financial and digital hub and creates a more predictable regulatory environment for the stablecoin industry.
Circle Expands Its Presence and Appoints a Regional Managing Director
Circle has obtained a Financial Services Permission (FSP) from the FSRA. This license allows the company to officially provide money transfer services and operate as a payment solutions provider within ADGM.
At the same time, the issuer of the USDC stablecoin has strengthened its regional leadership. Dr. Saeeda Jaffar has been appointed Managing Director for the Middle East and Africa. Previously, she served as Senior Vice President at Visa in the Gulf region.
Her responsibilities will include:
- building partnerships with local banks;
- expanding the use of USDC and Circle’s payment solutions;
- integrating stable digital assets into the region’s financial infrastructure.
Binance Receives Comprehensive Approval from FSRA
On 8 December, Binance also announced that it had received a license in the ADGM jurisdiction. According to the exchange’s Co-CEO Richard Teng, this marks an important milestone for the company.
He noted that Binance has become the first global exchange to obtain comprehensive approval from the FSRA, under which the platform’s global operations and liquidity are now under full end-to-end regulatory oversight. Teng linked the license to the robustness of Binance’s business model and its commitment to maximum transparency.
In his words, the decision confirms the exchange’s focus on “responsible innovation” and supports its long-term mission to bring one billion users into the industry.
Shifting Balance: Middle East Growth Amid European Trends
The intensified activity of Tether, Circle and Binance in the Middle East is unfolding against a backdrop of changes in the European stablecoin segment. According to a report by Decta, most of the growth in capitalization among euro-denominated stablecoins now comes from Circle’s EURC, while Tether’s euro stablecoin share has declined.
Against this background, strengthening their presence in the regulated and fast-growing ADGM jurisdiction looks like a logical step for major market players seeking to diversify their geographic footprint and expand in regions with a favorable regulatory environment.
