USDC to Obtain ADGM License
Circle receives Financial Services Permission from the FSRA within Abu Dhabi Global Market, enabling operation as a Money Services Provider in the UAE. The regulatory milestone follows earlier recognition of USDC and EURC as approved stablecoins in the region, reinforcing Circle’s focus on compliance and transparency.USDC InfoUSD Coin is a leading stablecoin pegged 1:1 to the US dollar, aiming to offer a consistent value regardless of broader cryptocurrency market fluctuations. Developed and managed by Circle, it stands as the second-largest stablecoin ecosystem, surpassed only by USD Tether .USDC maintains its stable value by holding US dollar asset reserves in regulated financial institutions in the US. The integrity and sufficiency of these reserves are externally verified by Grant Thornton, an accounting firm that provides monthly attestation reports. This full backing ensures trust in the stablecoin, making it an appealing choice for various financial applications.Compatible with multiple blockchains like Ethereum, Algorand, Solana, Stellar, and TRON, USDC boasts a market capitalization that positions it within the top five cryptocurrencies. Beyond simply serving as a stable asset, it offers numerous functionalities, ranging from hedging against market volatility and facilitating rapid international remittances to enabling peer-to-peer payments and ensuring payment interoperability across diverse blockchain networks.