Circle (CRCL) Stock: Abu Dhabi License & Bybit Partnership Fuel Global Expansion

Circle just landed a regulatory green light in one of the world's most influential financial hubs. The company secured a full license from Abu Dhabi's Financial Services Regulatory Authority, clearing the runway for its USDC stablecoin and broader infrastructure services in the Middle East.

Why the Gulf Matters

This isn't just another office opening. Abu Dhabi is positioning itself as a digital asset nexus, and Circle's license is a master key. It grants operational legitimacy in a region flush with institutional capital actively seeking crypto exposure. The move signals a strategic pivot to capture the next wave of institutional adoption where the money is already flowing.

The Bybit Multiplier

Simultaneously, Circle locked in a major partnership with crypto exchange Bybit. The deal integrates USDC directly into Bybit's massive global trading ecosystem, promising enhanced liquidity and seamless fiat on-ramps for millions of users. It's a classic distribution play—get the dominant stablecoin on a top-tier platform and watch volume compound.

Together, these moves form a pincer strategy: regulatory capture in a capital-rich region and aggressive distribution through a leading exchange. For a company often viewed through the narrow lens of 'just a stablecoin issuer,' it's a sharp reminder that the real game is building the foundational pipes for global digital finance—even if Wall Street analysts are still trying to value it like a traditional bank.

TLDR

• Circle secures Financial Services Permission license from Abu Dhabi Global Market to operate as Money Services Provider in UAE
• Dr. Saeeda Jaffar joins from Visa to lead Circle’s Middle East and Africa operations as managing director
• Circle partners with Bybit, the world’s second-largest crypto exchange, to expand USDC adoption beyond Coinbase ecosystem
• Bybit will integrate USDC across spot and derivatives markets, savings products, payments, and card rewards
• Circle gains regulatory approval one day after Binance obtained licenses from Abu Dhabi’s Financial Services Regulatory Authority

Circle received a Financial Services Permission license from Abu Dhabi Global Market on Tuesday. The approval allows the company to operate as a Money Services Provider in the United Arab Emirates.

The license came from ADGM’s Financial Services Regulatory Authority. Circle first received preliminary approval back in April.

Circle has received an FSP license from Abu Dhabi’s FSRA, allowing it to operate as a Money Services Provider in the ADGM.

This gives Circle a stronger regulatory base in the Middle East. pic.twitter.com/wiHrxa7AiQ

— Money Guru Digital (@Moneygurudigi) December 9, 2025

Circle appointed Dr. Saeeda Jaffar as managing director for Middle East and Africa operations. She previously worked at Visa in payments processing.

The company can now offer USDC stablecoin for business payments and settlements across the UAE. Circle’s USDC currently has a market cap of $78 billion.

Circle Internet Group, CRCL

USDC and EURC received recognition in Dubai earlier this year. The Dubai Financial Services Authority registered both stablecoins under its crypto regime.

Circle’s approval followed Binance obtaining licenses from the same regulatory authority. Binance received approval for exchange, clearing, and brokerage operations just one day earlier.

Strategic Partnership With Bybit

Circle announced a partnership with Bybit on Monday. Bybit ranks as the second-largest crypto exchange globally by trading volume.

The partnership will increase USDC presence across Bybit’s platform. Bybit has traditionally relied on Tether’s USDT stablecoin for most operations.

Bybit will boost USDC liquidity in spot and derivatives markets. The exchange will also expand USDC use in savings products, payments, and card rewards programs.

Circle will integrate its fiat on-ramp and off-ramp infrastructure with Bybit. This integration aims to make deposits and withdrawals faster for users.

Breaking Coinbase Dependence

The Bybit deal helps Circle reduce its reliance on Coinbase. Circle has been heavily dependent on the U.S.-based exchange for USDC circulation.

Analysts have warned that stagnant USDC adoption could hurt Circle’s stock performance. The company needs global partners to compete with Tether’s dominant market position.

Binance partnered with Circle almost exactly one year ago. That deal expanded USDC availability for trading, saving, and payments on the world’s largest crypto exchange.

The stablecoin market has grown to $300 billion in total value. Stablecoins are becoming more integrated into the global financial system.

Bybit stated the partnership reinforces its position as a regulatory-compliant platform. The exchange emphasized its commitment to transparency and trust.

USDC trails Tether as the second-largest stablecoin by market cap. Circle’s partnerships aim to close that gap through increased global distribution.

The UAE has emerged as a major hub for regulated digital assets businesses. Circle’s license positions the company to serve customers across the Middle East region.

Circle received the Abu Dhabi license following its Dubai registration earlier in 2025. The company now has dual regulatory approval in the UAE’s two main financial centers.