Abu Dhabi’s ADGM Adds USDT to Approved Token List Across Major Blockchains

Tether and Circle have received significant regulatory approvals in Abu Dhabi, with Tether's stablecoin recognized as an Accepted Reference Token (ARFT) and Circle obtaining a Financial Services Provider (FSP) license. These developments mark a pivotal moment for the cryptocurrency sector in the UAE, reflecting the region's commitment to fostering a regulated digital asset environment.

Stable has officially launched a dedicated stablecoin network, backed by Tether CEO Paolo Ardoino, with an initial seed funding of $28 million. This initiative aims to enhance the infrastructure and usability of stablecoins in the cryptocurrency market.

Circle has secured a Financial Services Permission (FSP) license from the Abu Dhabi Global Market (ADGM), marking a significant step in its expansion into the Middle East and positioning the company to enhance stablecoin adoption in the region.

Plume has secured a commercial license from the Abu Dhabi Global Market (ADGM), marking a significant step in its expansion plans within the Middle East's cryptocurrency landscape. This license will enable Plume to operate more effectively in the region, focusing on Real-World Asset (RWA) initiatives.

Circle has received a license in Abu Dhabi, allowing it to function as a licensed Money Services Provider as the UAE advances its crypto regulatory framework. This approval is part of a broader initiative to enhance the country's position in the global cryptocurrency market.

Michael Saylor, CEO of Strategy, proposed a Bitcoin-backed banking system for nation-states during a speech in Abu Dhabi, suggesting that countries could leverage Bitcoin reserves and tokenized credit markets to provide regulated accounts with higher yields.

StableChain has launched its mainnet, utilizing USDT for gas fees and introducing a dedicated governance token, with backing from notable investors including Bitfinex and Tether after a successful $28 million seed round.

Tether's USDt has been recognized by the Abu Dhabi Global Market (ADGM) as an accepted fiat-referenced token, allowing licensed companies in the UAE to offer regulated custody services for this stablecoin. This recognition marks a significant regulatory milestone for Tether in the region.