According to Odaily, Circle Internet Group, Inc., a digital financial technology company, has announced the establishment of a new entity in the Abu Dhabi International Financial Center. This move marks a significant milestone in the company's strategic expansion into the Middle East and Africa.
Circle has also formed a partnership with LuLu Financial Holdings and its subsidiaries, one of the largest financial services groups in the region. This collaboration aims to facilitate remittances and cross-border payments using Circle's fully reserved digital dollar, USDC. The partnership is expected to enhance the efficiency and security of financial transactions in the region, leveraging Circle's expertise in digital currency solutions.
The establishment of the Abu Dhabi entity and the partnership with LuLu Financial Holdings underscore Circle's commitment to expanding its presence and influence in the Middle East and Africa. By integrating USDC into the financial ecosystem, Circle aims to provide a reliable and innovative solution for cross-border financial activities, aligning with the growing demand for digital financial services in these regions.