Circle has now become part of the Abu Dhabi Global Market (ADGM), marking an important move in its growth in the Middle East and Africa. This step gives the company the ability to offer its stablecoin, USD Coin (USDC), to the expanding digital market in the region.
Additionally, the company said it has partnered with financial services firm LuLu Financial Holdings for the Gulf, Asia, and more. The goal is to enhance remittances and cross-border payments using USDC because of its quickness, consistency, and ability to track.
Circle’s mission is to change the game in global finance with reliable blockchain solutions. The company closes the gaps that exist in traditional financial services to bring about financial inclusion. The partnership with LuLuFin reflects this vision. It targets the high-demand remittance corridors between the Middle East, Asia, and Europe.
LuLu Financial Holdings’ perspective on Circle collaboration
With the company processing more than $10 billion annually and functioning across regions with substantial remittances, LuLuFin will be able to boost its liquidity, reduce volatility, and operationalize end-to-end payments using USDC. Such a partnership will reduce the cost of transactions and improve their viability on a practical level.
LuLu Financial Holdings’ Managing Director, Adeeb Ahamed, praised the partnership and said:
We have harnessed the transformative power of blockchain technology, enabling better, faster, and more seamless cross-border payment experiences for our customers.
At the same time, Circle’s VP for the Middle East and Africa, Miriam Kiwan, responded, stating that her firm is dedicated to transforming cross-border payments. She mentioned that this partnership is positive for both businesses and individuals, as it could provide significant economic benefits.
Nevertheless, with its ADGM incorporation and LuLuFin collaboration, Circle is very well-positioned to play a leading role in the region. It is also driving growth in the digital economy and transforming financial services through blockchain innovation.
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