Circle to collaborate with UAE’s regulated digital assets infrastructure provider, Fuze, to expand the use of USDC across the Middle East and Africa
Abu Dhabi, United Arab Emirates – 18 December, 2023: Circle Internet Financial (Circle), a leading global digital financial technology firm, and Fuze, MENA’s pioneering digital assets infrastructure provider, have signed a Memorandum of Understanding (MoU) to explore digital assets initiatives. Circle, the issuer of the US-dollar backed stablecoin USDC, will work alongside Fuze to expand the adoption of USDC amongst new customers in the region, such as banks, fintechs, traditional enterprises and Web3 firms.
The scope of the agreement covers the Middle East, Africa and Turkey, paving the way for the expanded use of USDC in these regions and the piloting of new use cases relevant to these markets.
Miriam Kiwan VP, Partnerships & Business Development, MENA for Circle said, “This collaboration marks a significant milestone in our efforts to enhance financial inclusion and drive the adoption of full-reserve payment stablecoins across MENA. By joining forces with Fuze, we aim to expand the accessibility and usage of USDC, while fostering closer integration between regional and global finance. We look forward to a successful partnership that propels financial innovation and creates new opportunities for individuals and businesses in these dynamic markets.”
Fuze Co-Founder and CEO Mohammed Ali Yusuf (Mo Ali Yusuf) said, “Circle and Fuze share a common vision to create more efficient financial services and deliver digital assets infrastructure that builds a more connected, inclusive economy. We look forward to fostering a close working relationship with the Circle team and are excited about developing the future of finance together.”
Fuze, which was co-founded by Mo Ali Yusuf (CEO), Arpit Mehta (COO) and Srijan Shetty (CTO), has made rapid strides towards building digital assets infrastructure across the region. This includes securing robust regulation and licensing and receiving the largest seed funding round for a digital assets start-up in MENA history. Fuze continues to accelerate its product implementation and growth, in close collaboration with local and regional regulators.