Circle Internet Financial, a major global financial technology company, and Fuze, a regulated digital asset infrastructure provider in the United Arab Emirates (UAE), have established a strategic partnership. Their aim is to encourage the widespread use of USDC, Circle’s stablecoin pegged to the US dollar, across the Middle East and Africa (MENA) regions.

This collaboration is focused on elevating the utilization of USDC among a broader spectrum of clients in MENA, including banks, fintech firms, traditional enterprises, and Web3 corporations. The Memorandum of Understanding (MoU) signed by Circle and Fuze outlines their joint efforts in this direction.

Mohammed Ali Yusuf, co-founder and CEO of Fuze, highlighted the shared ambitions between Fuze and Circle. He emphasized their mutual goal of constructing digital asset infrastructure to offer more efficient financial services, fostering interconnected and inclusive economies. Yusuf expressed enthusiasm about the collaboration’s potential to influence the course of finance.

Fuze has played a significant role in advancing digital asset infrastructure in the region. Founded by Mo Ali Yusuf (CEO), Srijan Shetty (CTO), and Arpit Mehta (COO), the company has swiftly acquired substantial initial capital, robust regulatory frameworks, and necessary licenses. This marks a pivotal moment in the startup scene for digital assets in the Middle East and North Africa. Fuze remains dedicated to accelerating product deployment and expansion in cooperation with local and regional regulatory bodies.

Miriam Kiwan, Vice President of MENA at Circle, provided additional insights in a UNLOCK Blockchain interview. She emphasized the organization’s objective of facilitating seamless asset transfers to drive global economic advancement. Kiwan highlighted the UAE’s significance as a remittance market, with an 89% foreign population, stating that USDC, leveraging blockchain technology, is well-positioned for cross-border business transactions and individual remittances.