Circle recently secured a financial services license in Abu Dhabi.

This is no small matter—USDC can now offer currency services in the Middle East in a compliant manner, no longer just a fringe player in a gray area. What’s more crucial is that they’ve recruited a female executive from Visa to directly oversee the Middle East and Africa markets. Note that she doesn’t come from the crypto space, but is a hands-on professional who has long dealt with government agencies, banking systems, and payment networks.

This combination makes their intentions clear. Circle isn’t really targeting retail wallets, but rather aiming for entry to the capital flows of big players like central banks, sovereign wealth funds, and commercial banks. To put it plainly, this is a battle for positioning in national-level financial infrastructure. Whoever becomes the underlying payment rail for these institutions will hold the discourse power over the next generation of capital movement.