Circle acquires Tazapay for $400 million in largest deal since 2018

Circle agrees to acquire Singapore-based cross-border payments firm Tazapay for $400 million in stock, marking its largest acquisition since purchasing Poloniex in 2018. The transaction, expected to close in 2027, aims to expand Circle's global payments infrastructure and establish USDC as a default rail for cross-border commerce. Tazapay processes over $25 billion in annual volume across 100 markets, with stablecoins already accounting for roughly 60% of its transactions.

Circle acquisition of Tazapay

• ▪Circle will calculate the number of shares for the Tazapay acquisition using their volume-weighted average closing price during the 20 trading days before the deal closes
• ▪Stablecoin issuer Circle agreed to acquire Singapore-based cross-border payments company Tazapay for $400 million in stock on September 8, 2026
• ▪Tazapay has helped design the Circle Payments Network since 2025, prior to the acquisition agreement
• ▪The $400 million acquisition price for Tazapay will be adjusted for Tazapay's debt, transaction expenses, and cash, according to a regulatory filing

Tazapay payment infrastructure capabilities

• ▪Tazapay processes more than $25 billion in annualized payment volume across its global network
• ▪Tazapay connects payment companies and financial institutions to more than 60 banking and fintech partners, enabling local rail payouts in over 100 markets
• ▪Tazapay holds licenses or registrations in Singapore, Canada, Australia, and the United States, with applications underway in the European Union, Hong Kong, and the United Arab Emirates
• ▪Tazapay served more than 1,000 companies and fintech firms across 30 countries as of March 2026

Stablecoin transaction volume dominance

• ▪Circle stated that the acquisition of Tazapay aims to make the USDC stablecoin a default payment rail for cross-border commerce
• ▪Approximately 60% of Tazapay's transaction volume already involves stablecoins, according to statements from stablecoin issuer Circle

Circle previous acquisition history

• ▪Circle paid $209.9 million in stock in 2023 for Coinbase's remaining half of the Centre Consortium, which controlled the intellectual property of the USDC stablecoin
• ▪The $400 million purchase of Tazapay is Circle's largest acquisition since its 2018 purchase of cryptocurrency exchange Poloniex
• ▪Circle previously acquired web3 infrastructure provider Cybavo in 2022 and paid approximately $100 million for Hashnote in 2025

Regulatory approval requirements timeline

• ▪The acquisition of Tazapay by Circle is expected to close in 2027, pending regulatory approvals including from the Monetary Authority of Singapore
• ▪Tazapay's services, APIs, pricing, and customer support are expected to remain unchanged and without disruption while the transaction is pending

Debatable claims

• ▪Stablecoin issuers should be allowed to acquire traditional payment infrastructure
• ▪USDC should become the default payment rail for cross-border commerce

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