Circle to Buy Payment Firm Tazapay for $400M in Biggest Deal Since 2018

TL;DR

• Circle has agreed to acquire Singapore-based payment infrastructure company Tazapay for $400 million in stock.

• Tazapay connects customers to more than 60 banking and fintech partners across over 100 markets.

• The company processes more than $25 billion in annualized payment volume, about 60% of which involves stablecoins.

• The acquisition would give Circle regulated local collection and payout infrastructure across multiple regions.

Stablecoin issuer Circle has agreed to acquire Singapore-based cross-border payment company Tazapay in a stock transaction valued at approximately $400 million.

The acquisition is one of Circle’s largest publicly disclosed deals and its most expensive since the company purchased cryptocurrency exchange Poloniex in 2018.

According to a regulatory filing, Circle will determine the number of shares issued using the volume-weighted average closing price of its stock during the 20 trading days preceding the transaction’s completion.

The final purchase price will be adjusted to account for Tazapay’s debt, cash and transaction-related expenses.

The deal is expected to close in 2027, subject to regulatory approvals, including authorization from the Monetary Authority of Singapore.

Tazapay Connects Businesses to Over 100 Markets

Tazapay provides business-to-business payment infrastructure that allows companies and financial institutions to collect and distribute funds through local payment networks.

The company connects its customers with more than 60 banking and financial technology partners, providing access to payment rails in over 100 markets.

Tazapay processes more than $25 billion in annualized payment volume, according to Circle. Approximately 60% of those transactions already involve stablecoins.

The substantial share of stablecoin-related activity makes Tazapay strategically relevant to Circle, which issues USDC and the euro-denominated EURC.

Acquiring the company would give Circle access to an established payment network rather than requiring it to negotiate separate banking, licensing and payout relationships in every country it enters.

Stablecoins can move across blockchain networks globally, but converting them into local currencies remains more complicated.

Users and businesses still require regulated intermediaries, local bank accounts, and connections to domestic payment systems to move funds between stablecoins and conventional money.

This final stage is often referred to as the “last mile” of digital payments. Tazapay’s infrastructure could help Circle manage that process by connecting its stablecoins to local collection and payout methods. 

Businesses could potentially receive payments in one market, settle value through stablecoins, and distribute local currency in another.

The transaction may also strengthen Circle’s ability to compete with conventional cross-border payment networks and other stablecoin issuers building integrated payment services.

Circle Already Invested in Tazapay

Circle was familiar with Tazapay before agreeing to acquire the company.

Circle Ventures led an extension of Tazapay’s Series B funding round, which the payment company announced in March.

At that time, Tazapay said it served more than 1,000 companies and fintech platforms across 30 countries. It had also doubled its revenue for three consecutive years.

Tazapay has worked on the design of Circle Payments Network since 2025, according to Circle’s acquisition announcement.

The existing relationship likely gave Circle insight into Tazapay’s technology, compliance operations, and customer network before pursuing a full acquisition.

Tazapay holds licenses or registrations in Singapore, Canada, Australia and the United States.

The company has also submitted applications in the European Union, Hong Kong and the United Arab Emirates.

These regulatory relationships could accelerate Circle’s international expansion if the acquisition receives approval. Payment licenses and registrations are often time-consuming and expensive to obtain individually, making established regulated infrastructure particularly valuable.

However, pending applications are not guaranteed to receive approval. Circle will also need consent from relevant regulators to complete the acquisition and potentially integrate Tazapay’s operations.

Tazapay’s services, pricing and customer support are expected to remain unchanged while the deal is under review.

Circle Continues Acquisition Strategy

The Tazapay purchase extends a series of acquisitions through which Circle has expanded beyond issuing stablecoins.

In 2025, the company paid approximately $100 million for Hashnote, the issuer of tokenized money-market fund USYC.

Circle acquired Web3 infrastructure provider Cybavo in 2022. It has also purchased payment software company Elements and blockchain consensus technology developer Malachite.

In July, Circle acquired nearly 1,000 blockchain patents from IBM, strengthening its intellectual property portfolio.

The company also paid $209.9 million in stock for Coinbase’s remaining 50% interest in the Centre Consortium in 2023. Centre previously controlled intellectual property associated with USDC.

Together, these transactions show Circle expanding into tokenization, wallet infrastructure, payment software, blockchain technology and intellectual property.

Circle’s core business is closely tied to the use and circulation of USDC. Adding Tazapay’s network could increase USDC’s usefulness for businesses making international payments, particularly in markets where local banking connections are difficult or expensive to establish.

The transaction could also help Circle generate more revenue from payments infrastructure rather than relying primarily on interest earned from reserves backing its stablecoins.

Circle shares declined 2.7% to approximately $99.30 during the trading session following the announcement. Despite the daily decline, the stock remained up more than 25% for the year.

The acquisition’s ultimate impact will depend on regulatory approval and Circle’s ability to integrate Tazapay’s payment network without disrupting its existing customers.