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FollowingCircle agreed to acquire Tazapay for approximately US$400 million, promoting the expansion of the USDC settlement network to more than 100 payment markets.
Circle agreed to acquire Singapore-based Tazapay for a stock consideration of approximately US$400 million. The transaction will extend USD Coin (USDC) settlement capabilities to more than 100 payment markets.
Key Points
- Circle will pay approximately US$400 million in Class A common stock and the transaction is expected to complete in 2027.
- Tazapay processes more than US$25 billion in annualized payments and conducts business with more than 60 partners with banks and fintech companies.
- stablecoins currently account for approximately 60% of Tazapay's trading volume.
Details of trading terms
The stablecoin issuer signed a share purchase agreement on September 4 and disclosed the terms, including $25 million in incentive shares, in a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday. Circle will determine the number of shares based on the volume-weighted average closing price for the 20 trading days before the deal closes, which will also be adjusted for Tazapay's debt, cash and transaction costs.
Tazapay connects payment companies and financial institutions, has more than 60 banks and fintech company partners, and its local payment channels cover more than 100 markets. As of July 31, its annualized payment scale has exceeded US$25 billion. The company mainly sells services to payment service providers and banks, rather than directly to retail users. The transaction still requires final approval from the Monetary Authority of Singapore (MAS).
Ganchi: Goals to become the default channel for USDC
Circle announced the agreement on Tuesday. Irfan Ganchi, its senior vice president of payments, said the acquisition aims to achieve round-the-clock global fund transfers. Ganchi pointed out that the deal is pushing USDC into the default channel for cross-border commercial transactions.
CEO Jeremy Allaire said stablecoin settlement is transforming into the core infrastructure of the global economy, and he expects the deal to accelerate USDC adoption in markets that have not yet been reached by Circle. The logic behind this strategy is that Tazapay's business focus has shifted towards digital dollars because about 60% of its trading volume involves stablecoins, which is the market area where Circle sees rising demand from USDC.
Tazapay CEO Rahul Shinghal said his company needs Circle's dollar infrastructure and regulatory status to get rid of traditional banking channels that lag behind global business development. Circle informs customers that there will be no changes in service, pricing and support.
Ripple's shareholding and CRCL's share price performance
The two companies have maintained a cooperative relationship for many years. Tazapay has been a design partner of Circle Payments Network since 2025 and lists Circle Ventures as one of its investors. Ripple also supported the startup, and now it is officially a direct competitor in the stablecoin payment race.
Investor response was lukewarm, with CRCL shares falling about 2.7% to around $99 in Tuesday trading.
The acquisition marks the latest in a series of ongoing mergers and acquisitions since Circle went public in June 2025, including the acquisition of money market fund giant Hashnote for approximately $100 million and the acquisition of nearly 1000 blockchain patents from IBM in July. At this point, Tazapay has become Circle's most expensive acquisition since it acquired Poloniex in 2018.
