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FollowingCircle agrees to buy Singapore payment infrastructure company Tazapay for US$400 million
Circle has reached an agreement to buy Singapore-based payment infrastructure company Tazapay for US$400 million. The acquisition will bring a business that processes more than $25 billion in annual payments into Circle's global settlement network.
The US$400 million deal will be paid out through Circle Class A common stock, and the final number of shares will be determined based on Circle's volume-weighted average closing price for the 20 trading days before the transaction is completed. Adjustments will include Tazapay's debt, transaction fees and cash.
Tazapay brings US$25 billion in payment volume
Tazapay operates local payment channels in more than 100 markets and does business with more than 60 banks and fintech company partners. As of July 31, its annualized payment transaction volume has exceeded US$25 billion. stablecoins currently account for approximately 60% of Tazapay's transaction volume, which means Circle gets an existing payment base rather than infrastructure that needs to be converted from traditional settlement. Tazapay's stablecoin service handles the payment and exchange process between fiat and digital dollars through its Canadian registered money services business.
Since 2025, Tazapay has been working with Circle as a design partner of the Circle Payments Network, a stablecoin settlement network that connects financial institutions and payment providers. Arf and Huma have previously joined the payment network to provide on-demand liquidity for cross-border USDC transactions.
Circle deepens payment layout in the Asia-Pacific region
The acquisition expands Circle's ability to connect USDC clearing to local banking and payment infrastructure, particularly in the Asia-Pacific region and emerging markets where Tazapay already operates. Circle has been building an institutional distribution network in the region that complements its payment network. Recently, Circle has stepped up its promotion efforts in South Korea, prompting banks, exchanges and payment companies to discuss USDC, cross-border settlement and on-chain financial infrastructure.
On September 7, USDC's liquidity was approximately US$74.3 billion. Circle is increasingly positioning stablecoins as tools for payments, treasury management and institutional clearing, rather than just exchange liquidity.
Tazapay CEO Rahul Shinghal expects the merger to connect the company's local fiat channel with Circle's regulated dollar infrastructure on a larger scale. While the transaction is pending, Tazapay will retain its existing brands, products, roadmap, licenses and team.
The transaction requires Singapore regulatory approval
The transaction is expected to be completed in 2027, subject to customary conditions and regulatory approvals, including a permit from the Monetary Authority of Singapore (MAS). In addition, Circle is expanding its regulated infrastructure in the United States and received final approval from the Office of the Comptroller of the Currency (OCC) in July to establish Circle National Trust as a federally supervised national trust bank.
During the acquisition approval process, Tazapay customers will not face any immediate changes in contracts, APIs, pricing, payment routing or support. Circle's filing with the Securities and Exchange Commission also stipulates that $25 million worth of restricted stock units (RSUs) will be provided to agreed Tazapay employees after the transaction is completed.
