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Circle agreed on Sept. 8 to acquire Tazapay, a Singapore-based cross-border payments infrastructure company, for $400 million in an all-stock deal.
Thestablecoin issuer disclosed the transaction in a filing with the US Securities and Exchange Commission. Regulatory approvals, including clearance from the Monetary Authority of Singapore, are required before the deal can close, which is expected to happen sometime in 2027.
Circle will payin Class A common stock, with the share count based on the volume-weighted average closing price over the 20 trading days before the transaction closes. That figure will be adjusted for Tazapay’s debt, outstanding transaction expenses, and cash. Tazapay’s services, pricing, APIs, and customer support are expected to remain unchanged while the deal is pending.
Tazapay runs payment infrastructure that connects financial institutions and payment companies to more than 60 banking and fintech partners. Its network supports local currency collections and payouts across more than 100 markets. The company has processedmore than $25 billion in annualized payment volume as of the announcement, more than double the $10 billion figure it reported in August 2025.
60% of Tazapay’s Volume Already Flows Through Stablecoins
Stablecoins account for roughly 60% of Tazapay’s total transaction volume That overlap with Circle’s core USD Coin (USDC) business is central to the deal’s logic. While USDC can move across blockchains in seconds, converting it into local currency in individual markets requires regulated intermediaries, local bank accounts, and established payment rails that take years to build country by country. Tazapay already has that infrastructure in place
Tazapay holds licenses or registrations in Singapore, Canada, Australia, and the US. Applications are pending in the European Union, Hong Kong, and the UAE. The firm said in March 2026 that it has served more than 1,000 businesses and fintech companies across 30 countries and had doubled revenue for three consecutive years.
“This acquisition will increase Circle’s capability to originate and terminate payments globally, near-instant and 24/7, which is a meaningful step toward making USDC the default payment rail for cross-border commerce,” said Irfan Ganchi, senior vice president of payments at Circle.
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Circle’s Largest Deal Since the 2018 Poloniex Purchase
The Tazapay acquisition is the most expensive deal Circle has disclosed since it bought crypto exchange Poloniex in 2018. The relationship between the two companies predates the acquisition: Circle Ventures invested in Tazapay’s August 2025 Series B funding round, and Tazapay has served as a design partner for the Circle Payments Network since 2025. Tazapay raised $57.9 million across five funding rounds before this deal, accordingto Tracxn data.
Other recent Circle acquisitions include an approximately $100 million purchase of Hashnote, the issuer of tokenized money-market fund USYC, in 2025, and a $209.9 million all-stock deal for Coinbase’s remaining half of the Centre Consortium in 2023, which transferred control of USDC’s intellectual property to Circle. The company also acquired Web3 infrastructure provider Cybavo in 2022, payments software firm Elements, blockchain consensus technology Malachite, and nearly 1,000 blockchain patents from IBM in July 2026.
Circle’s NYSE-listed CRCL shares fell roughly 2.7% on Sept. 8 to $99.30. The stock has gained more than 25% year-to-date.
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