Stablecoin issuer Circle has agreed to acquire Singapore-based cross-border payments company Tazapay for $400 million in stock, marking one of its largest acquisitions to date. According to a regulatory filing, the USDC issuer will calculate the number of shares using their volume-weighted average closing price during the 20 trading days prior to closing, with adjustments made for debt, cash, and transaction expenses. The purchase stands as Circle’s most expensive deal since its 2018 acquisition of crypto exchange Poloniex.
Tazapay operates a business-to-business infrastructure connecting financial institutions to over 60 banking and fintech partners, enabling payouts and collections through local rails across more than 100 markets. Processing over $25 billion in annualized payment volume, the firm reported that roughly 60% of its transactions already involve stablecoins. The acquisition delivers crucial “last-mile” infrastructure to Circle, allowing it to bridge the gap between global blockchain networks and local banking systems without having to construct network connections country by country.
The two companies already share a close working relationship, with Tazapay having helped design the Circle Payments Network since 2025 following a Series B extension led by Circle Ventures. Tazapay currently holds regulatory licenses or registrations in Singapore, Canada, Australia, and the U.S., while pursuing additional applications in the European Union, Hong Kong, and the United Arab Emirates. The firm previously reported serving over 1,000 corporate clients while doubling its revenue for three consecutive years.
This move continues an aggressive expansion strategy by Circle, which recently acquired tokenized money-market fund operator Hashnote for $100 million, web3 provider Cybavo, payments software firm Elements, and nearly 1,000 blockchain patents from IBM. Expected to close in 2027 pending regulatory approvals from authorities such as the Monetary Authority of Singapore, the transaction will leave Tazapay’s existing services, pricing, and support unchanged during the interim. Following the announcement, Circle shares dipped 2.7% to $99.30, though they remain up over 25% year-to-date.
