Circle to Acquire Tazapay for $400 Million in Stock

Circle has announced a definitive agreement to acquire Singapore-based Tazapay for approximately $400 million in stock. The deal aims to bolster Circle's cross-border payment infrastructure by integrating Tazapay's local payout rails and banking relationships. Tazapay processes over $25 billion in annualized payment volume, with approximately 60% of its transactions already involving stablecoins. The company connects payment service providers and financial institutions to more than 60 banking and fintech partners across over 100 markets. This acquisition is expected to enhance Circle's ability to originate and terminate payments in emerging markets and support near-instant, round-the-clock cross-border settlement. Circle CEO Jeremy Allaire highlighted Tazapay's established banking relationships and local payout capabilities, while Irfan Ganchi, Circle's payments executive, pointed to its coverage across Asia-Pacific and other emerging markets. The integration is intended to reduce Circle's reliance on third-party partners for critical stages of cross-border transactions, such as converting stablecoin value into local currencies and depositing funds into recipient accounts.