Circle has agreed to acquire Singapore-based payments infrastructure company Tazapay for $400 million, bringing a business processing more than $25 billion in annualized payments into the USDC issuer’s global settlement network.
The $400 million transaction will be paid in Circle Class A common stock, with the final share count based on Circle’s volume-weighted average closing price during the 20 trading days preceding completion. Adjustments will account for Tazapay debt, transaction expenses and cash.
Tazapay operates local payout rails across more than 100 markets and works with over 60 banking and fintech partners. Its annualized payment volume exceeded $25 billion as of July 31.
Stablecoins already account for approximately 60% of Tazapay’s transaction volume, giving Circle an existing payment base rather than infrastructure that needs to be converted from traditional settlement first. Tazapay’s stablecoin services handle payment and conversion flows between fiat and digital dollars through its Canadian registered money-services business.
Tazapay has also worked with Circle since 2025 as a design partner for Circle Payments Network, which connects financial institutions and payment providers through stablecoin settlement. Arf and Huma previously joined the payments network to add on-demand liquidity to cross-border USDC transactions.
The acquisition expands Circle’s ability to connect USDC settlement with local banking and payout infrastructure, particularly across Asia-Pacific and emerging markets where Tazapay already operates.
Circle has been building institutional distribution across the region alongside its payment network. Its recent South Korea push brought banks, exchanges and payment companies into discussions around USDC, cross-border settlement and onchain financial infrastructure.
USDC had about $74.3 billion in circulation on September 7, with Circle increasingly positioning the stablecoin for payments, treasury operations and institutional settlement rather than exchange liquidity alone.
Tazapay CEO Rahul Shinghal expects the combination to connect the company’s local fiat rails with Circle’s regulated dollar infrastructure at greater scale. Tazapay will retain its existing brand, products, roadmap, licenses and team while the transaction is pending.
The acquisition is expected to close in 2027, subject to customary conditions and regulatory approvals, including clearance from the Monetary Authority of Singapore.
Circle has also expanded its regulated infrastructure in the U.S., receiving final OCC approval in July to establish Circle National Trust as a federally supervised national trust bank.
Tazapay customers face no immediate changes to contracts, APIs, pricing, payout routes or support while the acquisition moves through approval. Circle’s SEC filing also provides for $25 million in restricted stock units for agreed Tazapay employees following completion of the transaction.
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