Circle Agrees to Acquire Cross-Border Payments Firm Tazapay for $400 Million in Stock

• Circle signed a definitive agreement to acquire Singapore-based Tazapay for $400 million in Class A common stock.
• Tazapay processes more than $25 billion in annualized payment volume across 100-plus markets, with about 60% of volume already involving stablecoins.
• The transaction is expected to close in 2027, subject to Monetary Authority of Singapore approval and other customary conditions.
• Circle will grant $25 million in restricted stock units to agreed Tazapay employees after closing and requires at least 75% of identified staff to remain.

Circle Internet Group said Tuesday it has signed a definitive agreement to acquire Singapore-based Tazapay, a business-to-business cross-border payments company, in a $400 million all-stock deal detailed in a Form 8-K filed with the U.S. Securities and Exchange Commission.

The USDC issuer will pay in Circle Class A common stock. The number of shares will equal $400 million — adjusted for Tazapay’s unpaid debt, cash and transaction expenses — divided by Circle’s volume-weighted average closing price over the 20 trading days immediately before close, according to the filing. Circle said the agreement was executed on Sept. 4 through Taurus Acquisition, an indirect wholly owned subsidiary.

Tazapay brings more than $25 billion of annualized payment volume, more than 60 banking and fintech partners, and local payout rails in more than 100 markets, Circle said in its press release. About 60% of Tazapay’s transaction volume already includes stablecoins. The firm has been a design partner for the Circle Payments Network since 2025.

In a post on X, Circle co-founder and chief executive Jeremy Allaire said the deal “accelerates the breadth and depth of CPN globally.” In the company statement, Allaire said: “Stablecoin settlement is becoming core infrastructure in the global economy and combining USDC with Tazapay’s world-class banking relationships, local payout rails, and institutional customer base will accelerate worldwide USDC adoption.”

Tazapay co-founder and CEO Rahul Shinghal said in the same announcement that Circle “has the dollar infrastructure in USDC and the regulatory standing to take what we’ve built further than we could alone.” Circle payments head Irfan Ganchi framed the purchase as a way to originate and terminate payments “near-instant and 24/7” in Asia-Pacific and other emerging markets.

Closing is targeted for 2027 and still requires regulatory approvals, including from the Monetary Authority of Singapore. The 8-K also conditions close on at least 75% of certain identified employees remaining at Tazapay, continued service by specified senior managers, and the effectiveness of a shelf registration statement. Circle will grant $25 million of restricted stock units to agreed Tazapay staff after closing, vesting in eight equal quarterly installments beginning about 27 months later. Five percent of the stock consideration will be held back for general indemnities and another 3% for additional indemnities.

Tazapay customers are slated to see no change in service, APIs, pricing or support while the deal is pending. The acquisition still leaves Circle exposed to a long regulatory clock and to integration risk if approvals slip or key staff depart before close.