Circle Internet Group, the issuer of the USDC stablecoin, has signed a definitive agreement to acquire Tazapay, a Singapore-headquartered B2B cross-border payments infrastructure provider.
Financial terms were not disclosed. However, some media reports have said the all-stock deal is valued at around $400m.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Circle said the acquisition will “accelerate” its mission to develop the infrastructure layer for global digital finance.
Circle Payments senior vice president Irfan Ganchi said: “Tazapay brings deep payment infrastructure across APAC and emerging markets, where we see increasing demand for USDC-denominated transactions.
“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.
“Combined with Circle’s existing network, Tazapay extends our coverage to move money anywhere stablecoin payments are being adopted globally.”
Tazapay offers checkout, payment link and escrow products aimed at simplifying cross-border transactions, according to information on the company’s website.
Circle said bringing Tazapay into its ecosystem will add more than $25bn in annualised payment volume, more than 60 banking and fintech partners, and local payout rails covering more than 100 markets.
Earlier this year, Circle Ventures, the group’s investment arm, led a Series B extension round at Tazapay.
Tazapay co-founder and CEO Rahul Shinghal said: “We built Tazapay to make payments faster, remove friction, and streamline dependency on banking rails that don’t operate at the speed of global commerce.
“Circle has the dollar infrastructure in USDC and the regulatory standing to take what we’ve built further than we could alone. That’s what makes this the right move and what we’re focused on delivering together.”
The transaction is expected to close next year, subject to regulatory approvals, including from the Monetary Authority of Singapore, and other customary conditions.
Circle said Tazapay customers should expect “no disruption” to service, APIs, pricing or support as a result of the deal.
