Circle has agreed to acquire Singapore-based payments infrastructure company Tazapay for $400 million, adding a business that processes more than $25 billion in annualized payments to the USDC issuer’s global settlement network.

The transaction will be paid in Circle Class A common stock. The final number of shares will be based on Circle’s volume-weighted average closing price during the 20 trading days before completion, with adjustments for Tazapay’s debt, transaction expenses and cash. Circle disclosed the agreement in an SEC filing and an official announcement.

Tazapay Processes More Than $25 Billion in Annualized Payments

Tazapay operates local payout rails in 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 represented approximately 60% of Tazapay’s transaction volume, giving Circle an established payment base rather than infrastructure that would first need to be converted from traditional settlement systems. Through its Canadian-registered money-services business, Tazapay provides stablecoin services for payment and conversion flows between fiat currencies and digital dollars.

Tazapay has worked with Circle since 2025 as a design partner for the Circle Payments Network, which connects financial institutions and payment providers through stablecoin settlement. Arf and Huma previously joined the network to provide on-demand liquidity for cross-border USDC transactions.

Acquisition Expands Circle’s Asia-Pacific Payments Strategy

The acquisition is intended to expand Circle’s ability to connect USDC settlement with local banking and payout infrastructure, particularly in Asia-Pacific and emerging markets where Tazapay already operates. The pairing addresses the basic mechanics of cross-border stablecoin payments: USDC settles value in dollars, while local payout rails handle the conversion to and from the fiat currencies that recipients and vendors actually use.

Circle has been developing institutional distribution across the region alongside its payment network. Its recent South Korea initiative brought banks, exchanges and payment companies into discussions about USDC, cross-border settlement and onchain financial infrastructure.

USDC had approximately $74.3 billion in circulation on September 7. Circle has increasingly positioned the stablecoin for payments, treasury operations and institutional settlement, in addition to exchange liquidity.

Tazapay CEO Rahul Shinghal said the combination is expected to connect Tazapay’s local fiat rails with Circle’s regulated dollar infrastructure at greater scale. While the transaction is pending, Tazapay will retain its existing brand, products, roadmap, licenses and team.

Completion Requires Singapore Regulatory Approval

The acquisition is expected to close in 2027, subject to customary closing conditions and regulatory approvals, including clearance from the Monetary Authority of Singapore. The $400 million value is set, but the final share count will not be fixed until the 20-day pricing window runs at completion — timing that depends on when MAS clearance and the remaining closing conditions are satisfied.

Circle has also expanded its regulated infrastructure in the United States. In July, it received final approval from the Office of the Comptroller of the OCR to establish Circle National Trust as a federally supervised national trust bank.

Tazapay customers will see no immediate changes to their contracts, APIs, pricing, payout routes or support while the acquisition proceeds through the approval process. Circle’s SEC filing also provides for $25 million in restricted stock units for agreed Tazapay employees after the transaction is completed.