Circle Acquires Tazapay for $400 Million in Stock
Stablecoin issuer Circle Internet Financial (CRCL) has agreed to acquire Singapore-based cross-border payments firm Tazapay for up to $400 million in stock. The final amount will depend on the target company's debt and transaction expenses at closing, which is expected by 2027 after regulatory approvals. Tazapay processes over $25 billion annually across 100 markets and holds licenses in key jurisdictions including Singapore, Canada, Australia, and the U.S. The firm already works closely with Circle on its payments network and handles a significant portion of transactions using stablecoins like USDC (CRYPTO: USDC). This acquisition is intended to strengthen Circle's global infrastructure for moving money via its stablecoin. The deal aligns with recent strategic moves by Circle, including the purchase of nearly 1,000 blockchain patents from IBM earlier this year. CRCL stock has declined over 19% in the past twelve months.
Topics: blockchain cryptocurrency payments infrastructure stablecoins