Circle Signs Tazapay Acquisition Deal with $400 Million Base Price Payable in Shares; Targets 2027 Close, Singapore Approval Pending

Circle, the issuer of the US dollar-pegged stablecoin USDC, announced on September 8, local time, that it had signed a definitive agreement to acquire Tazapay, a Singapore-based business-to-business cross-border payments company. Tazapay connects local banks and payout networks so that payment service providers and financial institutions can collect and disburse funds across countries. According to Circle, as of July 31, 2026, Tazapay had more than $25 billion in annualized payment volume, more than 60 banking and fintech partners, and a local payout network spanning more than 100 markets. Around 60% of Tazapay's transaction volume already involves stablecoins, and the company has been a design partner of the Circle Payments Network since 2025. According to a Form 8-K filed with the US Securities and Exchange Commission (SEC), the agreement was signed on September 4. The entity purchasing the shares is Taurus Acquisition Inc., an indirect wholly owned subsidiary of Circle, with Circle acting as guarantor within the scope specified in the agreement. The acquisition consideration is based on $400 million, adjusted for Tazapay's outstanding debt, transaction expenses and cash holdings, and will be paid in Circle Class A common stock. The number of shares to be delivered as consideration will be determined by dividing that amount by the volume-weighted average closing price over the 20 consecutive trading days immediately preceding closing. The acquisition is targeted to close in 2027, with regulatory approvals, including from the Monetary Authority of Singapore (MAS), still pending. Closing conditions also require at least 75% of designated employees to remain with Tazapay and certain senior executives to continue their employment. Circle described the acquisition as a way to expand the use of USDC in cross-border commerce. Irfan Ganchi, Circle's senior vice president of payments, said that drawing on payment infrastructure in Asia-Pacific and emerging markets could expand its ability to collect and disburse funds across countries around the clock and in near real time. Tazapay's stablecoin services are provided by its Canadian entity, which is registered as a money services business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The company also states that these services are limited to payments and conversions between fiat currencies and stablecoins, and that it does not provide related financial, investment or advisory services. Circle said there would be no disruption to services, application programming interfaces (APIs), pricing or support for Tazapay's existing customers. The announcement confirms the signing of the agreement, the method for determining the consideration and the closing conditions. The acquisition and integration of the payment networks have not yet been completed, and no integration timetable or changes to fees following the acquisition were provided.