USDC issuer Circle to buy Tazapay for $400M in stock

On September 8, Circle Internet Group, the issuer of the dollar-backed stablecoin USDC, announced an agreement to acquire Singapore-based payments platform Tazapay. Circle agreed to pay roughly $400 million in Class A common stock, subject to adjustments for debt, cash, and transaction costs. The deal also includes $25 million in post-closing restricted stock unit awards for Tazapay employees.

The transaction is expected to close in 2027, pending standard conditions and regulatory clearances, including approval from the Monetary Authority of Singapore. As of July 31, 2026, Tazapay handled more than $25 billion in annualized payment volume, maintained partnerships with over 60 banking and fintech entities, and supported payouts across more than 100 markets. About 60% of that volume involved stablecoins, though the specific share held by USDC was not disclosed.

Tazapay has operated as a Circle Payments Network design partner since 2025. The integration aims to link USDC and digital dollars directly to local banking infrastructure, enabling sending institutions to convert funds into stablecoins for settlement while recipients receive local currency.

The expansion comes as Circle seeks to diversify its revenue beyond interest on reserves. For the second quarter, Circle reported reserve income of approximately $668 million out of $701 million in total revenue and reserve income, representing roughly 95% of the total. Other revenue stood at approximately $34 million. Processing higher volumes could boost fee revenue and support long-term circulating balances of USDC.