TLDR
- Circle agreed to acquire Singapore-based Tazapay for $400 million in an all-stock deal
- Tazapay processes over $25 billion in annualized payment volume across 100+ markets
- Around 60% of Tazapay’s transactions already involve stablecoins
- CRCL stock fell 5.8% on Tuesday, closing at $96.18 after the announcement
- The deal is expected to close in 2027, pending MAS and other regulatory approvals
Circle Internet Group has agreed to acquire Singapore-based cross-border payments firm Tazapay for $400 million in an all-stock transaction, the company announced on September 8.
CRCL stock fell 5.8% on Tuesday, closing at $96.18. The stock traded between $95.20 and $101.14 during the session. As of Wednesday, the stock sat around $99.30, down 2.7% on the day but still up over 25% year-to-date.
The deal was signed on September 4 through Taurus Acquisition, an indirect wholly owned Circle subsidiary. Circle filed a Form 8-K with the SEC disclosing the transaction terms.
The $400 million will be paid entirely in Circle Class A common stock. The number of shares will be calculated using Circle’s volume-weighted average closing price over the 20 trading days before the deal closes.
The price is subject to adjustments for Tazapay’s unpaid debt, transaction costs and available cash. Circle will initially hold back 5% of the stock for indemnification claims, and another 3% for additional claims. The first holdback releases in stages over 18 months. The second could remain restricted for up to four years.
Circle has signed an agreement to acquire @Tazapay. 60+ banking and fintech partners. 100+ payment markets. 60%+ stablecoin TPV as of July 31, 2026. This accelerates the breadth and depth of CPN globally. https://t.co/L1AufIzus7
— Jeremy Allaire – jerallaire.arc (@jerallaire) September 8, 2026
Circle also plans to grant $25 million in restricted stock units to selected Tazapay employees after closing. Those awards vest over eight quarterly installments, beginning around 27 months after completion.
What Tazapay Brings to Circle
Tazapay connects payment companies and financial institutions to more than 60 banking and fintech partners. Its network covers payout rails in over 100 markets, making it a key piece of what Circle calls “last-mile” payments infrastructure.
The company reported processing more than $25 billion in annualized payment volume. That figure is up from the $10 billion it reported in an August 2025 funding release. These are company-reported numbers and have not been independently audited. Revenue and profit figures were not disclosed.
Around 60% of Tazapay’s transaction volume already involves stablecoins, according to Circle. Tazapay holds licenses or registrations in Singapore, Canada, Australia and the U.S., with applications underway in the EU, Hong Kong and the UAE.
Tazapay has worked as a design partner for Circle Payments Network since 2025. Circle is now moving from a commercial partnership to full ownership.
Circle’s Recent Acquisition History
This is Circle’s largest acquisition since it bought crypto exchange Poloniex in 2018. It paid around $100 million for Hashnote in 2025, $209.9 million in stock for Coinbase’s half of the Centre Consortium in 2023, and bought web3 infrastructure firm Cybavo in 2022.
Circle Ventures had previously invested in Tazapay before this acquisition. Tazapay’s other backers include Ripple, Peak XV Partners and GMO VenturePartners.
The deal is expected to close in 2027. It requires approval from the Monetary Authority of Singapore and other customary regulatory clearances. Either party can terminate if the deal has not closed within nine months, with a possible extension to 15 months.
Tazapay customers have been told to expect no immediate changes to services, pricing or support while the transaction is pending.
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