Circle Acquires Payments Firm Tazapay in All-Stock Deal

TLDR

• Circle agreed to buy Singapore-based payments company Tazapay for $400 million in an all-stock deal.
• Tazapay processes more than $25 billion in annual payment volume across over 100 markets.
• About 60% of Tazapay’s transaction volume already involves stablecoins.
• Uniswap passed Circle to become the second-highest fee-generating crypto protocol, pulling in $66.8 million in weekly fees.
• Circle shares fell 5.8% on Tuesday, closing at $96.18 after the acquisition news.

Circle has agreed to buy Tazapay, a Singapore-based payments company, for $400 million in an all-stock deal. The announcement came on Sept. 8, alongside a filing with U.S. regulators.

The deal was signed on Sept. 4 through Taurus Acquisition, a Circle subsidiary. Circle will pay the full amount using Class A common stock.

The number of shares will be based on Circle’s average closing price over the 20 trading days before the deal closes. The final price can still shift based on Tazapay’s debt, expenses and cash on hand.

Circle will also hold back some shares after closing. Five percent will be set aside for possible claims, with another three percent held for additional issues.

Tazapay’s global payment reach

Tazapay handles cross-border payments for banks, marketplaces and other platforms. The company works with more than 60 banking and fintech partners.

Its payout network reaches more than 100 markets around the world. Circle said Tazapay processes over $25 billion in payment volume each year.

That figure has grown fast. Tazapay reported just over $10 billion in annual volume back in August 2025.

Circle said stablecoins already make up about 60% of Tazapay’s transaction volume. That overlap is part of the reason Circle wants to own the company outright.

Circle Ventures had already invested in Tazapay before this deal. Tazapay has also worked as a design partner for Circle Payments Network since 2025.

Circle’s Senior Vice President of Payments, Irfan Ganchi, said the deal extends the company’s coverage to move money wherever stablecoin payments are being adopted. Circle co-founder and CEO Jeremy Allaire said he was looking forward to bringing the Tazapay team in house.

Uniswap moves ahead of Circle in fees

While Circle works on this acquisition, Uniswap has passed it in a different measure. Uniswap generated about $66.8 million in protocol fees over the past week.

That put Uniswap ahead of Circle, making it the second-highest fee-generating crypto protocol. Only Tether generated more in fees during that stretch.

Growth on Robinhood’s new Ethereum layer-2 network may have played a part. More activity on that network has increased demand for on-chain trading, which has worked in Uniswap’s favor.

Circle shares closed at $96.18 on Sept. 8, down about 5.8% from the prior session. Shares traded between $95.20 and $101.14 during the day.

The drop cannot be tied only to the Tazapay announcement without more information. Other market factors may have played a role.

The Tazapay deal still needs approval from the Monetary Authority of Singapore, along with other regulatory clearances. Closing is expected sometime in 2027.

Either company can end the agreement if it has not closed within nine months. That window can stretch to 15 months if regulatory approvals are still pending, and there is no termination fee involved.

Circle said Tazapay customers will not see any immediate changes to services, pricing or support. No timeline has been shared yet for which payment corridors will get USDC support first.

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