Circle Acquires Tazapay to Accelerate Stablecoin Payment Adoption
Stablecoin issuer Circle is set to acquire Singapore-based B2B cross-border payments infrastructure company Tazapay. The deal, announced Tuesday (Sept. 8) and expected to close next year, is designed to employ Tazapay’s banking relationships, local payout rails, and institutional customer base to accelerate adoption of Circle’s USDC stablecoin. “Tazapay brings deep payment infrastructure across…
Circle, a stablecoin issuer, is acquiring Singapore-based B2B cross-border payments infrastructure company Tazapay. The acquisition, expected to finalize next year, will allow Circle to leverage Tazapay’s banking relationships, local payout systems, and institutional customer base to promote the use of Circle’s USDC stablecoin. Irfan Ganchi, senior vice president of payments at Circle, stated that Tazapay brings vital payment infrastructure across APAC and emerging markets where demand for USDC transactions is growing.
The deal will enable Circle to facilitate global payments quickly and round-the-clock, contributing to making USDC the go-to payment method for cross-border commerce. Tazapay has over $25 billion in annualized payment volume, more than 60 banking and FinTech partners, and local payout rails in more than 100 markets, 60% of which include stablecoins.
Circle’s co-founder and chief executive, Rahul Shinghal, believes that Circle’s USDC infrastructure and regulatory standing will bolster Tazapay’s capabilities further. Research by PYMNTS Intelligence found that cross-border B2B transfers account for the majority of global stablecoin payment volume, addressing issues of speed, cost, and currency exposure.
Written by urgent.news from PYMNTS's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
