Circle has agreed to acquire Singapore-headquartered cross-border payments infrastructure company Tazapay in an all-stock transaction with base consideration of $400 million, a deal that would bring local payout rails and banking relationships inside the USDC issuer’s payments business.

Circle signed the purchase agreement on Sept. 4, according to a Form 8-K filed with the U.S. Securities and Exchange Commission. Payment will consist of Circle Class A shares equal to $400 million, adjusted for Tazapay’s debt, transaction expenses and cash. The share count will be calculated using Circle’s volume-weighted average closing price over the 20 trading days preceding the closing date.

The transaction is expected to close in 2027, subject to customary conditions and regulatory approvals, including approval from the Monetary Authority of Singapore. Closing remains pending until the required approvals are received and the other conditions are satisfied or waived, as applicable.

Circle said in a press release furnished as an exhibit to its 8-K that Tazapay brings more than $25 billion of annualized payment volume, over 60 banking and fintech partners, and local payout rails covering more than 100 markets. Circle described the $25 billion as an annualized measure as of July 31, 2026, rather than a completed calendar-year total.

In its official post, Circle said more than 60% of Tazapay’s volume was running on stablecoins as of July 31. The Circle press release separately described approximately 60% of the company’s transaction volume as already involving stablecoins.

From Network Partner to Owned Payments Rails

Tazapay has served as a design partner for Circle Payments Network since 2025, according to Circle. The proposed acquisition would turn that existing partner into an owned business and bring its local payout infrastructure, institutional customers and banking relationships under Circle.

That changes Circle’s position in a network that otherwise relies on participating financial institutions to execute the payment flow. Under Circle’s description of the network, an originating institution checks the sender and converts local currency into stablecoins, while a beneficiary institution converts the stablecoins back into local currency and pays the recipient. Circle says it operates the network, sets its rules and protocol, and provides APIs, but does not directly move funds.

Circle said Tazapay customers should expect no disruption to service, APIs, pricing or support. The immediate next test is regulatory: the required approvals, including from the Monetary Authority of Singapore, must be received before the deal can close.