Circle Acquires Asian Payments Platform Tazapay for $400 Million
Circle, the issuer of USDC, has acquired Tazapay, a leading Asian local payments platform, for $400 million in stock.
The acquisition gives Circle direct control over payment infrastructure that moves money between stablecoins and local financial systems.
Tazapay brings 60+ banking and fintech partners, payout rails in more than 100 markets, and an annualized payment volume of over $25 billion. About 60% of Tazapay's transaction volume involves stablecoins, making it a significant distribution channel for Circle.
Circle sees this acquisition as a way to move from being just a stablecoin issuer to a payments infrastructure company. By owning the rails around USDC, Circle can capture more of the economics surrounding transactions and earn revenue beyond just USDC circulation and related services.