Circle Acquires Singapore's Tazapay in $400 Million Deal

Circle, one of the largest stablecoin issuers in the world, has acquired Singapore-based Tazapay for $400 million. This acquisition is part of Circle's efforts to expand its stablecoin adoption beyond the typical crypto market and user base.

Tazapay was founded six years ago as a pure payments play, but it shifted its focus to stablecoins in recent years. Today, around 60% of its $25 billion annualized payment volume comes from stablecoins.

Circle's acquisition of Tazapay is seen as an endorsement for Singapore's ideal location for building global fintech services that can be acquired by top companies.