Circle Bolsters Stablecoin Payments Network with Tazapay Acquisition

Circle, a leading player in the stablecoin market, has made a significant move by acquiring Tazapay's local payment infrastructure. This deal brings over 60 banking and fintech partners under Circle's control, allowing for seamless transactions between USD Coin (USDC) and local currencies.

Tazapay's annualized volume exceeds $25 billion, with more than $15 billion of that using stablecoins. This integration will enable faster and easier cross-border USDC payments for businesses.

Circle's CEO, Jeremy Allaire, noted that 'stablecoin settlement is becoming core infrastructure in the global economy.'

The acquisition also marks a significant milestone for Circle, with its payments network reaching $23 billion in annualized transaction volume by July. The number of enrolled financial institutions has increased by 29% in three months, to 175.