Circle Puts Down $400M Bet on Tazapay Amid Uniswap's Fee Surge
Circle has announced its intention to acquire Singapore-based payments platform Tazapay for $400 million in an all-stock deal. The acquisition is expected to close in 2027, pending regulatory approvals.
Tazapay currently handles over $25 billion in annualised payment volume and works with more than 60 banking and fintech partners. Its local payout network reaches over 100 markets, suggesting that Circle will gain a wider base for moving USDC across borders.
Uniswap has overtaken Circle to become the second-highest fee-generating crypto protocol, generating around $66.8 million in protocol fees over the past week. This growth may be attributed to Robinhood's new Ethereum L2, which has increased demand for on-chain trading.
Circle's Senior Vice President of Payments, Irfan Ganchi, stated that Tazapay will extend Circle's coverage and enable the company to move money anywhere stablecoin payments are being adopted globally. Co-Founder and CEO Jeremy Allaire expressed excitement about bringing the team in-house and accelerating Circle's mission.
Stablecoins already make up around 60% of Tazapay's transaction volume, indicating a strong existing demand for USDC payments.