Why a Stablecoin giant wants Singapore's Tazapay?

Circle Internet Group, the fintech firm behind the USDC stablecoin, has signed an agreement to acquire Tazapay, a Singapore-based B2B cross-border payments company.

What are stablecoins: Stablecoins are cryptocurrencies designed to maintain a stable value by being tied to an asset, such as a currency like the US dollar.

What’s brewing: Circle issues USDC and operates the Circle Payments Network. The acquisition of Tazapay will add more than $25 billion in annualised payment volume, over 60 banking and fintech partners, and local payout capabilities across more than 100 markets.

The move could help Circle expand USDC’s use in cross-border payments, particularly across APAC and Latin America, where stablecoins can help businesses reduce transaction costs and currency-related risks.

Why it matters: roughly 60% of Tazapay’s transaction volume already involves stablecoins. The acquisition will expand Circle’s ability to move money globally, nearly instantly and around the clock.

FYI: Tazapay has raised nearly $60 million in funding from investors, including Surge and Peak XV Partners.