Circle announced plans to expand into emerging markets through its agreement to acquire Singapore-based Tazapay for approximately $400 million in stock consideration. The transaction, announced on September 8, is expected to close in 2027 pending regulatory approvals, including approval from the Monetary Authority of Singapore.
The expansion targets about 40 emerging and developing markets, with Chief Executive Jeremy Allaire identifying Southeast Asia, Latin America, Africa and the Middle East as regions experiencing rising demand for digital-dollar payments among individuals and businesses. The strategy aims to serve everyday payments and financial services beyond cryptocurrency trading.
Tazapay's Existing Infrastructure
Tazapay brings more than 60 banking and fintech partners and local payout connections across over 100 markets. As of July 31, the company's annualized payment volume exceeded $25 billion, with stablecoins accounting for approximately 60% of transaction volume.
Circle and Tazapay have worked together as design partners for Circle's payments network since 2025. The acquisition would integrate that existing relationship and strengthen Circle's ability to originate and complete payments globally, including outside normal banking hours.
Circle's Financial Performance and Broader Strategy
Circle generated $1.395 billion in total revenue and reserve income during the first half of 2026, with distribution and transaction costs reaching $819.3 million. Second-quarter revenue and reserve income totaled $701.3 million, while net income from continuing operations reached $48.2 million.
USDC circulation stood at approximately $72.6 billion as of October 16, representing roughly one-quarter of the stablecoin market. Alongside the Tazapay acquisition, Circle launched Arc, a blockchain supporting financial markets and payments, on September 16. The company also received federal approval in July to establish a national trust bank overseen by the Office of the Comptroller of the Currency.
