Stablecoin issuer Circle Internet Group (NYSE: $CRCL) has agreed to buy Singapore-based cross-border payments company Tazapay for $400 million U.S. in stock.
Circle, which issues the USDC stablecoin (CRYPTO: $USDC), said the final amount it pays for privately held Tazapay will depend on the payment firm’s debt and transaction expenses.
Tazapay is a business-to-business payments firm that connects banks and financial technology companies, allowing them to collect and pay money in 100 markets worldwide.
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According to its website, Tazapay processes more than $25 billion U.S. annually, with 60% of its transactions involving stablecoins.
Tazapay holds operating licenses in Singapore, Canada, Australia and the U.S., with applications underway in the European Union, Hong Kong and the United Arab Emirates.
Stablecoins are cryptocurrencies whose value is pegged to another asset, usually the U.S. dollar. They are ideal for moving money across blockchains globally.
Circle said in a news release that Tazapay will give it the last-mile infrastructure and network needed to move money globally via its USDC stablecoin.
Circle and Tazapay already have a relationship. Tazapay has helped design Circle Payments Network, according to the two companies.
In recent months, Circle has been on an acquisition spree. This July, it bought nearly 1,000 blockchain patents from technology giant IBM (NYSE: $IBM).
The Tazapay acquisition is expected to close in 2027, pending regulatory approvals.
CRCL stock has declined 19% over the last 12 months to trade at $96.18 U.S. per share.