Circle acquired Tazapay in an all-stock transaction valued at $400 million. Tazapay provides more than 60 banking and FinTech partners and local payout rails across more than 100 markets, with an annualized payment volume exceeding $25 billion. Approximately 60% of its transaction volume already involves stablecoins.
The deal reflects a broader shift in the crypto industry from experimental pilots to infrastructure-focused acquisitions. Companies are now prioritizing the integration of stablecoins with bank accounts, liquidity supply, and compliance systems to solve specific problems in settlement and cross-border money movement.
Other major players are also expanding their infrastructure capabilities. Visa launched the Visa Stablecoin Platform (VSP) this summer to help financial institutions manage stablecoins. Additionally, Visa expanded its global stablecoin settlement pilot to support nine blockchains, adding five more in April.
Citi reported on September 3 that it successfully processed live transactions on Swift's blockchain-based ledger. This approach allows banks to connect new digital money capabilities with existing regulated infrastructure without abandoning current systems.