Circle to acquire Tazapay for $400 million to expand into emerging markets

Stablecoin issuer Circle is reportedly acquiring Singapore-based payment firm Tazapay for $400 million. The deal provides Circle with local payment rails, banking relationships, and licenses across more than 100 markets, aiming to challenge Tether's dominance in emerging markets. The acquisition is expected to bolster the Circle Payments Network (CPN) by integrating regulatory compliance and local payment capabilities, allowing USDC to function as a primary transaction currency in regions like Asia, the Middle East, and Latin America.