Mentioned:
Circle is buying a cross-border payments company in Singapore. But, why?
What’s happening:
- Circle Internet Group (NYSE: CRCL) has entered into a new deal to acquire Singapore based cross-border payments company Tazapay for $400M USD in stock
Why it matters:
- Tazapay moves more than $25B USD on an annualized basis across more than 100 different markets and approximately 60% of their volume already runs on stablecoins
Going deeper:
- Circle Internet Group acquiring Tazapay would give them access to licensed local payment rails globally and the ability to push meaningful amounts of transaction volume directly onto USDC
- Circle Internet Group’s venture capital arm previously led Tazapay’s Series B financing round
The intrigue:
- Circle Internet Group just recently made major waves when they received approval from the United States Office of the Comptroller of the Currency to establish a national trust bank known as Circle National Trust
