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- Circle CEO Jeremy Allaire said on Oct. 16 that the company is targeting about 40 emerging and developing markets to expand its stablecoin business.
- The expansion follows Circle's agreement on Sept. 4 to buy cross-border payments company Tazapay for $400 million in stock.
- Circle expects the acquisition to close in 2027, pending regulatory approvals including from the Monetary Authority of Singapore.
Circle is targeting about 40 emerging and developing markets as it expands its stablecoin business, CEO Jeremy Allaire said on Oct. 16. The push follows its agreement to buy cross-border payments company Tazapay for $400 million in stock.
Allaire Identifies Demand Across Four Regions
Allaire pointed to Southeast Asia, Latin America, Africa, and the Middle East as regions where individuals and businesses are showing growing demand for stablecoins. He outlined the expansion plans during an interview at the International Monetary Fund and World Bank meetings in Bangkok.
Circle issues USDC, a stablecoin designed to track the U.S. dollar. Its payments business connects those digital dollars with financial institutions that help customers send and receive money.
Allaire did not name all 40 markets, give country-by-country launch dates or detail the additional banking arrangements and approvals needed.
Tazapay Would Add Local Banking Connections
Tazapay, based in Singapore, provides payment services for businesses through payment companies and financial institutions. Its network connects international payments with the banks and payment systems used to deliver money locally.
Circle said in September that Tazapay had more than 60 banking and financial technology partners and local payout connections covering more than 100 markets.
These connections handle a practical part of a stablecoin payment: getting money into a recipient’s local currency and bank account. Sending USDC between blockchain addresses does not, by itself, complete that bank payment.
Circle Agreed to Pay $400 Million in Stock
Circle signed the agreement on Sept. 4 to acquire the Tazapay shares it does not already own. The transaction was announced on Sept. 8.
The agreed consideration is $400 million in Circle shares, with adjustments for Tazapay’s debt, transaction expenses and cash. The number of shares issued will depend on Circle’s average share price over the 20 trading days before completion.
Circle expects the acquisition to close in 2027. It still needs regulatory approvals, including from the Monetary Authority of Singapore.
Tazapay has worked as a design partner for Circle Payments Network since 2025. Circle said customers should expect their services, pricing and support to continue without disruption while the acquisition proceeds.
Circle Links USDC Transfers With Bank Payments
Circle Payments Network (CPN) connects institutions sending money with partners that deliver it to recipients. Its local-currency payout service uses USDC for the transfer between participating institutions, with the receiving partner paying the recipient in local money.
The network gathers currency-conversion quotes and lets the sending institution choose a payment partner based on factors such as price and speed. The receiving institution checks the payment details before the USDC transfer, then initiates the bank payout once that transfer is confirmed.
Banks and payment firms using that payout service require access to USDC, a way to approve blockchain transfers and checks to verify customers and detect money laundering. They can use Circle’s tools or connect their existing systems.
CPN also offers a managed service in which Circle handles the stablecoins, custody, and settlement. Businesses using that option can work in traditional currencies while stablecoins move behind the scenes.
Allaire said during Friday’s interview that the industry was moving:
“[…] from the early adopter phase of blockchain technology into the mainstream scaling phase.”
