Circle agrees to buy Singapore payments company Tazapay for $400 million in stock
Tazapay processed $25 billion in cross-border payment volume per year, and 60% of it had already been settled using stablecoins even before Circle acquired it. Circle bought it for $400 million entirely in stock, betting on the banking licenses and compliance relationships that Tazapay had built up across more than 100 markets. These are the kind of things that are harder to replicate than technology—applying for them market by market takes too long.
What’s interesting is that this acquisition itself won’t officially close until 2027. Stablecoins are constantly marketed as “instant settlement, 7×24,” yet at the corporate level, the acquisition still follows the old playbook of bank licenses and regulatory approvals—which is painfully slow. This is also Circle’s largest acquisition since it bought Poloniex in 2018, and it’s a big move.
With this kind of slow effort—bank relationships and licenses—may be where stablecoins’ moat truly lies. It’s harder to replicate than on-chain transfer speed. The target of this acquisition just happens to show that.
What do you think will be the next type of “slow-skill” asset that stablecoin companies set their sights on?
#Circle #Tazapay #稳定币 #跨境支付
Tazapay processed $25 billion in cross-border payment volume per year, and 60% of it had already been settled using stablecoins even before Circle acquired it. Circle bought it for $400 million entirely in stock, betting on the banking licenses and compliance relationships that Tazapay had built up across more than 100 markets. These are the kind of things that are harder to replicate than technology—applying for them market by market takes too long.
What’s interesting is that this acquisition itself won’t officially close until 2027. Stablecoins are constantly marketed as “instant settlement, 7×24,” yet at the corporate level, the acquisition still follows the old playbook of bank licenses and regulatory approvals—which is painfully slow. This is also Circle’s largest acquisition since it bought Poloniex in 2018, and it’s a big move.
With this kind of slow effort—bank relationships and licenses—may be where stablecoins’ moat truly lies. It’s harder to replicate than on-chain transfer speed. The target of this acquisition just happens to show that.
What do you think will be the next type of “slow-skill” asset that stablecoin companies set their sights on?
#Circle #Tazapay #稳定币 #跨境支付