Circle, the issuer of the United States Dollar Coin and parent of a Bermudian-licensed digital asset business, has agreed to acquire Tazapay in a deal reported to be worth about $400 million.

Circle International Bermuda Ltd is licensed by the Bermuda Monetary Authority. Circle and Coinbase also announced plans in January to support Bermuda’s aim of becoming a fully on-chain national economy, including digital-payment tools for government, banks, businesses and consumers.

The proposed acquisition would add Tazapay’s network of more than 60 banking and fintech partners, as well as local payout rails in more than 100 markets, to Circle’s payments infrastructure.

Tazapay, which is headquartered in Singapore, handles more than $25 billion in annualised payment volume. Circle said about 60 per cent of that volume already involves stablecoins.

Jeremy Allaire, Circle’s cofounder, chief executive and chairman, said combining USDC with Tazapay’s banking relationships and local payment rails would help speed up the worldwide adoption of the dollar-linked digital token.

“Stablecoin settlement is becoming core infrastructure in the global economy,” Mr Allaire said.

Tazapay has been a design partner for Circle Payments Network since 2025. Circle said the deal would strengthen its ability to move money across borders on a near-instant, round-the-clock basis.

The transaction is expected to close in 2027, subject to customary conditions and regulatory approvals, including approval from the Monetary Authority of Singapore.

For Bermuda, the deal marks more expansion of a company already operating under the island’s digital asset regime and working with the Government on digital payments. It does not, however, announce a new Bermuda product, investment or local roll-out.