Circle stock slips despite new acquisition news

Circle Internet Group, Inc. (NYSE: CRCL) is a popular crypto company best known for its USDC stablecoin. As per the onchain analytics platform DeFiLlama, USDC currently has a market cap of $74.36 billion and accounts for more than 24% of the total stablecoin market. On Sep. 8, Circle announced it has signed a definitive agreement to acquire Tazapay, a Singapore-headquartered B2B cross-border payments infrastructure company. The deal is expected to close in 2027. 'Tazapay has been a design partner for Circle Payments Network since 2025 and we share a deep alignment," Circle co-founder and CEO Jeremy Allaire said. "We are excited to bring the team in-house and work together towards accelerating Circle's mission.' Trending on TheStreet Roundtable: As per the statement, Tazapay has over $25 billion of annualized payment volume, more than 60 banking and fintech partners, and local payout rails covering over 100 markets. Approximately 60% of Tazapay's transaction volume already includes stablecoins. Circle's senior vice president of payments, Irfan Ganchi, said, "This acquisition will increase Circle's capability to originate and terminate payments globally, near-instant and 24/7, which is a meaningful step toward making USDC the default payment rail for cross-border commerce." Despite the latest acquisition news, the Circle stock slipped more than 3% today. At the time of writing, the stock was exchanging hands at $98.81.