CRCL Stock Slides Despite Analysts’ Bullish Tazapay Outlook — Deal Seen Doubling Payments Volume

Circle said the deal builds on an existing relationship with Tazapay and could help expand USDC adoption across global payment rails.

• Keefe Bruyette initiated coverage of Circle with a ‘Market Perform’ rating and a $105 price target, noting that the firm could benefit from stablecoin adoption.
• Circle agreed to acquire Tazapay, which processes more than $25 billion in annualized payment volume and works with over 60 banking and fintech partners.
• About 60% of Tazapay’s transaction volume already involves stablecoins, while its payout network spans more than 100 markets.

Shares of Circle Internet Group (CRCL) traded lower on Tuesday midday, despite Keefe Bruyette initiating coverage with a ‘Market Perform’ rating and a $105 price target.

According to TheFly, Keefe Bruyette analyst Vasundhara Govil said Circle was well-positioned to benefit from continued stablecoin adoption via USD Coin (USDC), citing the company’s regulatory, ecosystem, and network advantages. 

In a research note, the analyst added that its larger payments and financial infrastructure opportunities “offer significant but more speculative upside.”

CRCL stock was down more than 5% in midday trading. On Stocktwits, the retail sentiment around CRCL remained in the 'neutral' zone, with chatter at ‘high’ levels over the past day.

Keefe Bruyette’s price target implies roughly 3% upside for Circle from its previous close of $102.

Deal Targets Emerging-Market Rails

The initiation landed the same day Circle announced it had signed a definitive agreement to acquire Tazapay, a Singapore-headquartered Business-to-Business (B2B) cross-border payments infrastructure company serving payment service providers and financial institutions. 

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

The company said in a statement that Tazapay processes more than $25 billion in annualized payment volume and works with over 60 banking and fintech partners. Its local payout network covers more than 100 markets, giving Circle a broader reach across cross-border payments. Stablecoins already play a major role in Tazapay’s business. 

Partnership Predates The Deal 

Jeremy Allaire, co-founder, CEO, and Chairman at Circle, said stablecoin settlement was becoming an important infrastructure in the global economy and that combining USDC with Tazapay’s banking relationships and local payout rails would help. 

This, Allaire said, would accelerate its institutional customer base and boost worldwide USDC adoption. He added that Tazapay had been a design partner of Circle Payments Network since 2025.

Clear Street Says Circle’s Tazapay Deal Could Double Payments Volume

Commenting on the deal, Clear Street analyst Owen Lau said it is the "mirror image" of Mastercard's $1.8 billion purchase of BVNK and will approximately double the volume of Circle's payments business at closing. Clear Street also saw the $400 million all-stock transaction as a “disciplined” deal and maintained its 'Buy' rating on Circle with a $107 price target.

Clear Street’s price target implies nearly 5% upside from the previous close of Circle at $102.

Circle has been up over 21% so far this year but down over 14% in the last 12 months. 

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