Uniswap has overtaken Circle to become the second-highest fee-generating crypto protocol, according to reports from AMBCrypto. The decentralized exchange generated approximately $66.8 million in protocol fees over the past week, surpassing Circle's position. This development comes as Uniswap now ranks second only to Tether in protocol fee generation within the cryptocurrency ecosystem.
While Uniswap gains ground in protocol fees, Circle is pursuing a different strategic direction through its $400 million all-stock acquisition of Singapore-based payments platform Tazapay, as reported by AMBCrypto. The transaction was officially announced Tuesday with financial terms not disclosed, though the deal is expected to close in 2027 subject to customary conditions and regulatory approvals including clearance from Singapore's Monetary Authority. According to Irfan Ganchi, Senior Vice President of Payments at Circle, the acquisition will extend Circle's coverage to move money anywhere stablecoin payments are being adopted globally.
Tazapay currently handles more than $25 billion in annualised payment volume and works with over 60 banking and fintech partners, according to AMBCrypto reports. The platform's local payout network reaches more than 100 markets, providing Circle with a significantly expanded base for moving USDC across borders. Notably, stablecoins already represent around 60% of Tazapay's transaction volume, as confirmed by Circle. This strategic alignment makes the acquisition particularly valuable for Circle's stablecoin infrastructure goals. Tazapay's annualized volume now exceeds $25 billion, up from more than $10 billion in August 2025, showing the platform doubled its payment run rate within roughly one year before Circle's acquisition.
According to AMBCrypto, Circle has maintained a connection with Tazapay for some time, previously investing in the company through Circle Ventures and serving as a design partner for Circle Payments Network since 2025. Co-Founder and CEO Jeremy Allaire expressed excitement about bringing the team in-house to work together towards accelerating Circle's mission. The acquisition will bring Tazapay's banking relationships, local payout infrastructure and institutional customer base into Circle, with customers continuing to receive existing services, APIs, pricing and support without disruption. Circle reported $1.73 billion in cash and cash equivalents as of June 30, 2026, providing financial backing for the expansion.
The Tazapay acquisition significantly expands Circle's payment capabilities, with the platform supporting over 35 currencies and same-day bank settlements across Asia and Latin America. As Jeremy Allaire noted, "Stablecoin settlement is becoming core infrastructure in the global economy." The deal adds more than $15 billion in stablecoin-based payment flows to Circle's network, representing substantial digital-dollar activity from day one. Since the Tazapay deal, Circle's own payments network has grown with 29% increase in enrolled financial institutions to 175 in three months, rising from $14.7 billion at Q2's end to $23 billion in annualized transaction volume by July. The focus now shifts to whether USDC volumes and transaction counts accelerate beyond this trajectory once integration begins.
