OpenPayd Plans $1.145B Nasdaq Listing via SPAC Merger

OpenPayd to List on Nasdaq Through $1.145 Billion SPAC Merger – Stablecoin Infrastructure at Center of Expansion Plans

Key Takeaways

• OpenPayd plans to go public on Nasdaq through a merger with Titan Acquisition Corp., valuing the company at $1.145 billion on a pro-forma equity basis.
• The combined company is expected to trade under the ticker OP, with closing targeted for the fourth quarter of 2026.
• Up to $276 million in gross proceeds are expected to fund expansion, including stablecoin and fiat payment orchestration.
• OpenPayd reported more than $85 million in annualized recurring revenue and over $240 billion in annualized transaction volume as of March 2026.
• The company serves more than 1,100 businesses across 180 countries, including Kraken, eToro, OKX and B2C2.

Merger With Titan Acquisition Corp. Sets Path to Public Listing

OpenPayd, a London-based financial infrastructure platform, has entered into a definitive business combination agreement with Titan Acquisition Corp., a special purpose acquisition company listed on Nasdaq under the ticker TACHU. The transaction values OpenPayd at $1.145 billion on a pro-forma equity basis.

Upon completion, the combined entity is expected to list on Nasdaq under the ticker OP. The closing of the transaction is anticipated in the fourth quarter of 2026, subject to approval by Titan shareholders and customary regulatory conditions.

Titan Acquisition Corp. first listed in April 2025 and raised $276 million in its initial public offering. The final amount of proceeds available to OpenPayd will depend on redemption levels among Titan shareholders prior to closing. An S-4 registration statement is expected to be filed with the US Securities and Exchange Commission in the coming months. That filing will include audited financial statements, growth projections and detailed risk disclosures.

Financial Profile and Global Footprint

As of March 2026, OpenPayd reported more than $85 million in annualized recurring revenue. The company processes over $240 billion in annualized transaction volume.

OpenPayd serves more than 1,100 businesses across 180 countries. Its client base includes digital asset exchanges and trading firms such as Kraken, eToro, OKX and B2C2. The company operates a single application programming interface that connects traditional fiat payment rails, blockchain networks and stablecoin issuers.

The platform holds regulatory licenses across the United States, United Kingdom, European Economic Area, Canada and South Africa. According to the company, proceeds from Titan’s trust account will strengthen the balance sheet and support expansion in the United States, as well as investment in additional regulatory licenses, product development and deeper integration of stablecoin payment rails.

Stablecoin Market Growth Shapes Strategic Focus

The planned listing takes place amid continued growth in the stablecoin sector. Stablecoin transaction volumes reached approximately $33 trillion in 2025. In the first quarter of 2026 alone, a record $4.5 trillion in stablecoin transactions was recorded.

At the same time, stablecoin supply has expanded significantly. Market capitalization is nearing $320 billion and recently reached a new all-time high during the current expansion phase. Adjusted transaction volume increased by around 20 percent to approximately $4.5 trillion in the first quarter of 2026.

Real-world payments volume using stablecoins doubled in 2025 to roughly $400 billion. Around 60 percent of that volume represented business-to-business transactions. These figures underline the increasing use of stablecoins beyond trading activity, particularly in operational and settlement contexts.

OpenPayd’s infrastructure connects fiat and blockchain systems through a unified interface. This positioning aligns with the broader increase in programmable and blockchain-based payment flows. Founder Ozan Özerk described the transaction as part of a shift toward programmable money and autonomous payment systems, referring to the role of infrastructure in enabling transactions across fiat and digital rails.

Regulatory Filings and Compliance Considerations

The completion of the merger depends on regulatory approvals and shareholder consent. The forthcoming S-4 filing with the SEC is expected to provide further insight into OpenPayd’s financials and operational risks.

The announcement also notes that tightening rules under the recent push for stablecoin regulation could influence OpenPayd’s compliance roadmap. The company already operates under multiple regulatory licenses in key jurisdictions, and additional licensing efforts are part of its expansion strategy.

For businesses that rely on fiat on and off ramps or stablecoin settlement, regulatory positioning and access to licensed infrastructure are central operational considerations. Public listing requirements may add further transparency obligations for OpenPayd once the transaction is completed.

Our Assessment

OpenPayd’s planned Nasdaq listing through a $1.145 billion SPAC merger marks a significant step for a payments infrastructure provider focused on integrating fiat and stablecoin rails. With more than $85 million in annualized recurring revenue and over $240 billion in annualized transaction volume, the company positions itself within a stablecoin market that recorded $33 trillion in transaction volume in 2025 and continued growth in early 2026. The transaction, subject to shareholder and regulatory approval, is expected to provide up to $276 million in gross proceeds to support expansion, licensing and product development in the United States and other markets.