OpenPayd targets Nasdaq listing by year-end under ticker OP

OpenPayd, the London-based stablecoin payments infrastructure firm, expects to complete its merger with Titan Acquisition Corp. and list on Nasdaq under the ticker OP by the end of 2026, according to Crypto.news. The transaction, announced at roughly $1.1 billion, would give the combined company an implied pro forma equity value of up to $1.145 billion.

CEO Iana Dimitrova said the company intends to begin serving U.S. customers by April 2027, with proceeds from the listing supporting expansion and possible acquisitions. A source close to the matter told CoinDesk, as reported by PANews, that the company has already acquired and incorporated money transmission licenses across 43 states.

What the deal structure looks like

The transaction is structured as a SPAC business combination rather than a traditional IPO. Titan will merge into a newly created OpenPayd parent company, and that parent will acquire OpenPayd Holdings. OpenPayd would then operate as a wholly owned subsidiary of the Nasdaq-listed parent. Under the original terms, OpenPayd shareholders would receive shares based on an $800 million valuation.

According to Crypto.news, Titan’s trust could provide up to approximately $276 million in gross proceeds if public shareholders do not redeem their shares before closing. OpenPayd’s August investor presentation, filed with the SEC, modeled an alternative funding scenario: $276 million from Titan’s trust plus a potential $100 million PIPE, producing a modeled pro forma equity value of $1.245 billion. However, the filing stated that the PIPE “has yet to be raised and is not committed,” meaning the higher figure is not a confirmed transaction valuation or guaranteed fundraising amount.

PANews, citing CoinDesk, reported that the company has acquired and incorporated money transmission licenses across 43 states, and that the London-based firm is aiming for a roughly $1.1 billion valuation. The two reports describe the same transaction with slightly different emphasis: Crypto.news focuses on the deal’s prospective equity value of up to $1.145 billion and the mechanics of the SPAC, while PANews highlights the 43-state license footprint and the approximately $1.1 billion valuation.

Conditions still outstanding

Crypto.news reported that the proposed business combination remains subject to several closing conditions, including Titan shareholder approval, effectiveness of the SEC registration statement, Nasdaq listing approval, and at least $130 million in aggregate transaction proceeds. Titan shareholders can redeem their shares before the merger instead of remaining investors in the combined company; redemptions can reduce the cash available from Titan’s trust, meaning the maximum trust proceeds are not guaranteed.

OpenPayd filed its initial Form F-4 registration statement with the SEC in June and later filed an amended version. Titan’s SEC-filed quarterly report states that the business combination agreement can be terminated under certain circumstances if the transaction has not closed by December 31, 2026. No confirmed first trading date for OP shares has been announced.

Stablecoin services drive revenue growth

OpenPayd provides accounts, foreign exchange, domestic and international payments, and infrastructure connecting traditional currencies with stablecoins. Its customers include Kraken, B2C2 and OKX, according to Crypto.news. PANews named Kraken and OKX as clients, providing a narrower client list than Crypto.news’s three named firms.

Stablecoin services have grown inside the business. The SEC-filed August investor presentation said quarterly stablecoin orchestration revenue increased from $80,000 to $1.99 million over 12 months and accounted for roughly one-third of OpenPayd’s first-quarter fiscal 2027 growth. The company previously partnered with Circle to connect fiat payment infrastructure with USDC, and has since joined the Fireblocks Network for Payments.

In Europe, OpenPayd received authorization under the EU’s Markets in Crypto-Assets framework in June, covering services including stablecoin conversion, transfers and related crypto infrastructure across the European Economic Area. OpenPayd later provided USDC settlement infrastructure to payments company Decta for internal treasury transfers, converting company funds into USDC for international settlement without adding stablecoins to Decta’s customer-facing products.

Why it matters

OpenPayd’s listing attempt sits at the intersection of two trends: crypto firms seeking public-market capital and traditional payment companies integrating stablecoin rails. If completed, the deal would give OpenPayd a U.S. listing and a regulated footprint across much of the U.S. through 43 state money transmitter licenses. That combination could make it a more credible counterparty for banks and fintechs that want stablecoin settlement without building their own licensing apparatus.

For readers who follow crypto markets, OpenPayd is not a token issuer or exchange, but its infrastructure decisions affect how firms like Kraken and OKX move fiat and stablecoins. The listing would also test whether public investors value stablecoin infrastructure businesses at the valuations private markets have assigned them.

What to watch

Titan shareholders still need to approve the deal, and the SEC registration statement must become effective. The parties have set a December 31, 2026 deadline under which the agreement can be terminated if the transaction has not closed. A confirmed first trading date for OP shares has not been announced.

Sources: crypto.news, PANews