Circle seeks to go public while negotiating with Coinbase and Ripple for sale, market evaluates dual-track potential of IPO and M&A

According to Fortune magazine, while Circle, the issuer of stablecoin USDC, is advancing its IPO plan, it has also recently held informal sales talks with Coinbase and Ripple. Although Circle officials stressed that "the company is not currently seeking to sell", multiple sources revealed that if Coinbase makes a formal acquisition offer, Circle "may accept it without hesitation."

Circle has submitted an application for listing to the U.S. Securities and Exchange Commission (SEC) in April 2025, with a target valuation of $5 billion. However, during the listing process, the company still maintains communication channels with potential strategic buyers. People familiar with the matter said that Ripple had made an acquisition offer of between $4 billion and $5 billion, intending to pay in a mixture of cash and its native token XRP, but the offer was considered by Circle to be undervalued and was not accepted.

In contrast, Coinbase is generally regarded as a buyer with greater synergy potential. Since the two companies jointly established Centre Consortium in 2018, Coinbase and Circle have established in-depth cooperation in the issuance governance, revenue sharing and intellectual property control of USDC. Analysis points out that if Circle decides to sell, Coinbase, with its strong financial capabilities and existing cooperation foundation, is undoubtedly the most natural buyer, and has the ability to complete the transaction with a combination of cash and stocks.

The reason why Circle still insists on promoting the IPO is partly due to the recent improvement in market sentiment. For example, the successful listing of many crypto-related companies such as the social investment platform eToro has boosted the confidence of the capital market. At the same time, the listing is also of strategic significance for Circle to maintain brand independence and expand institutional influence.

The market generally believes that Circle is currently at a critical juncture of IPO and M&A dual-track potential. The final decision will depend on the performance of the external capital market, the bidding strategy of potential buyers, and the progress of negotiations on the company's internal shareholder structure and governance arrangements.

As USDC continues to expand its application in cross-border payments and DeFi ecology as one of the world's mainstream compliant stablecoins, Circle's future direction will have a profound impact on the stablecoin market structure and regulatory policy orientation.