Circle Explores Sale To Coinbase Or Ripple Despite IPO Plans

Circle, the issuer of the USDC stablecoin, filed for an IPO in April but may not proceed with the offering.

According to four banking and private equity executives cited by Fortune, Circle has engaged in informal talks to sell itself to Coinbase Global or Ripple.

The company is seeking a valuation of at least $5 billion, which aligns with its IPO target. Ripple reportedly made a $4 billion to $5 billion acquisition offer that Circle rejected as too low.

Coinbase, which has a longstanding partnership and revenue-sharing arrangement with Circle related to USDC, is viewed as the more likely buyer.

Sources: The Block and Fortune