Circle – the company behind the USDC stablecoin – officially filed for an IPO in early April 2025. However, the financial community reveals that alongside the listing plan, Circle has also been conducting informal negotiations with two giants in the crypto industry, Coinbase and Ripple, opening up the possibility of potentially 'selling itself' if appropriately valued.


The crossroads deal: IPO, Coinbase, or Ripple?



  • Circle aims for a valuation of at least $5 billion. However, some sources confirm: 'If Coinbase wants to buy, Circle will agree immediately.'



  • Ripple is said to have offered $4 - $5 billion, mainly in XRP and cash, but was rejected by Circle because it was below expectations.



  • Coinbase has an advantage with $8 billion in cash, easy access to capital because it is a public company, and especially a deep relationship with Circle since 2018 through the Centre Consortium joint venture that issues USDC.




Coinbase: An insider with many privileges.


Although the Centre joint venture ended in 2023, Coinbase still holds shares and receives 50% of the revenue from USDC reserves. In the case of $USDC being held on Coinbase's platform, this exchange even enjoys 100% of the revenue from that portion.


Moreover, the current partnership terms also allow Coinbase:



  • Veto power if #Circle wants to collaborate with third parties that affect USDC revenue.



  • A portion of Circle's intellectual property control if the company goes insolvent.



With such a dominant position, many experts say: 'Coinbase and Circle are almost one.'


Ripple: Plenty of funds but lacking strategic advantage.


Ripple currently holds over $100 billion in value $XRP , including 4.56 billion XRP available (worth $11.77 billion) and 37.13 billion XRP in escrow (valued at nearly $96 billion). However, the ability to persuade Circle to sell itself is still rated lower than Coinbase due to a lack of strategic linkage and control mechanisms.


The IPO market is brightening, but there are still many uncertainties.


Circle's IPO move comes against the backdrop of a US listing market that is starting to recover after a long period of stagnation since 2021. Most recently, eToro successfully IPO'd, increasing nearly 29% on its first trading day, contributing to Circle's confidence.


However, many investors still warn: 'The IPO market not only needs an initial explosion but must wait for medium-term performance to assess real effectiveness.'



Contact with the crypto market:


If Coinbase acquires Circle, this will be a move that strengthens Coinbase's monopoly position in the stablecoin sector, especially in the context of competition with other stablecoins like USDT (Tether) or similar products that are rapidly developing.


Conversely, if #Ripple is successful, this will be a spectacular overturn, making XRP the center of stablecoin liquidity in the global crypto ecosystem. Regardless, the outcome of this deal will significantly impact USDC's market share, user benefits on exchanges, and the DeFi ecosystem in general.



Risk warning: The cryptocurrency market is always fraught with volatility and high risks. The information in this article is for informational purposes only and should not be considered investment advice. Investors need to conduct their own research and take responsibility for their decisions.