It would be genius for Ripple or Coinbase to buy Circle.**

It looks like Circle’s IPO is 25x oversubscribed, valuing the company at around $7b. If someone can buy it for even $12-13b, that’s a steal, imo, for what this business could be worth in 20 years.

Circle has built the entire market structure for stablecoins well before it will formally exist in the U.S. (i.e. ahead of the GENIUS bill).

My prediction: Stripe, Square, Ripple, Coinbase - they’re all going to end up competing with each other for stablecoin dominance, which is really good for end businesses and consumers, and probably really bad for terminal margins.

The company that builds the most efficient infrastructure and sells it for cheapest: cost-plus (with a thin margin on top) will probably take this market.

**Note that there are no official/confirmed reports of Coinbase pursuing an acquisition of Circle, but there is a bunch of rumors in the rumor mill that they are in acquisition discussions.