he crypto industry is buzzing once again as Circle, the issuer of stablecoin USDC, finds itself at the center of potential acquisition talks. Despite filing for an IPO earlier this year, the company is reportedly still engaged in informal discussions with Ripple Labs and Coinbase, according to a recent Fortune report.

M&A Heats Up: Circle’s IPO Plans Don’t Stop the Bids

Circle made headlines in April when it officially filed for a U.S. public listing, with an IPO target valuation of around $5 billion. However, its aspirations to go public haven’t cooled interest from two of the industry’s heavyweights.

Sources claim that both Ripple and Coinbase are in ongoing, informal negotiations to potentially acquire the stablecoin issuer. While no firm offers or timelines have been disclosed, insiders suggest Coinbase is currently the frontrunner in these discussions.

Ripple’s Interest: A Strategic Move or Competition for RLUSD?

Ripple’s pursuit of Circle isn’t new. Reports say an earlier $4–5 billion bid was rejected by Circle for falling short of its internal valuation. Though Ripple has since remained quiet, speculation is mounting that a renewed offer could be on the table — especially considering its war chest of 100 billion XRP tokens.

Interestingly, Ripple is also working on its own stablecoin, RLUSD, raising questions about its long-term strategy should it acquire USDC’s parent company.

Coinbase: Circle’s Preferred Buyer?

While nothing is confirmed, insiders point to Coinbase as the more likely acquirer. The exchange has already made bold moves this year, including its $2.9 billion purchase of Deribit, showing its appetite for expansion.

If the Circle deal moves forward, it would mark another major acquisition for Coinbase, further solidifying its role as a key player in the future of stablecoins.

What’s at Stake?

Circle’s role in the crypto ecosystem — particularly through USDC, one of the top regulated stablecoins — makes it a highly valuable acquisition target. With both Ripple and Coinbase flush with cash and recent acquisition experience, this developing story is one to watch closely.

Whether Circle goes public or gets acquired, its next move could reshape the stablecoin landscape.

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