‘Circle is not for sale, ‘ the USDC stablecoin issuer has clarified amid the ongoing rumors of a Coinbase or Ripple buyout. While the crypto industry was recently abuzz with talks of a possible sale, the stablecoin firm has denied the report. Furthermore, it continue pursue its plans of an Initial Public Offering (IPO), and a possible listing on the New York Stock Exchange (NYSE) later this year.
Circle Rejects $5 Billion Ripple Takeover Bid
Previous reports suggested that blockchain firm Ripple offered $5 billion in a takeover bid for stablecoin firm Circle. However, during the negotiation process, the USDC issuer had denied the bid of $4-$5 billion from Ripple, stating that it was too low and insufficient.
While Ripple reportedly remains interested in pursuing a deal, it has yet to decide on making a revised proposal. Meanwhile, the USDC issuer continues to prioritize its plans for an IPO. In a statement to PYMTS, a company spokesperson said, “Circle is not for sale. Our long-term goals remain the same.”
Earlier this year, the USDC stablecoin issuer filed for a US IPO amid a positive regulatory shift following the Trump administration taking charge in January 2025. The company has filed its prospectus with the Securities and Exchange Commission (SEC), seeking to list its shares on the New York Stock Exchange under the ticker symbol “CRCL”.
Grabbing a Piece of the US Stablecoin Market
The stablecoin market remains a hot place to contest, especially for US firms, as the GENIUS Act, a bill that seeks to regulate stablecoins in the US, is just one step closer to becoming an official law. Currently, Tether’s USDT dominates the market with a 66% market share, while USDC captures 28% of the overall market.
Now, with the stablecoin bill on radar, Wall Street banking giants and top crypto firms are rushing to introduce their own Dollar-backed stablecoins in the market. Ripple has already introduced its RLUSD stablecoin in the market, with a market cap of over $310 million, available on crypto exchange Gemini.
A possible takeover of Circle might have helped either Coinbase or Ripple to consolidate their market position further. However, for now, the USDC issuer is proceeding on its own.
