Amid swirling speculation in the crypto industry, Circle—the issuer of the USDC stablecoin—has firmly denied any plans to sell itself to Ripple Labs or Coinbase. The statement, delivered via a company spokesperson to PYMNTS, directly addressed reports suggesting informal talks were underway for a potential $5 billion acquisition.
The rumors have been gaining traction over recent weeks, fueled by detailed reports from prominent outlets. Fortune reported that Circle was exploring a sale at the same $5 billion valuation it seeks for its upcoming IPO. Bloomberg further claimed Ripple had already floated an offer in the $4–$5 billion range, which Circle allegedly declined. Following Ripple’s approach, Coinbase was said to have shown interest, sparking talk of a potential bidding war between two of the most influential players in the U.S. crypto landscape.
However, Circle has since moved to quash these claims, reaffirming its current focus on becoming a publicly listed company. While its IPO ambitions date back to 2022, progress has been slow. In January 2024, Circle renewed its efforts, securing underwriters to back the offering. Still, no official IPO date has been set, leaving investors and the broader crypto community in wait-and-see mode.
The public rebuttal also casts fresh light on Circle’s existing business relationships, particularly its joint venture with Coinbase, known as the Centre Consortium. While the partnership has been critical to USDC’s growth, questions linger about how much autonomy Circle truly maintains, especially in light of recent merger rumors.
For now, Circle remains publicly committed to its IPO roadmap, while strongly denying that any acquisition talks are on the table. As the market continues to evolve, Circle’s next move will be closely watched across the crypto ecosystem. $USDC
Will Circle’s IPO reshape the stablecoin war or is a surprise acquisition still in play? 🤔
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