Circle, the company behind the dollar-backed USDC stablecoin, is making headlines with its plan for a $5 billion IPO. Rumors of a potential acquisition by top crypto giants, Coinbase or Ripple, are also making waves.
Circle and Its IPO Bid
Circle filed with the SEC for an IPO earlier in 2025, with a goal to be listed on the NYSE under the symbol “CRCL.” The firm registered 2024 revenues of $1.7 billion but noted that net income fell by 41.8% from a year earlier. This is Circle’s second attempt, as it previously attempted an IPO through an aborted SPAC arrangement in 2022. The SEC ultimately rejected this.
JPMorgan Chase and Citi spearheaded the underwriting, with participation from Barclays, Deutsche Bank, and Société Générale. This move comes as the USDC stablecoin has been used in over $25 trillion in on-chain transactions, highlighting its market traction. The firm also moved its headquarters to New York City in preparation for being listed on public markets.
Circle Allegedly Talks With Coinbase and Ripple
Circle is in informal talks to sell itself to Coinbase or Ripple, aiming for at least a $5 billion price tag. Ripple made an offer ranging from $4 billion to $5 billion. However, Circle turned it down, holding out for more, which Ripple reportedly increased to $20 billion. Ripple’s bid included a mix of cash and XRP tokens, but Circle found the offer less attractive. This is possibly due to market fluctuations in the XRP price.
Coinbase, holding $8 billion in cash, is perceived as the stronger buyer. The companies have a long history, sharing USDC revenue and co-founding the Centre Consortium. Coinbase’s CEO, Brian Armstrong, has recently stated he’s open to more deals, though nothing is official yet. For now, Circle continues to push its IPO plans but keeps the door open for a sale if the right offer comes.
Circle’s IPO and selling talks coincide with stablecoin growth to $233 billion in 2025. Over 180 countries use USDC, with over $45 billion in circulation. And while Tether remains the largest stablecoin, data indicates that USDC is quickly closing the gap, showing significant market cap growth this year.
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