The issuer of the USDC stablecoin, Circle, firmly denied speculation about a potential sale to Ripple or Coinbase. The rumors emerged amid the company’s expected initial public offering (IPO) with a target valuation of over $5 billion.
Circle: “We’re Not for Sale”
Circle clearly stated its position in an official announcement:
Circle is not for sale. Our long-term goals remain unchanged.
This statement came after media reports suggested negotiations with Ripple and Coinbase over a potential acquisition. Ripple had previously made an offer valued between $4–5 billion, which Circle declined.
IPO Plans and Market Strategy
Circle is actively working on its IPO. The company filed the necessary documentation in April 2025 and hired investment banks to assist with the process. Although the exact date is yet to be confirmed, the move is seen as a strategic step toward independent development and going public.
Back in January 2024, Circle already announced plans to revisit its IPO ambitions after delaying its initial plan from December 2022.
Ripple or Coinbase – Who Would Be a Suitable Buyer?
Rumors around Ripple persist. According to sources, Ripple has increased its offer to approximately $11 billion. Meanwhile, some believe Ripple could bring more diversity to the USDC-dominated sector.
Charles Hoskinson, co-founder of Cardano, commented:
There’s this Coinbase-A16Z-Circle mafia built around a closed ecosystem. If you’re outside it – you can’t get listed, it’s hard to find liquidity, and stablecoin access is limited.
He believes Ripple could introduce competition and disrupt this monopoly.
Coinbase – The Natural Candidate?
Circle and Coinbase already have a deep partnership – the two companies co-created USDC and share the profits from its reserves. Coinbase holds an equity stake in Circle and receives 100% of the revenue when funds are held on its platform.
Circle cannot enter into new USDC-related partnerships without Coinbase’s approval. Moreover, in the event of insolvency, Coinbase would acquire rights to Circle’s intellectual property. This leads many to view Coinbase as the most logical buyer.
Will the IPO Happen?
Despite the rumors, Circle seems determined to proceed with its IPO plans. Recent positive market signals, such as the successful debut of eToro (a 29% gain on the first day and $620 million raised), could motivate Circle to accelerate the process.
However, experts caution that the long-term performance of newly public companies is often determined over time, not immediately.
Conclusion:
Circle appears focused on independence and long-term growth through a stock market listing. Despite the generous offer from Ripple, Coinbase’s strategic control and favorable market conditions indicate that the IPO remains the company’s top priority.
Frequently Asked Questions
Find answers to the most common questions below.
No, Circle has officially denied all rumors about a potential acquisition and reaffirmed its independence and long-term goals.
Circle filed for IPO in April 2025 and is working with investment banks. While no exact date is confirmed, the process is actively moving forward.
Coinbase has a strong financial and operational connection with Circle through their joint ownership of USDC and contractual agreements involving IP and partnerships.
This article is for general informational purposes only and is not intended to be, and should not be construed as, legal or investment advice. Crypto-assets are highly volatile, so only invest funds that you are willing to lose and use your own research and risk management.
