Coinbase Enters Bidding War with Ripple for Circle, the USDC Stablecoin Issuer

The cryptocurrency industry is abuzz with the news of a high-stakes corporate showdown between Ripple and Coinbase as they engage in a bidding war for Circle, the parent company of the USDC stablecoin. What initially started as Circle’s planned IPO has now turned into a potential acquisition battle, with both Ripple and Coinbase vying for control of one of the most strategic assets in the crypto space. According to Fortune, advanced negotiations are underway from both parties, although no final agreements have been reached yet. This development underscores the growing importance of stablecoins like USDC in the digital asset ecosystem and highlights the fierce competition among major players to secure a dominant position in the market. The outcome of this bidding war could have significant implications for the future of stablecoins and the broader cryptocurrency industry.

Ripple vs Coinbase Bidding War Begins for Circle, Parent Company of USDC

The crypto industry is witnessing a high-stakes corporate showdown as Ripple and Coinbase engage in a bidding war for Circle, the issuer of the USDC stablecoin. What began as Circle’s planned IPO has transformed into a potential acquisition battle, with both suitors vying for control of one of crypto’s most strategic assets.

Fortune reports advanced negotiations from both parties, though no final agreements exist. Ripple’s earlier $4-5 billion offer was rebuffed, but market observers now anticipate the price could escalate to $6-6.5 billion as competitive pressures mount. Such premium pricing reflects the strategic value of Circle’s treasury infrastructure and regulatory positioning.

This potential acquisition represents more than a simple corporate transaction—it’s a power play for dominance in the institutional digital asset infrastructure space. The winner would gain control over the second-largest stablecoin’s infrastructure and potentially reshape the balance of power in crypto payments.

Circle Explored $5B Sale to Coinbase or Ripple Before Opting for IPO

Stablecoin issuer Circle reportedly considered a $5 billion acquisition by either Coinbase or Ripple before filing for its upcoming IPO. The USDC creator held informal talks with both crypto giants, according to Fortune sources.

Circle’s valuation aligns with assessments from JPMorgan and Citi, who are advising on the public offering. The company maintains revenue-sharing ties with Coinbase through their USDC partnership, while Ripple’s recent RLUSD stablecoin launch signals growing competition in the sector.

Market observers note the rejected Ripple offer highlights intensifying consolidation trends among major crypto infrastructure providers. The potential deals WOULD have created dominant players across stablecoins, exchanges, and payment networks.