Circle on the Block: Coinbase & Ripple Lead Bidding War for Crypto’s Quiet Giant

USDC issuer Circle is reportedly in advanced acquisition talks—with crypto heavyweights Coinbase and Ripple circling like sharks smelling blood in the water. The stablecoin kingpin could soon trade hands as the industry consolidates power.

Who needs organic growth when you can just buy your competitors? The move reeks of classic fintech desperation—another ’strategic acquisition’ to mask slowing innovation. Meanwhile, regulators sharpen their knives.

One thing’s certain: In crypto’s casino economy, the house always wins. Even when it’s selling itself to a bigger house.

Circle In Talks to Sell to Coinbase or Ripple as IPO Plans Are a Go

Just weeks ago, Ripple had reportedly made a play to purchase Circle in a move that surprised many. Yet, that acquisition did not come to fruition, as the offer was rejected. That doesn’t appear to be the end of talks, however, as the stablecoin issuer appears open to the idea.

According to a recent report, Circle is in “informal talks” to sell to either Coinbase or Ripple in what would be a landmark deal. However, the USDC stablecoin issuer is still moving forward with its plan to go public. Therefore, an interesting development occurs with a wide range of potential outcomes.

According to sources, the firm is looking for at least $5 billion, which is the value of its proposed IPO. “If Coinbase wanted to buy them, Circle would sell in a heartbeat,” a source told Fortune. “Things change week by week,” a second source noted in regard to the ongoing negotiations.

Circle has long targeted an IPO that had been filed in April. However, that plan has yet to set terms, with uncertainty abounding about its possible approval. Both Circle and Coinbase have a working relationship, with the two joining forces for the Centre Consortium in 2018. That joint venture came to an end in 2023, but shows which buyer the firm may prefer of the two.