Circle Draws Acquisition Interest from Coinbase and Ripple Despite IPO Plans

• 20 May 2025
• |
• 07:06

Circle, the company behind the USDC stablecoin, is reportedly still in informal acquisition talks even as it moves forward with plans for a $5 billion IPO.

Sources close to the matter say both Coinbase and Ripple are exploring a potential deal, with Coinbase emerging as the more likely buyer.

Despite having filed for a public listing in April, Circle hasn’t ruled out selling if the right offer comes along. Ripple previously made a bid—believed to be in the $4–5 billion range—but it was turned down.

While no formal negotiations are underway, insiders claim Circle would seriously consider a higher bid, particularly from Coinbase.

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The interest comes amid rising crypto M&A activity. Coinbase recently acquired Deribit for nearly $3 billion, while Ripple spent $1.25 billion acquiring Hidden Road. Ripple’s deep reserves of XRP could help fund another bid, though its motivations remain unclear as it also develops its own stablecoin, RLUSD.

Circle plays a crucial role in the stablecoin sector, with USDC widely used across both centralized exchanges and DeFi platforms. A takeover by a major player could reshape the competitive landscape and influence how stablecoins are integrated into global crypto infrastructure.