The cryptocurrency market could see a major shakeup take place with some of the biggest brands in the industry. Specifically, USDC stablecoin issuer Circle is moving forward with its plans for an IPO, as both Coinbase and Ripple are reportedly in talks to acquire the company, according to a Fortune report.
Circle Internet Financial had filed paperwork in April to see its initial public offering plans finally come to fruition. However, that has come into question as talks about purchasing the company have heated up in recent weeks. Now, all eyes are on what the stablecoin firm could do next and what either move would mean for the sector at large.
JUST IN: Circle $USDC in "informal talks" to sell itself to Coinbase or Ripple, Fortune reports.
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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.
Also Read: Coinbase to Acquire Crypto Options Platform Deribit for $2.9B
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.
