Circle Stuck Between $5B IPO and Acquisition Talks with Ripple and Coinbase

Stablecoin issuer Circle is pressing ahead with its long-anticipated plans for an initial public offering (IPO), even as informal acquisition discussions emerge with two major players in the crypto space: Ripple and Coinbase.

According to sources cited by Fortune, Circle is targeting a valuation of at least $5 billion through its IPO. The company filed for the offering on April 1, aiming to complete it by the end of the month. However, economic headwinds prompted a more cautious tone just days later, with Circle hinting at a possible delay.

In parallel, Ripple reportedly made an acquisition offer on April 30, valuing Circle between $4 billion and $5 billion—a bid that was ultimately declined as insufficient.

Coinbase has also held informal talks about a potential purchase. While both companies are exploring the opportunity, their approach to a deal would differ. Ripple is said to be considering a mix of cash and its native token, XRP, whereas Coinbase would likely offer a combination of cash and equity.

Circle and Coinbase are no strangers to collaboration. The two co-founded the Centre Consortium in 2018 to develop standards for fiat-backed stablecoins, a partnership that laid the foundation for USDC’s rise. Coinbase continues to play a key role in distributing USDC through its platform.