Catenaa, Saturday, May 24, 2025-Circle Internet Financial, the issuer behind the USDC stablecoin, is in early-stage discussions to either go public or sell itself for at least $5 billion, with Coinbase and Ripple emerging as potential buyers, according to sources cited by Fortune Magazine.
The talks reflect heightened consolidation pressures in the crypto infrastructure space as regulatory clarity improves and stablecoins gain mainstream traction.
Coinbase, a longtime strategic partner of Circle, currently receives 100% of the revenue generated by USDC stored on its platform—making it a natural contender in the acquisition race.
Ripple, best known for its XRP token and global payments network, is also exploring the purchase as it seeks to expand its stablecoin footprint.
USDC, the second-largest US dollar-backed stablecoin, plays a vital role in crypto markets by enabling dollar-denominated transactions across blockchain networks. A $5 billion valuation underscores Circle’s foundational role in the digital finance ecosystem, even amid increased competition from rivals such as Tether and newer entrants like PayPal’s PYUSD.
The potential acquisition comes at a pivotal time for the crypto sector, with the US Senate’s GENIUS Act—aimed at regulating stablecoins—gaining momentum. As lawmakers inch closer to a legislative framework, institutional players are jockeying for control over core infrastructure like stablecoins, which are seen as key to linking traditional finance with blockchain technology.
No final decisions have been made, and sources indicated Circle could still opt for a public listing instead of a sale.
