Circle, the company behind the USDC stablecoin, has dismissed claims that it is in talks to sell itself to Ripple Labs or Coinbase. A spokesperson made this clear in a statement to PYMNTS.
The rumours began after Seeking Alpha cited a Fortune report that said Circle was seeking a valuation of at least $5 billion.
Circle denied these claims and said it remains focused on its plans, including a possible initial public offering.
Background on Sale Reports
On April 30, reports surfaced that Circle turned down a $4 billion to $5 billion takeover bid from Ripple. According to these reports, Ripple was still interested but had not decided on making another offer.
Circle rejected the bid because it was too low. The report also said that Circle was concentrating on its IPO and not on merger talks. This put an end to speculation that Circle would be sold for that amount.
Industry Megadeals
The digital asset industry has seen several large deals this year. On April 8, Ripple announced it had bought Hidden Road, a prime brokerage, for $1.25 billion. This made Ripple the first crypto company to run a multi-asset prime broker.
Then on May 9, Coinbase said it would acquire Deribit, a Dubai-based derivatives exchange, for $2.9 billion. Coinbase said it wants to grow its global reach and strengthen its position in the derivatives market. These big moves highlight the current trend of consolidation and growth in the crypto space.
Circle’s Recent Acquisition
Circle itself has made its own acquisition this year. On January 21, 2025, the company bought Hashnote, the issuer of the USYC stablecoin. USYC was built by Cumberland Labs, which is known for running large tokenised funds.
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Circle’s CEO, Jeremy Allaire, said the deal opens up new opportunities for institutional investors. He added that more traditional market structures are expected in the digital asset world. This acquisition shows that Circle is keen on expanding its offerings and meeting the needs of bigger players in finance.
Circle’s IPO Efforts
Circle first announced plans for an IPO in December 2022 but delayed them. In January 2024, the company said it would relaunch those plans. By April 2025, Circle had hired a team of investment banks to underwrite its IPO.
Yet, there is still no firm date for when the company will go public. The focus on an IPO rather than a sale suggests Circle is aiming for long-term growth on its own.
The company’s push to go public came more than a year after Coinbase’s listing, indicating that Circle sees value in tapping public markets.
Circle’s clear denial of sale talks comes amid a flurry of big deals in crypto. While rumours linked it to Ripple and Coinbase, Circle insists it is not for sale. Instead, the company remains committed to its path, marked by the Hashnote acquisition and its ongoing IPO plans.
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