PANews reported on May 20 that according to Fortune, although Circle, the issuer of USDC stablecoin, submitted an IPO application in April with a target valuation of US$5 billion, it has recently held informal sales negotiations with Coinbase and Ripple. Sources said that if Coinbase took action, Circle "would not hesitate to sell", but Circle officials currently stated that "the company is not for sale" and is still insisting on the listing plan.

Ripple once proposed a $4-5 billion acquisition offer, but Circle considered it too low. Ripple may pay with cash and XRP, while Coinbase can use cash and stock to complete the acquisition. Coinbase has maintained close cooperation with Circle since it co-founded Centre Consortium with Circle in 2018, and is deeply bound in terms of USDC revenue sharing, governance rights, IP control, etc. Analysts believe that if the sale is finally completed, Coinbase is a more natural buyer because it has strong financial capabilities and governance influence, and has a large number of complementary interest arrangements with Circle. At the same time, the successful listing of companies such as eToro has also boosted Circle's confidence in the IPO market. The final choice still depends on market dynamics and the progress of negotiations between the two parties.