Financial giants Ripple and Coinbase are setting their sights on Circle, a company aiming for a $5 billion initial public offering (IPO).
Circle, the digital currency company behind the popular USDC stablecoin, has been making waves in the crypto industry since completing its Initial Public Offering (IPO) on June 5, 2025. The IPO, which raised $1.05 billion, valued the company near $18 billion, and saw the stock surge significantly on the first day, closing around $83.23[1]. This made Circle's IPO the largest US crypto IPO since Coinbase's in 2021, reflecting strong institutional demand for stablecoin-related assets[1].
Post-IPO, Circle reported substantial growth. The USDC stablecoin circulation reached around $65 billion by August 2025, and revenue surged 53% year-over-year to $658 million, while adjusted EBITDA rose 52% to $126 million[2][4]. CEO Jeremy Allaire attributed this growth to the strategic expansion of Circle’s platform, partnerships, regulatory advancements such as the GENIUS Act, and new product launches including the Circle Payments Network and the Arc blockchain for cross-border payments[2][3][4].
While Circle has not yet committed to a sale, the parallel discussions suggest it is exploring all strategic options. Two companies that have been mentioned in this context are Ripple and Coinbase, both of which have a shared history with Circle. In 2018, Circle and Coinbase formed the Centre Consortium to establish frameworks for fiat-backed stablecoins, with USDC at the core of the Centre Consortium project[5].
Regarding acquisition interest, Ripple and Coinbase have been discussed in the broader market context of crypto companies pursuing IPOs or strategic deals; however, there is no public confirmation of active acquisition talks involving Circle by Ripple or Coinbase specifically[5]. Ripple proposed to fund a potential acquisition of Circle using a mix of cash and XRP, the token it developed[5].
If a deal were to materialize, potential deal structures would likely involve significant equity and integration with Circle’s leading stablecoin issuance and payment network technologies. This is due to Circle's strong regulatory positioning and substantial market capitalization post-IPO. Any transaction would also factor in Circle’s growth outlook, with projections of a 40% compound annual growth rate in USDC circulation over multiple years[2].
It's worth noting that Coinbase continues to support USDC on its platform and remains a key distribution partner for Circle. As the crypto industry continues to evolve, it will be interesting to see if Circle decides to pursue strategic partnerships or acquisitions, and how these moves might shape the future of the digital currency landscape.
In the realm of finance and technology, Circle's strategic partnerships and new product launches, such as the Circle Payments Network and the Arc blockchain, have significantly contributed to its post-IPO growth, with a 53% year-over-year revenue surge and a 52% increase in adjusted EBITDA. This growth has drawn the attention of other prominent companies in the business sector, including Ripple and Coinbase. In the context of crypto companies seeking strategic deals, there have been discussions about a potential acquisition of Circle, with Ripple even proposing to fund the deal partially with XRP.
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