Stablecoin issuer Circle Internet Financial, the company behind USD Coin (USDC), is reportedly considering selling its business

This might be the end of the road for Circle Internet Financial, the company behind USD Coin (USDC), as it's reportedly considering selling its business

Stablecoin issuer Circle Internet Financial, the company behind USD Coin (USDC), is reportedly considering selling its business to major crypto players Coinbase or Ripple for at least $5 billion.

Circle's talks with Coinbase and Ripple

According to a Fortune report published Monday, Circle engaged in informal talks with potential acquirers, seeking a valuation of at least $5 billion. The discussions involved crypto exchange Coinbase, which holds a minority stake in Circle and shares revenue from USDC reserves, and Ripple Labs, which recently launched its own stablecoin RLUSD.

Ripple made a formal offer between $4 billion and $5 billion to acquire Circle earlier this year, according to Bloomberg. The offer was declined, reportedly on the grounds that it undervalued the company. However, the possibility of a future sale remains on the table, as Ripple has not ruled out renewing its bid, and Circle continues to weigh its strategic options amid market and regulatory shifts.

IPO ambitions and corporate stance

The proposed sale price aligns with the valuation Circle has reportedly sought in its IPO, for which it hired JPMorgan Chase and Citi to lead the process. The IPO filing was submitted in April 2025, though the company is said to be considering a delay due to macroeconomic conditions and regulatory uncertainties tied to U.S. trade policies.

Circle responded to the reports by stating that it "is not for sale" and remains committed to going public. The company is currently in a quiet period mandated by the U.S. Securities and Exchange Commission (SEC), restricting further public commentary on its financial plans.

This is not Circle's first attempt at a public listing. A 2021 effort to go public via a SPAC merger was scrapped during the market downturn in 2022. That earlier deal had valued the company at $9 billion.

USDC market position and industry context

The recent speculation about a potential sale comes amid rising merger and acquisition (M&A) activity in the crypto space, fueled by higher token prices and a more favorable regulatory climate under the Trump administration. Other major players like Kraken, BitGo, and Gemini are also exploring IPOs in 2025.

USDC, Circle's flagship product, currently holds the position of the second-largest stablecoin by market capitalization, with a market cap of $60.6 billion. It trails only Tether's USDT, which dominates the market with $151.6 billion in capitalization. Coinbase remains the primary platform for USDC usage, and Circle reportedly paid around $900 million in distribution costs to Coinbase in 2024.

USDC and USDT are currently dominating the stablecoin sector.

As the stablecoin market continues to evolve, Circle's strategic decisions—whether to pursue a public listing or remain open to acquisition offers—could significantly impact the landscape of crypto payments and digital finance.