USDC Stablecoin的發行人Circle Internet Financial正在探索與Coinbase或Ripple的潛在銷售

消息人士告訴《財富》，《財富》雜誌的發行人是USDC Stablecoin的發行人Circle Internet Financial正在探索潛在的銷售，這一舉動可能會將公司遠離計劃的公開上市。

Circle Internet Financial, the issuer of the USDC stablecoin, is exploring a potential sale to either Coinbase or Ripple, according to four banking and private equity executives familiar with the matter.

據熟悉此事的四名銀行和私募股權高管稱，USDC Stablecoin的發行人Circle Internet Financial正在向Coinbase或Ripple進行潛在的銷售。

The company had previously filed for an IPO in April.

該公司此前曾在4月提出IPO。

Its pursuit of a listing is now in question as it engages in informal acquisition talks.

現在，它追求清單是有問題的，因為它進行了非正式的收購談判。

According to one of the executives, Circle is seeking a valuation of at least US$5 billion, be it through an IPO or a sale.

根據一位高管的說法，Circle正在尋求至少50億美元的估值，無論是通過IPO還是出售。

However, a spokesperson for Circle stated that the company is not for sale and remains focused on its long-term goals.

但是，Circle的發言人表示，該公司不出售，並且仍專注於其長期目標。

The company also declined to comment on its conversations with potential investors.

該公司還拒絕就其與潛在投資者的對話發表評論。

Recently, there have been discussions regarding a possible sale to Coinbase, with both firms aiming to create a joint venture to issue a US dollar-linked stablecoin.

最近，已經討論了可能向Coinbase出售的討論，兩家公司旨在創建合資企業來發行美元掛鉤的Stablecoin。

The two companies had also co-founded the Centre Consortium in 2018 to oversee USDC issuance.

兩家公司還於2018年共同創立了中心財團，以監督USDC發行。

The consortium was later dissolved this year, with Coinbase taking an equity stake in Circle and continuing to share revenue from USDC reserves.

該財團後來解散了今年，Coinbase在圈子中佔有股權，並繼續分享USDC儲備金的收入。

The revenue-sharing agreement includes terms more favorable to Coinbase.

收入共享協議包括更有利於Coinbase的條款。

While both firms typically split residual income from reserves backing USDC, Coinbase receives 100% of that income when the stablecoins are held on its platform.

儘管這兩家公司通常將剩餘收入與支持USDC的儲備分開，但在將穩定的人持有在其平台上時，Coinbase將獲得100％的收入。

Coinbase also holds veto rights over new third-party partnerships that could affect its USDC earnings, along with partial rights to Circle’s intellectual property in the event of insolvency.

Coinbase還擁有對新的第三方合作夥伴關係的否決權，這些權利可能會影響其USDC的收入，以及在破產的情況下賦予Circle知識產權的部分權利。

One of the sources mentioned that the relationship between the two companies is so close that it can feel like they already operate as one.

其中一位消息人士提到，兩家公司之間的關係是如此親密，以至於感覺就像他們已經作為一家人了。

Earlier this year, there were rumors of a potential merger between Circle and crypto exchange Gemini, but those talks never materialized.

今年早些時候，有傳言稱Circle和Crypto Exchange Gemini之間存在潛在的合併，但是這些談話從未實現。

According to one executive, Ripple had offered to buy Circle for about US$4 billion to US$5 billion in a deal that would involve a mix of cash and XRP, Ripple’s native token. However, the offer was declined as too low.

根據一位高管的說法，Ripple提議以約40億美元至50億美元的價格購買Circle，該交易將涉及現金和Ripple的本地代幣XRP的混合。但是，報價被拒絕過低。

As of 31 March, Ripple held 4.56 billion XRP valued at US$11.77 billion and 37.13 billion XRP in escrow worth US$95.7 billion, according to its Q1 2025 XRP Markets Report, bringing its total XRP reserves to over US$107 billion.

根據其Q1 2025 XRP市場報告，截至3月31日，Ripple持有45.6億XRP的價值為117.7億美元和371.3億XRP，價值957億美元。

Coinbase, on the other hand, may have more financial flexibility. As of the end of March, it held US$8 billion in cash and, being a public company, has access to capital markets for further fundraising.

另一方面，Coinbase可能具有更大的財務靈活性。截至3月底，它持有80億美元的現金，並且作為一家上市公司，可以進入資本市場進行進一步的籌款。

Coinbase CEO Brian Armstrong recently said that the company is actively evaluating M&A opportunities but emphasized that integration, not acquisition, is often the more difficult part of the process.

Coinbase首席執行官Brian Armstrong最近表示，該公司正在積極評估併購機會，但強調，整合而不是收購通常是該過程中最困難的部分。

Both companies have been active on the acquisition front.

兩家公司都活躍於收購方面。

Recently, Ripple agreed to acquire prime brokerage Hidden Road for US$1.25 billion.

最近，Ripple同意以12.5億美元的價格收購Prime Brokerage Hidden Road。

Coinbase has also made several recent acquisitions, including crypto derivatives exchange Deribit for US$2.9 billion, the team behind privacy-focused project Iron Fish, and onchain advertising platform Spindle.

Coinbase還進行了一些最近的收購，其中包括以29億美元的價格交換加密衍生品交易所deribit，以隱私為重點的Iron Fish Project Iron Fish和OnChain廣告平台主軸的團隊。

As of August, both companies' stock prices have declined significantly from their peaks in 2021.

截至8月，兩家公司的股價從2021年的高峰上都大幅下降。

Despite the setback, a deal could still be beneficial for both parties.

儘管遇到了挫折，但協議仍然對雙方都有益。

Coinbase is looking to expand its institutional offerings, while Circle is seeking to broaden its reach beyond the USDC ecosystem.

Coinbase希望擴大其機構產品，而Circle則試圖將其範圍擴大到USDC生態系統之外。

A combination would create a behemoth in the rapidly growing digital asset industry.

組合將在快速增長的數字資產行業中創造龐然大物。

However, any deal would face regulatory scrutiny, especially given the recent collapse of FTX.

但是，任何交易都將面臨監管審查，尤其是考慮到FTX最近崩潰。

The post Circle Internet Financial Explores Sale to Coinbase or Ripple as IPO Remains in Limbo appeared first on Fintech Singapore.

郵政互聯網財務探討了與Coinbase或Ripple的銷售，因為IPO仍然處於Limbo，首先出現在新加坡金融科技上。