USDC Stablecoin的發行人Circle已採取了重大步驟，朝著首次公開募股（IPO）邁出了重要一步。但是，最近的報告表明，隨著該公司對Coinbase Global或Ripple的潛在銷售進行非正式討論，IPO可能面臨不確定性。

據熟悉與財富交談的談判的消息人士稱，Circle正在尋找至少50億美元的估值，其目標與IPO相同。

Circle, the issuer of the USDC stablecoin, is making significant progress toward its initial public offering (IPO). However, recent reports suggest that the IPO may face uncertainty as the company is also engaged in informal discussions for a potential sale to either Coinbase Global (NASDAQ:COIN) or Ripple (NYSE:R).

USDC Stablecoin的發行人Circle正在朝著首次公開募股（IPO）取得重大進展。但是，最近的報告表明，隨著該公司還進行非正式討論，以向Coinbase Global（NASDAQ：COIN）或Ripple（NYSE：R）進行潛在出售，因此IPO可能面臨不確定性。

According to sources familiar with the negotiations who spoke with Fortune, Circle is seeking a valuation of at least $5 billion, the same amount it is aiming for in its IPO. A banker involved in the discussions said that if Coinbase made a serious offer, Circle would likely accept it quickly, highlighting the close relationship between the two businesses.

根據熟悉與財富交談的談判的消息來源，Circle正在尋求至少50億美元的估值，其目標與IPO的目標相同。參與討論的銀行家說，如果Coinbase提出了認真的提議，Circle可能會迅速接受它，從而強調了兩家業務之間的密切關係。

“If Coinbase wanted to buy them, Circle would sell in a heartbeat,” the source said. Another executive added that the situation is fluid, with developments occurring on a weekly basis.

消息人士說：“如果Coinbase想購買它們，Circle將會以心跳為單位。”另一位高管補充說，這種情況是流暢的，發展每週進行。

Despite these talks, Circle is still planning for its IPO. The firm has yet to finalize the terms for the offering or launch its roadshow. Notably, both Circle and Coinbase have a history together; they co-founded the Centre Consortium in 2018, which is responsible for issuing USDC.

儘管進行了這些談判，但Circle仍在計劃其IPO。該公司尚未確定發行或推出其路演的條款。值得注意的是，Circle和Coinbase都有共同的歷史。他們於2018年共同創立了中心財團，該聯盟負責發行USDC。

As part of their partnership, Coinbase acquired an equity stake in Circle when the venture concluded in 2023, while Circle obtained full governance of USDC.

作為合作夥伴關係的一部分，Coinbase在2023年結束時收購了Circle的股權，而Circle獲得了USDC的全部治理。

The financial arrangement between Circle and Coinbase has been mutually beneficial, with both companies sharing the revenue generated from USDC’s reserves. According to Circle’s S-1 filing, the agreement stipulates that each party will receive 50% of the residual revenue from the reserves. However, Coinbase retains 100% of the revenue when USDC is held on its platform, a situation that has likely become more prominent as Coinbase’s earnings reports indicate increasing income from this partnership.

Circle和Coinbase之間的財務安排是互惠互利的，兩家公司都分享了USDC的儲量產生的收入。根據Circle的S-1文件，該協議規定，各方將從儲備金中獲得50％的剩餘收入。但是，當USDC在其平台上持有時，Coinbase保留了100％的收入，因為Coinbase的收益報告表明該合作夥伴關係增加了收入，這種情況可能變得更加突出。

Expert Claims Ripple Has Advantage

專家聲稱Ripple具有優勢

Meanwhile, Ripple has also shown interest in acquiring Circle, reportedly offering between $4 billion and $5 billion for the company, which was deemed too low. Any potential offer from Ripple would likely involve a combination of its native cryptocurrency, XRP, and cash, utilizing Ripple’s substantial balance sheet, which includes billions of dollars in XRP.

同時，Ripple還表現出對收購Circle的興趣，據報導，該公司的公司在40億至50億美元之間，這被認為太低了。利用Ripple的大量資產負債表（包括數十億美元的XRP），Ripple的任何潛在報價都可能涉及其本地加密貨幣，XRP和現金的組合。

In contrast, Coinbase could fund an acquisition using cash and stock, given that it had around $8 billion in cash as of March 31, 2025. Coinbase CEO Brian Armstrong has acknowledged the company’s openness to mergers and acquisitions but noted the importance of successful integration following a purchase.

相比之下，Coinbase可以使用現金和股票進行一次收購，鑑於截至2025年3月31日，Coinbase首席執行官Brian Armstrong承認該公司對合併和收購的開放性，但指出購買後成功整合的重要性。

However, according to market expert Paul Barron’s update on social media site X (formerly Twitter) this Monday, Ripple has the edge in acquiring the stablecoin powerhouse, with a potential price tag of $9 to $11 billion.

但是，根據市場專家保羅·巴倫（Paul Barron）在社交媒體網站X（以前是Twitter）上的最新消息，Ripple在收購Stablecoin Powerhouse方面具有優勢，潛在的價格為9至110億美元。

XRP, on the other hand, is trading at $2.38, up 14% on the month. Year-to-date, the altcoin has seen triple-digit gains, outperforming the top ten largest cryptocurrencies with a 367% increase.

另一方面，XRP的交易價格為2.38美元，該月增長了14％。年初至今，Altcoin的增長率為三位數，表現優於前十名最大的加密貨幣，增長了367％。